Millennium Deposit up to 1 year


Millennium Deposit up to 1 year


Advantages

Increase your income, making your savings profitable.

To save is very much more than not spending.  It is to generate income with the money that has been put aside, so as to increase your liquidity.  To help you in your savings, we have created a Time Deposit up to 1 year.

  • Terms: 1 to 12 months, automatically renewable for equal period;
  • Minimum opening balance: EUR5,000.00 (or equivalent);
  • Maximum number of deposit: not applicable;
  • Increase of capital is not allowed.  Any additional investment will be done as a constitution of a new deposit;
  • Early redemption, partial or total, is allowed at any moment during the life of the Time Deposit, with penalization which varies between 5% and 100% on the interests accrued for the amount to be redeemed.

The higher is your savings, the higher will be the interest rate.

Remuneration

Interest Rates

The prevailing interest rates fixed from time to time by Macao Branch in accordance with market levels.

Terms

1 to 12 months.

Upon the set-up of the Time Deposit, the value date of the debit to the Current Account, as well as the credit to the Time Account will be today’s date (D).  Upon the early redemption (total or partial) of the Time Deposit, the value date of the credit to the Current Account will be today’s date (D).

Amounts

Minimum initial balance / remaining balance: EUR5,000.00 (or equivalent).

Currencies

Euros, USD, MOP, HKD, GBP, CAD, CHF, JPY, AUD, NZD, and CNY (Chinese Yuan).

A Current Account in the same currency has to be opened with Macao Branch.

Renewal

On the date of maturity, and in the absence of any other instructions from the Customer to the contrary, the deposit will be automatically renewed for the same period, by the value of the capital plus the matured interest.  Upon renewal, the prevailing standard interest rate will be applied, unless there is another rate negotiated by relative Branch of the Comercial Network.

Early withdrawal

Early redemption, partial or total, is allowed at any moment during the life of the Time Deposit, with penalization on the interests accrued, according to the following table:

% of Period already lapsed

% of Penalization

Up to 50%

100%

51% to 75%

20%

76% to 99%

5%

Payment of interests

Interests are calculated daly and paid at the end of the period by means of, as a general rule, capitalizing to the capital.  Customers may opt for having the interest credited to their Current Account opened with the Macao Branch or request to have it transferred to an account with Mbcp in Portugal or to other financial institution.

Capitalization Scheme

As a general rule, interests are capitalized.

Please inquire our Price List.

Characteristics

Eligibility

Individual, Company and Entity customers that are Macao or non-Macao residents and hold valid Current Accounts with the Macao Branch.

Terms

1 to 12 months.

Upon the set-up of the Time Deposit, the value date of the debit to the Current Account, as well as the credit to the Time Account will be today’s date (D).  Upon the early redemption (total or partial) of the Time Deposit, the value date of the credit to the Current Account will be today’s date (D).

Currencies

Euros, USD, MOP, HKD, GBP, CAD, CHF, JPY, AUD, NZD, and CNY (Chinese Yuan).

A Current Account in the same currency has to be opened with Macao Branch.

Renewal

On the date of maturity, and in the absence of any other instructions from the Customer to the contrary, the deposit will be automatically renewed for the same period, by the value of the capital plus the matured interest.  Upon renewal, the prevailing standard interest rate will be applied, unless there is another rate negotiated by relative Branch of the Comercial Network.

Increase of Principal

Increase of capital is not allowed.  Any additional investment will be done as a constitution of a new deposit.

Guarantee of Capital

The total amount of deposit at maturity and in case of early redemption is guaranteed.

ILegal Information

Tax Regime

In accordance with the prevailing legislation in Macao, the interests paid to or at the disposal of the Customers by the Macao Branch are not subject to any tax retention.   However, this does not exempt the Customer from declaring the amounts received for tax purposes if so required by tax authorities of their country or territory of residence.

This product is not covered by Directiva da Poupança (Directiva no. 2003/48/CE).  However, there may be exchange of information with the tax authorities of countries or territories with which the Macao Special Administrative Region has signed agreements to avoid double taxation.

Deposit Security Fund

Under the terms defined in Circular no. 043/B/2010-DSB/AMCM dated 30 December 2010 of the Monetary Authority of Macao, the deposits of savings  in Current or Time accounts by individual or company customers with the Macao Branch, denominated in MOP or other foreign currencies, as well as the resulting interests are covered by the deposit security fund, which will be activated during the process of liquidation by the bank, and provided by the Government of the Macao Special Administrative Region, up to the maximum limit of MOP500,000.00, corresponding to around USD62,500.00 (volatile exchange rate), or the maximum amount to be reimbursed to each depositer in each bank.  As regards the deposits denominated in foreign currencies, the amount to be reimbursed will be converted into MOP.

For more information, please inquire the official site of the Monetary Authority of Macao: www.amcm.gov.mo.