Child Deposit
Conditions
- Initial minimum deposit requirement: 1300 GEL, 500 USD/EUR
- It is possible to add money to the Child Deposit, and there are no restrictions with regard to the size or periodicity of each subsequent deposit
- Term: the beneficiary must turn 18 years old by the end of the deposit period (minimum 2 years)
- Interest payment principle: Interest accrued on the Child Deposit is paid at the end of every 12 months from the date of deposit opening
- Earned interest is added to the deposit amount and interest continues to accrue on the increased amount from the next year
- A Child Deposit may be opened by the child’s legal representative, one of the parents/guardian or custodian (contractor)
Early termination of the agreement - if the agreement is terminated prematurely, full interest will be added to the deposit for each completed year, and GEL-0.75%, USD-0.5%, EUR-0.25% - for the remaining term.
Nominal and effective interest rates
| GEL | USD | EUR |
|---|---|---|
| 8.5% | 2.2% | 1% |