Frequently asked questions
About term deposit
Who can use the SmartDeposit online platform for placing a term deposit?
SmartDeposit platform has been created for residents of the Republic of Latvia – for individuals with legal capablity (or - individuals who are not incapacitated, or - able-bodied individuals) and who have reached the age of 18 and have at least one active bank account in the Republic of Latvia.
Who is the owner of the SmartDeposit platform?
SmartDeposit is AS Expobank’s online platform that is intended for online term deposit placements in the amount ranging from 500 to 15 000 EUR without needing to visit the bank in person.
Founded in 1991, AS Expobank is one of the most seasoned financial institutions in Latvia. The bank’s primary focus is proving financing and lending options to legal entities. However, we are currently featuring a special offer for private individuals for term deposit placements with one of the most competitive and attractive interest rates on the market. For more detailed information, please visit our website - www.expobank.eu.
What is the process for the payout of the earned interest?
The principal amount of the term deposit along with the accrued interest are paid out at the end of the term (a 20% income tax will be applied beforehand).
Can I prolong the term of my deposit?
Automatic term deposit extension (rollover) option is not available on SmartDeposit platform, however, you may set up a new term deposit by entering into a new agreement.
Am I able to get back the deposited funds before the end of the term?
According to the provisions laid out in the “Consumer Rights Protection Law” of the Republic of Latvia, you have the right to cancel the SmartDeposit platform services and receive back the deposited funds in full within 14 days after the agreement went into force.
If you would like to receive the deposited funds after the period of time that is specified in the “Consumer Rights Protection Law”, bear in mind that any accrued interest earnings will not be paid out, and a penalty fee of 1% of the deposited amount will be applied.
Is a term deposit placed using the SmartDeposit platform protected by the national deposit guarantee system ("Deposit Guarantee Law" of the Republic of Latvia)?
The government guaranteed compensation legislature (the "Deposit Guarantee Law" of the Republic of Latvia) likewise applies towards a term deposit (including any accrued interest) that has been placed using the SmartDeposit platform for each depositor and up to EUR 100 000. If you have several guaranteed deposits, they are added up together and considered as one guaranteed deposit.
In what currency can term deposits be placed using the SmartDeposit platform?
Can I place a term deposit that exceeds 15 000 EUR?
What is the minimum amount of a term deposit?
The amount of a term deposit that you place using the SmartDeposit platform can range between 500 and 15 000 EUR.
Is SmartDeposit actually a 100% remote service?
Yes, the service is entirely available remotely. You will not have to visit the bank in person in order to use this service.
How can I place a term deposit using the SmartDeposit platform?
In order to place a term deposit, you need to fill out a Questionnaire, complete remote identification, and remotely enter into a term deposit agreement.