Citizens can make denar saving deposits in the Bank. The Bank issues a savings book for the money deposited. The savings book is a legal document, which enables the holder to perform money transfer operations, such as payments, withdrawals, statements and interest calculations, which are recorded in the savings book.
The savings book may be issued to:
• name
• person under trustee
Deposits of savings books are available to:
- All permanent residents of Republic of Macedonia.
- Non-residents, which have a Macedonian personal ID card.
- Minors over the age of 15, which acquire income based on personal effort, and minors over the age of 15 with a written approval from a legal guardian or adopter.
- Foreign citizens (foreigners) according the Law.
- Legal entities, such as: civil associations, religious communities and other.
- Associations and other organizations, which have an organized method of collecting funds (mutual help funds and other funds).
- Groups of citizens who have organized mutual savings, in order to reach a designated purpose (student and other funds).
When the savings account is being opened, parties can prove they belong under the categories 5 up to 7 , trough statute, organized savings decision and other similar documents.
A savings account can be opened with a personal Id card for residents, and a passport for non-residents, at all the counters of the Macedonian Post Office throughout the Republic of Macedonia.
The funds from the savings book are available for:
• the person on whose name the savings book is recorded.
• an authorized person with power of attorney from the depositor, a attorney of law or a legal guardian.
Depending on the maturity of the savings deposit, savings books can be:
• sight deposit savings books
• term deposit savings books
Sight deposit savings books can be opened for individual clients or legal entities, and term deposit savings books can be opened only for individual customers.
There is no limitation on the amount to be withdrawn, and the withdrawals can be made at all the PTT tellers throughout the country.
The data on the citizen's deposit is considered confidential.
A lost, torn or destroyed savings book is withdrawn, it is announced as non-valid, and a new savings book is issued.
The interest rates are determined according the business politic of the Bank.
The denar savings deposits are insured at the Deposit Insurance Fund. The Fund compensates 100 % of the deposit for individual clients, for deposits up to the denar counter value of 10.000 EUR and 90% of the deposit for individual clients with deposits with denar counter value from 10.000 EUR to 20.000 EUR, but not exceeding denar counter value of 20.000 EUR. The denar counter value amount consists of the principal of the savings deposit increased by the interest, which should not exceed the discount rate of the National Bank of the Republic of Macedonia , valid for the respective period.
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