Innovative long-term deposit with monthly installment "Everything is OK" and insurance “Accident” is a unique savings product for the Bulgarian banking market. The deposit is intended for new and current customers who want to save without changing their lifestyle. "Everything is OK " deposit is a long-term financial instrument in which the client monthly contributes the amount he / she has set to reach a predetermined end goal, while the depositor makes an insurance "Accident" with the Insurance Company “Allianz Bulgaria Life” JSC whose insurance premium is paid by Bulgarian American Credit Bank.
Upon opening the deposit account the client shall determine:
- the term and the currency of the deposit;
- the initial deposit amount and the monthly installment with which the deposit will be increased (not less than 50 currency units). The initial amount is obligatory equal to the monthly installment;
- the date on which the Bank will transfer the monthly installment from the Depositor's Current Account to the Bank on the deposit. The ultimate goal of reaching maturity is the sum of the initial installment plus the monthly installment multiplied by the number of complete calendar months within the term of the deposit. It is calculated automatically by the banking information system and cannot be more than the equivalent of BGN 50 000 per depositor.
The deposit also presupposes the presence of an active current account of the depositor at BACB AD in the same currency, which cannot be closed until the depositor has an active deposit of this kind.
Term: 3,5,7 years
Currency: BGN, EUR
Minimum balance: 50 BGN, EUR
Interest accrual: On maturity date.
Withdrawals: Withdrawal from the deposit is a violation of the deposit agreement and the principal is accrued at an interest rate equal to the one on current accounts in the respective currency for the actual number of days. On maturity: At maturity, the deposit is automatically renewed as a Standard 1-month deposit and the interest rate applicable to 1-month Standard Deposits in the relevant currency at the date of renewal applies.
- Before Maturity:
Upon termination / breach of the deposit prior to maturity at the depositor's request, the Bank shall accrue interest on the deposit with the interest rate valid for current accounts in the currency of the deposit for the actual number of days after which it shall be transformed into a standard one-month deposit with an interest rate according to the current a renewal of the interest rate bulletin, which terminates the validity of the accident insurance.
In the case of a non-imported Current account deposit of the depositor for 2 monthly installments and after 5 days from the date of the second due and unpaid installment, the Bank shall terminate the deposit ahead of time by charging its balance with the interest rate valid for the current account in the currency of the deposit for the actual number of days and transfers the amount to the current account, thus terminating the action of the “Accident” Insurance.
- Due to the occurrence of an insurance event:
The insurer shall notify the Bank of an occurrence and shall pay the sum insured to the bank account of the depositor or his heirs within 15 working days after all necessary documents have been provided. Upon receipt of a notification by the Insurer of an insurance and payment of compensation, the Bank shall terminate the deposit of its own interest as the interest rate with the percentage of the deposit for the actual number of days and transfer the amount of the deposit to the depositor to BACB. After a visit by the depositor / heirs to an office of the Bank, he / she should stipulate where to transfer the funds from the deposit.
Charges: Cash transactions at maturity are free of commission. All other operations on/off the deposits are according to the List of terms and conditions of the bank.
Where and how to open: at the counters of BACB
Note: Please take into consideration that the above mentioned deposit refers only to individuals with Bulgarian citizenship