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Verkhovna Rada on the 14th of May  adopted a law "About  amendments to some legislative acts of Ukraine (concerning the conditions of return of fixed-term deposits)" (bill number 1195). Text of the act here: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_2?pf3516=1195&skl=9

 

This law established that the depositors of the bank will be entitled to receive deposits and accrued interest on fixed-term bank contract only at the end of the contract period (not like till now -  on the first request,even during duration of the deposit due to deposit-agreement!!).

Early repayment of the deposit and accrued interest on fixed-term bank contract will be possible only if such term will be included in the deposit-contract.

The provisions of this law shall not apply to contracts of bank term deposit concluded before new law come into force. So just new deposit-contracts will apply to this new conditions!

The law comes into force from the date of publication. It is now waiting for the President's signature. Till now its not sure, which impacts this will have on the bank offers for deposits. Usually it should result in higher interest rates for term-deposits and the creation of new kinds of daily-demand-deposits.