Photo: Anton Tushin
Novikombank, a base bank of Rostec State Corporation, has offered new investment opportunities for its retail customers. The bank has expanded its deposit line and launched the first yuan deposit.
For investments in Chinese currency, a Capital deposit at a rate from 1.2% to 1.6% per annum is available. The minimum investment amount for the new currency deposit is 100,000 CNY. The deposit can be opened for a term of 181 and 367 days. Interest is paid at the end of the term. The deposit may be opened in a Novikombank office or using a mobile application.
CNY deposit opportunity in Novikombank is in line with the dedollarization trend in the Russian financial market. For this purpose, banks provide offers in an alternative currency for their customers.
“In contrast to the falling demand for dollars and euro, interest in the Chinese currency is growing – the CNY purchase amount in the market reached 39 bln Rubles in August only. Extending cooperation between Russia and China in various business areas also contributes to this process. Novikombank responds to the market needs by offering new investment-worthy products to its customers. Customers have demand for diversification of their savings and possibly deposits in other currencies will be introduced following yuans,” said Aleksandr Sychkov, Director of Private Banking Department, Novikombank.
