March 26, 2012
Citibank Hungary's consumer customers may select their preferred option among the 30 currency pairs offered in the Citibank Premium Deposit Scheme available in six currencies, without any fee.
Upon investment account opening customers may select which of the currency pairs from the previously available HUF, EUR, USD or newly launched CHF, CAD or GPB currencies to start their preferred scheme with, and they can also chose a strike rate.
Batara Sianturi, Citi Country Officer for Citibank Hungary said, "Tactical instruments form an important part of our investment strategy at Citibank Hungary in volatile markets. One of our most popular tactical investment instruments is the Citibank Premium Deposit, a scheme that combines the characteristics of time deposits with those of foreign currency options to benefit our customers with opportunities to achieve higher than normal time deposit interest rates."
Jon Wiggins, Consumer Business Manager for Hungary also remarked, "The opportunity to achieve even a double digit interest rate in this short-tenor scheme in the current market environment offers a great alternative to our customers to meet their short term savings goals. The number of our customers selecting the Citibank Premium Deposit increased close to three fold in the last six months that clearly shows how popular this product is among our customers."
About the Offer:
The Premium Deposit is qualified as a non-deposit savings product, without capital protection, which has the potential of higher rate of interest than available for a standard time deposit, depending on the exchange rate movement of the underlying currency pair. Should the base currency have weakened or remained unchanged against the selected currency pair at the end of the tenor, the amount of the principal increased with the earned interest rate will be credited to the customer's account in the base currency. Customers are also eligible to the interest and principal amount if the base currency strengthened at the end of the tenor, however in this case this amount will be credited to the customer's account in the alternative currency, exchanged at the FX rate selected in advance by the customer when signing the contract.
The Citibank Premium Deposit is available with no fee through the Citibank Branch Network and can also be set up through a recorded telephone line after placing the first amount on the investment account in a branch. In this case Citibank's treasury professionals provide assistance to customers with their selections. The minimum investment amount is HUF2.5million or USD/CAD/EUR/GBP/CHF10,000.
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