Who the depository note is intended for:

A depository note can be issued to:

  1. A legal entity
    • Municipalities, schools, political parties, churches, organisations fully or partly funded by the government
  2. An entrepreneur – natural person
    • Czech as well as foreign citizens

Product features

  • Depository notes can be issued in CZK or a foreign currency included on the current Volksbank CZ exchange rate list
  • This one-off depositing of your surplus funds will earn you more interest
  • A depository note carries a rate of interest applicable on the day of its issue
  • Interest on a depository note is set as a percentage and is subject to tax pursuant to Act No.586/1992 Sb. on Income Tax.
  • After expiry of the date stated in the interest clause no further interest accrues, and the client can dispose of the amount of the note including the interest as of the day specified in the note as “as of date at the earliest, however”
  • Before the “as of date at the earliest, however” day, the amount of the note may only be used in accordance with the terms laid down by Volksbank CZ, a.s.
  • Rights pertaining to a depository note are subject to 3 years‘ statute of limitations
  • Deposits in the form of depository notes are not deemed insured deposits pursuant to Act No. 21/1992 Sb. on Banks
  • Due dates and minimum amounts of depository notes are set out in the interest terms of Volksbank CZ, a.s.
  • A depository note is a promissory note where the bank is the maker of the promissory note and the client is the payee to whose order the amount of the note is to be paid
  • This note is a negotiable instrument that can be transferred to another holder by endorsement
  • A depository note can be put into bank custody (the bank then has the obligation to protect such instrument from loss, damage or destruction)
  • In the event of destruction, loss of theft of the depository note discharge proceedings take place

Depository note benefits

  • A higher rate of interest
  • Optional maturity: 7 days at least to 5 years at the most
  • No need to have another account with Volksbank CZ, a.s.
  • No administration charges associated with the issue and cashing of a depository note provided standard terms of Volksbank CZ, a.s. are met