Questions and answers
How do I open a deposit or savings account?
You can open a deposit or savings account in any branch of the bank. If you are already a current client of OTP Bank — you can open savings accounts and deposits independently, via Mobile or Internet Bank.
Can I open more than one deposit or savings account at a time?
Yes, including for different terms and amounts - it is convenient when you don't know exactly how much money you need and when you need it. You just need to remember that the total amount of openings must not exceed the maximum deposit amount. For example, the sum of all the Horizon deposits opened by you cannot exceed 600 million rubles.
Is it possible to close a deposit account before its maturity date?
You can close a deposit at any time via the mobile app, internet banking, or at a branch. However, keep in mind that in the event of early termination, the interest rate may be lower, or you may only receive the principal amount minus any interest already paid. Information about the interest rate and terms in case of early termination can be found in the deposit agreement.
When can you withdraw money from a deposit or close it without losing interest? And what if the maturity date falls on a weekend or public holiday?
Not earlier than the maturity date, unless the deposit allows partial withdrawals. For example, with the 'No Borders' deposit, you can withdraw funds as long as you leave a minimum balance of 1,000 rubles. If the maturity date falls on a non-business day, you can close the deposit via the mobile app or internet banking, or on the first business day at a branch convenient for you. Find a branch.
When and how should tax on deposit income be paid?
This tax must be paid in the current year for income earned in the previous year. For example, in 2024, you need to pay tax on deposit income earned in 2023. The tax authority calculates the amount based on the total income from all banks and sends a payment notification.
The funds in deposit accounts themselves are not subject to tax—only the interest earned. For ruble deposits, the interest rate must exceed 1% per annum to be taxable, while all foreign currency deposits are subject to taxation regardless of the rate (income is converted into rubles at the Bank of Russia exchange rate on the payment date).
There is also a tax-free income threshold: this is calculated as 1 million rubles multiplied by the highest key rate set by the Bank of Russia on the first day of each month in the year the income was earned. For instance, if the maximum key rate in 2024 is 16%, the tax-free interest income would be 160,000 rubles. This means you will pay tax only on the interest amount exceeding 160,000 rubles.
The funds in deposit accounts themselves are not subject to tax—only the interest earned. For ruble deposits, the interest rate must exceed 1% per annum to be taxable, while all foreign currency deposits are subject to taxation regardless of the rate (income is converted into rubles at the Bank of Russia exchange rate on the payment date).
There is also a tax-free income threshold: this is calculated as 1 million rubles multiplied by the highest key rate set by the Bank of Russia on the first day of each month in the year the income was earned. For instance, if the maximum key rate in 2024 is 16%, the tax-free interest income would be 160,000 rubles. This means you will pay tax only on the interest amount exceeding 160,000 rubles.