Photo from uapress.info
Ukrainian President Petro Poroshenko has signed the Law No. 424-VIII "On amendments to some legislative acts of Ukraine concerning the conditions of return of term deposits," which was adopted by the Verkhovna Rada of Ukraine on May 14, 2015, the press service of the head of state reported on Thursday.
According to the report, the law aims to ensure the stability of the banking system through the mechanism of the creation of a resource base for the banking system.
For this purpose, the government approved amendments to the Civil Code of Ukraine, which regulates the contractual relations and the Law of Ukraine "On securities and the stock market," which regulates the payment of certificates of deposit, according to which bank customers have the right to receive their contributions and accrued interest on bank term agreement at the end of the contract period. However, an early return of the deposit and accrued interest on the deposit is possible only in accordance with the terms of the contract of bank term deposit.
In order to protect the interests of depositors who do not require repayment of the time deposit with the end of the period and the prevention of abuses by banks that want to cooperate further with the customer on terms more favorable to the bank, the deposit agreement will be extended only under the conditions of a demand deposit. That means that the prolongation of an agreement on the conditions of a term deposit is only possible with the personal renewal of the contract by a depositor.
As UNIAN reported earlier, on May 14 the Verkhovna Rada of Ukraine adopted the Law "On amendments to some legislative acts of Ukraine concerning the conditions of return of term deposits."