Requirements to open a Fixed Term: at Banco Nación, what it is and MORE

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The requirements to open a fixed term are very important, because Argentina has this saving option, however, for the inhabitants of this city, there are several terms offered by the bank and with these requirements to open a term it can be of great help .

There are many deliveries of money by clients in the banking entities, therefore, this means that there is a variety of offer, complying with a term and the interests of the same. Clients have many options and securities when hiring any plan at banks.

At present, we can subscribe in fixed terms for periods of 30 to 365 daysThis means that it is a wide offer if we compare it with other countries, because there is not so much variety of fixed terms.

What are the Requirements to open a Fixed Term?

To obtain greater profitability on your money, for this reason, one of the most usable characteristics in banks is recommended and it is savings, this choice will give us results in our daily economic life.

Because, the fixed term works ideally in order to see the most suitable deposit to invest and save.

There are certain modalities or steps that can guide us about this banking option and they are:

  1. You must meet the minimum amount of money required by the side, that is around $ 1000 (ARG PESOS) for the traditional fixed term.
  2. For this process you must meet a deadline of 30 days, in which it is not allowed to mobilize your money.
  3. There are different fixed-term options that you are going to open, in this way it is recommended take it very calmly because it depends on the time you leave it.
  4. To authenticate yourself, you must present your DNI
  5. You must have a bank account under your name.
  6. Deliver any service invoice, be it gas or water that is in your name. In this way, you check your residence address.

Requirements to open a Fixed Term: Banco Nación

To open a fixed term at Banco Nación, you must be a bank customer and open an account:

  • DNI and a photocopy of it.
  • Summary of your credit card or recent service invoice in the name of the user.
  • Proof of Registration (CUIL / CUIT / CDI)

When making your fixed-term deposit in both pesos and dollars, the most solid is the Bank of the nation for the support and convenience of the service.

There are several modalities that can be of great help and consult on the page of the BNA

Here I mention the options that can be of great help and they are:

Requirements for fixed term branch

  1. Comply with a minimum term of 30 days
  2. It is handled in currency of dollars and pesos
  3. The minimum amount is $ 1,500 in pesos and $ 100 in dollars
  4. Its modality can be transferable or non-transferable.
  5. You have the option to automatically renew as a preferential rate with no amount restrictions.

Requirements to open electronic fixed term

  1. A minimum term of 30 days
  2. It is handled in currency of pesos and dollars.
  3. The minimum amount is in pesos $ 500 and in dollars they are $ 100
  4. The modality is non-transferable.
  5. For customers who are not in communication «TO» 7000 of the BCRA, this channel contains a preferential rate.
  6. Flow terms cannot be canceled until their expiration date.

Is it better to open a fixed term per month or per year?

It depends on the amount of interest that you want to accumulate because the longer you can see the profit at the end of the period. Still, it should be noted that You cannot use that money before the time it was administered because that is what this option is about.

It must be very thoughtful and be sure when making decisions like this, because in order to withdraw it early, a certain commission would be charged for the withdrawal.

How is the process to open a Fixed Term?

The operation to open a fixed-term account must be made by the owner or representative at the bank’s offices, an ATM, through home baking (electronic) or any other option that the bank has
The bank verifies the identity of the person who will make the deposit and they are:

For individuals, they must concur with:

  • DNI / Enrollment Book (LE) / Civic Book (LC)
  • CUIT / CUIL / CDI

Legal persons (companies) must present

  • The statute, contracts and acts with designation of authorities
  • CUIT

Upon completion of the fixed-term deposit, the bank must deliver a certificate with the following information.

  • Correlative numbering
  • The name of each operation and its type.
  • Name of the entity or address.
  • Date and place of issue.
  • Name, surname, address, identity document, tax identity number of the holder, legal representatives and the registration number in the General Inspection of Justice and other organism. This applies in the case of legal persons.
  • The denomination and series of securities deposited.
  • Term of the operation
  • Nominal interest rate
  • Total nominal value of the deposited
  • Stabilization Coefficient («CER») corresponding to the bank business day for the calculation of the update when applicable.
  • The expiration date
  • The place of payment
  • The two signatures authorized by the entity or person
  • Contest the scopes of the Guarantee Regime that are visible and printed

Where to open a Classic Fixed Term?

The classic fixed term can be found in any bank of interest or trust and consists of being an investment alternative from the beginning. It is done through the deposit of money in the bank and at the end you receive that amount and an extra as interest.

The characteristics are usually the same that we have talked about before as a minimum amount of $ 1000 in pesos or dollars and a minimum term of 30 days to 365 days.

To obtain this classic fixed term, the profile is simple, be over 18 years old and be a bank customer.

What is the fixed term?

The fixed term or fixed term deposit is a financial operation by a finance entity in exchange for the administration of a monetary resource for a specified period.

This definition comes from the fact of investing at a certain time, controlled by the bank and you choose the period of a year, three months or a month of that money saved for your purposes. For example, when the withdrawal date arrives, the person can use their money without any problem.

This offers several modalities

  • Certificate of physical term deposit: This is a way of investing or saving by the institution in which the client deposits and gives their trust. This title is negotiated by the financial company in order to save your money.
  • Electronic term deposit certificate: It is the registration through the electronic modality to the bank account that in the same way will be maintained for a period determined by the election of the person.

There are several characteristics, which can help to understand the operation of a fixed term, such as:

Interest rate:

In this case, the TNE and TEA. The TNA It is used as a reference to compare bank products from fixed term to bank loan to mortgages. There is a table that explains the terms and it is more expensive, the longer the term, the higher the interest rate, it is something like this:

Term Interest rate

30 18.00%
60 18.00%
90 18.00%
120 17.25%
150 16.25%
180 19.00%
270 17.75%
365 19.00%

Periodicity in the settlement of interests: The collection of interest may vary, as long as the interest is to longer term, more alternatives there are such as: monthly, quarterly, semi-annual and due date.

Permanent: What we refer to above is fixed, for example, when a deposit is made, it is negotiated before at an interest rate to apply in the fixed term, that makes us know the profitability and interest It will make money fluctuate, but you have to be careful because if you don’t know the component of the variable, you can lose money.

Liquidity: In this aspect we can take into account, when cancellation costs are included before the pre-established time. This means that you couldn’t keep the money long term, This is considered because sometimes the user needs savings for personal expenses or an unforeseen event.

Security: These banks provide the greatest security for the care of your money, that is why these aforementioned requirements are insisted, this confirms customer confidence and comfort.

Simplicity: Although it is usually a bit confusing, it is easier than you think because you do not require extensive knowledge of the market, although always, it is good to take a look at the updates of the bank information giving greater security.

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