Online Time Deposits: At any Bank for non-Clients

April 5, 2019. Today, the BCRA published Communication A 6667, which allows users—either clients or non-clients—to make time deposits at the bank that offers the best interest rate. This communication will regulate digital channels and make this kind of transactions simple and safe.

The aim of this new regulation is to provide users with a wider range of choices so that they can bring their savings into the financial system, and broaden their experience and competitiveness.

The provisions of this product, designed by the BCRA, will regulate deposits in pesos. Time deposits will be non-transferable and, upon maturity, both principal and interest will be credited back to the bank account from which the funds have been transferred.

These time deposits will be free of charge for users and involve no tedious process. This transaction will be carried out for the first time at the banks that offer interest rates for non-clients and then through home banking. Banks must make any necessary adjustments in order to operate under this new modality before April 30.

In order to foster transparency, access to information, and make user’s choice simpler, the BCRA will require banks to report the interest rate of a sole product on a daily basis. This information will be available to users in a comparison chart on this website.