Bank ZENIT afforded its clients the opportunity to open accounts and deposits and to conduct exchange transactions in Chinese yuan. A pilot project that allows for these transactions was launched in several regions where the Bank has a presence.
The Bank clients are allowed to open term deposits in Chinese yuan for a period from 181 to 731 days. A minimum deposit amount is 650 thousand Chinese yuan (average of 3.3 mn rubles based on the current exchange rate) with an interest varying from 2% to 2.75% per annum depending on an amount and term of a deposit. Accrued interest is paid at the end of a period. The deposit can be renewed at maturity.
Bank ZENIT offers premium bank cards on special terms to the holders of deposit accounts in Chinese yuan opened with the Banka. Visa Gold/MasterCard Gold bank cards are offered at no maintenance fee during the entire term of a deposit; Visa Platinum bank cards are offered with one-year grace period; Visa Infinite bank cards – at 50% of the maintenance fee over the course of the first year.
The Bank’s individual clients are now allowed to make transactions in Chinese yuan in the Bank’s Head Office on Banny pereulok and in the Sadovaya Sloboda Subsidiary Office in the city of Moscow, in the Tatarstan Banking Centre, the city of Kazan, as well as in the Yekaterinburgsky, Kemerovsky, Novosibirsky and Tchelyabinsky branches. The Bank has plans to increase the number of offices, which offer transactions in Chinese yuan to individual clients following the results of this pilot project.
“Bank ZENIT is a most active participant on the market for financing Russo-Chinese foreign trade. Since 2010, the Bank has afforded its clients the opportunity to make transactions in Chinese yuan. Based on a proprietary market research, accounts and deposits in Chinese national currency will be in some demand among retail clients. Among other things, these instruments will allow our clients to manage currency risk,” noted Alexey Rozorenov, Deputy Chairman of the Management Board of Bank ZENIT.
Banking
Bank ZENIT Offers Transactions and Deposits in Chinese Yuan to Individuals
Published by Gbaf News
Posted on July 8, 2013
2 min read· Last updated: December 5, 2018
Key Takeaways
- Bank ZENIT has launched a pilot allowing individuals to open accounts and term deposits in Chinese yuan.
- Deposits range from 181 to 731 days with a minimum of 650,000 CNY, earning 2–2.75% per annum.
- Premium Visa/MasterCard cards are offered with reduced maintenance fees tied to the deposit term.
- Pilot is live in Moscow, Kazan, Yekaterinburg, Kemerovo, Novosibirsk and Chelyabinsk, with plans to expand.
- The initiative supports retail clients’ currency risk management and the bank’s financing of Russo‑Chinese trade.
References
Frequently Asked Questions
What is the minimum deposit amount in Chinese yuan?
650 000 CNY (approximately 3.3 million RUB at current rates).
What are the deposit terms and interest rates?
Term deposits run from 181 to 731 days with interest from 2% to 2.75% per annum, paid at maturity.
Which branches currently offer these yuan services?
Head office in Moscow (Banny pereulok), Sadovaya Sloboda branch in Moscow, Tatarstan Banking Centre in Kazan, and branches in Yekaterinburg, Kemerovo, Novosibirsk and Chelyabinsk.
Are there any card benefits for yuan deposit holders?
Yes. Visa Gold/MasterCard Gold have no maintenance fee during the deposit; Visa Platinum has a one‑year grace period; Visa Infinite is 50% off the maintenance fee in the first year.
Tags
Related Articles
Taipei says China's traffic control order for Taiwan Strait during typhoon is 'ridiculous'
US expects deal soon on Strait of Hormuz; Sunni powers unite in defense pact
US regulator rejects Dutch fintech Bunq's application for national bank charter
Spain to establish border controls on travellers from Italy amid migration row
OpenAI flags possible critical cybersecurity risk in upcoming model, tightens controls
More from Banking
Explore more articles in the Banking category
Why Digital Account Opening Is Reshaping Retail Banking in India
Banking Loyalty Is Being Won Through Simplicity, Not Features
The Future of AML Is Being Built Around Better Data
Why Fraud Prevention Is Becoming More Predictive Than Reactive
The Quiet Transformation of Risk Management Through AI
Why Operational Resilience Is Becoming Banking's New Competitive Edge
The Future of Corporate Payments Lies in Intelligent Connectivity
Why Payment Resilience Is Becoming a Boardroom Priority
Why Core Banking Modernization Is Becoming Impossible to Delay
How Open Banking Is Evolving into Open Finance
Why Composable Banking Is Gaining Momentum Across Financial Institutions
The Infrastructure Behind Real-Time Banking Is Quietly Expanding