The Central Bank of the Argentine Republic (BCRA) today published Communication A 6667, which allows users to make fixed terms in any bank that offers them a better rate, whether they are customers or not. The measure will apply to digital channels. This modality will be simple and secure.
This new regulation aims to provide more options for users to channel their savings and improve their experience, and seeks to promote competition.
This mechanism designed by the BCRA will apply to placements in pesos. These fixed terms will be non-transferable and, once the stipulated term for placement has ended, the principal and interest will return to the original account.
These fixed terms will not imply a cost for users. They will also not have paperwork requirements or other cumbersome procedures. The operation will begin at banks that offer rates for non-customers and will end at the home banking of the bank where the user has their account.
Banks must adapt to the new operation before April 30.
To generate greater transparency, access to information and so that the user can choose in a simple way, the Central Bank will require banks to report the interest rate of the same product on a daily basis. This information will be available to users on this website, in a comparative table.
