A deposit at OTP Bank: how to open it and the terms

A deposit at OTP Bank is a way to keep your money and earn interest. You can open one online in the mobile app or at a branch. Let's look at the types, how to choose a favourable one, top-up and withdrawal terms and whether the funds are insured.

Types of deposits

• term deposit — for a fixed period at a fixed rate, usually a higher interest;
• savings deposit — can be topped up, convenient for gradual saving;
• in foreign currency — besides hryvnia, deposits in dollars or euros are available.

How to open a deposit

1. Online: in the OTP Bank mobile app choose the deposits section, type, amount and term, confirm.
2. At a branch: with a passport and tax number, arrange the deposit with a manager.
3. Check the rate and early-withdrawal terms before confirming.

Screenshot: opening a deposit in the OTP Bank app

How to choose a favourable deposit

• rate — a longer term usually gives a higher interest;
• withdrawal option — if you may need the money, choose a deposit with partial withdrawal;
• capitalization — when interest is added to the sum, the income is a bit higher;
• top-up — savings deposits let you add funds.

Top-up, withdrawal and auto-renewal

Terms depend on the type: savings deposits can be topped up, classic term ones usually can't. Early withdrawal often means interest is recalculated at a lower rate. Many deposits have auto-renewal — after the term ends the deposit extends for a new period; this can be disabled.

Taxation and deposit guarantee

• taxation: taxes on interest income are withheld under the law — the bank does this automatically;
• guarantee: deposits of individuals are guaranteed by the Deposit Guarantee Fund within the limits set by law. Check the current amount separately.

FAQ

Can I open a deposit online?

Yes, in the OTP Bank mobile app. It's also arranged at a branch.

What happens on early withdrawal?

Interest is usually recalculated at a lower rate. A term deposit is best kept until the end.

Are deposits insured?

Yes, deposits of individuals are guaranteed by the Deposit Guarantee Fund within the law.

Are there foreign-currency deposits?

Yes, besides hryvnia, deposits in dollars and euros are available — usually at a lower rate but with protection against exchange swings.

Rates and terms change — check current offers in the OTP Bank app or on the bank's website.