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About the payments to Russia and Belarus.
Considering the international sanctions imposed in connection with the Russian government's invasion of Ukraine, please note that further transfers to and from Russia and Belarus may be delayed or not possible.
Please also note that due to additional monitoring, the processing of any payment may take longer than usual, and the bank may charge an additional fee for checking payments in accordance with the Price List (in connection with ML/TF/PF risk and sanctions risk management - fee for additional due diligence/ compliance check of the customer/ activity/ transaction / payment partner/ documents).
Up-to-date information on sanctions imposed on Russia and Belarus is available on the FCMC website.
Here is also the information about the impact of the Russian aggression in Ukraine on our services.
Effective from 01.10.2017.
Application – an application form completed at the Customer service centre or at the branch office, or by means of MultiNet Remote Servicing System, where the Customer has ordered opening of the Deposit Account, specifying type of Deposit, Deposit Term, Deposit Amount, currency of Deposit and interest rate, and that deemed irrevocable to Customer’s consent to the Contract.
Bank – AS „Industra Bank", unified registration No. 40003194988, legal address: 57 Elizabetes Street, Riga, LV-1050.
Bank Service Tariffs – a list of service fees for services (operations) provided by the Bank and valid at the moment of providing such services, available at www.industra.finance.
Conditions – Conditions for Acceptance of Deposits.
Contract – a contract concluded between the Bank and the Customer regarding the acceptance of Deposit and its handling, an integral part of which is the Application for deposit, Rules for acceptance and handling of deposits, Bank Service Tariffs.
Current Account – the Customer’s current account in the Bank indicated in the Application and where the Deposit is transferred to the Deposit Account from.
Customer – a private person or legal entity, who has an open current account and the Contract with the Bank.
Deposit – a deposit of the Customer’s funds into the Bank for a specific period, in accordance with the chosen Deposit type and a certain Interest rate.
Deposit Account – an account opened for the Customer in accordance with these Conditions, where the Customer's funds are placed and accounted for the defined period.
Deposit Amount – the amount of the Customer’s funds deposited to the Deposit Account in accordance with the conditions of the Contract.
Deposit Commencement Date – the date when the funds are transferred to the Deposit Account. This date is the start of the Deposit Term.
Deposit Maturity Date – the date when the Customer’s deposited funds, together with Interest, are paid to the Customer's Current account.
Deposit Term – a period, for which the Customer deposits his/her funds in accordance with the Contract.
GBTC – General Business Terms and Conditions.
Interest – the interest paid by the Bank to the Customer for the Deposit and which is calculated from the Deposit Amount and depends on the Deposit Term and Interest rate.
Interest rate – the annual interest rate paid by the Bank for the Deposit made by the Customer, which depends on the Deposit Term, currency and frequency of Interest payments. The interest rate is indicated in the Application in accordance with the Bank Service Tariffs or a separate agreement between the Bank and the Customer.
Parties – the Bank and the Customer together.
Types of deposits:
Ordinary deposit – type of deposit - the Customer’s funds transferred to the Deposit Account for a fixed term, with a certain fixed Interest rate, with the Deposit and the Interest to be paid at the end of Deposit Term or Customer’s funds transferred to the Deposit Account for a fixed term, with a certain fixed Interest rate, with monthly Interest payments and the Deposit to be paid at the end of Deposit Term.
Deposit with the ability to convert in other currency - type of deposit - the Customer’s funds transferred to the Deposit Account for a fixed term with an interest rate set by the Bank with an opportunity to convert all of the Customer's funds placed on the Deposit account in other currency during the Deposit Term.
Target deposit – funds of the Customer – private person – transferred to the Deposit Account for the certain target, Account for a fixed term, with a certain fixed Interest rate, with the Deposit and the Interest to be paid at the end of Deposit Term. The Customer has the right to supplement Target deposit at any time.
Business deposit – funds of the Customer - legal entity - transferred to the Deposit Account for a fixed term, with a certain fixed Interest rate agreed between the Customer and the Bank before signing the Contract. The amount of Business deposit and the Interest are paid out at the end of Deposit Term.
2.1. In order to conclude the Contract the Customer should have an open Current Account with the Bank.
2.2. When submitting the Application for deposit, the Customer has the right to choose one of the following types of Deposits:
2.2.1. Ordinary deposit – the Customer can choose the Interest payout conditions:
18.104.22.168. to receive the accrued Interest at the Deposit Maturity Date;
22.214.171.124. to receive the accrued Interest monthly on the certain date.
2.2.2. Deposit with the ability to convert in other currency;
2.2.3. Target deposit (for private persons only);
2.2.4. Business deposit (for legal entities only).
2.3. The Contract is deemed to be concluded after the Bank accepts and approves the Customer’s Application. The Contract enters into force only after the Deposit Amount is transferred to the Deposit Account.
2.4. The minimum amount of the Deposit is defined in the Bank Service Tariffs.
2.5. The Customer can make a Deposit in the Bank only in the currency and only for such Deposit Term that are specified in the Bank Service Tariffs at the moment of signing the Contract, unless otherwise was agreed by the Bank and the Customer in the Contract.
2.6. The Customer may use the Deposit and the Interest as a collateral to secure fulfilment of his/her obligations against the Bank, in the meaning of Financial Guarantee Law, arising from another certain document (contract or agreement). In such case, the Bank is entitled, in the event of failure to fulfil such obligations, to withhold the Deposit or its part and the Interest or its part in the amount of outstanding liabilities without the Customer's consent.
3.1. In order to conclude the Contract, the Customer shall submit the Application for deposit in the Bank’s Customer Service Centre or by means of MultiNet Remote Servicing System, filled in in accordance with the Bank’s requirements, indicating the type of Deposit, Deposit Term, Deposit Amount, currency and Interest rate of the Deposit.
3.2. By signing the Application for deposit, the Customer authorises the Bank to write off the Deposit Amount defined in the Application from the Current Account. When selecting the Deposit with the ability to convert in other currency and the Interest payout at the end of Deposit Term, the currency conversion is performed through conclusion of additional agreement whereby the Customer authorizes the Bank to convert the Deposit Amount according to the exchange rate set by the Bank at the moment of the Agreement’s conclusion. The Agreement is an integral part of the Contract.
3.3. The Customer provides the funds in the amount of the Deposit Amount specified in the Application to be credited to the Current Account in cash or by transfer within 3 (three) Bank business days from the day of the conclusion of the Contract (except for the Business Deposit Contract). If within 3 (three) Bank business days the Deposit Amount is not transferred in full to the Customer's Current account, the Deposit Account shall be closed and the Contract shall be considered invalid. Application for Business deposit is accepted and the Contract enters into force, if the necessary funds for the Business Deposit have been transferred to the Customer's Current Account at the time of submission of the Application.
3.4. The Contract is valid until the end of Deposit Term specified in the Application for deposit, or until the Customer or the Bank terminates its validity before the due date in accordance with the procedure specified in these Conditions.
4.1. The Bank shall pay the Interest on deposited funds on the Deposit Account. The Interest rate shall be specified in the Contract in figures and in words.
4.2. The Interest shall be accrued from the moment the funds are transferred to the Deposit Account until the end the Deposit Term (excluding the Deposit Maturity Date]. The Interest for the previously accrued amount of interest is not accrued (interest is not capitalized). The first day and the last day of the Deposit Term are considered as one day.
4.3. Interest on the deposited funds shall be accrued for each calendar day on the Deposit Account balance at the end of each day.
4.4. Interest shall be accrued based on the Interest rate, assuming that there are 365 days in a year and taking into account the actual number of calendar days per month.
4.5. The Interest rate is constant throughout the Deposit Term, unless the Contract is concluded for the funds on the Deposit with the ability to convert in other currency and the Customer uses this ability to convert during the Deposit Term.
5.1. The Bank pays Deposit Amount and Interest to the Customer, by transferring those to the Current Account specified in the Application.
5.2. If the Deposit Amount and/or Interest, at the moment when the Deposit Amount is disbursed, constitutes collateral of Customer's own or another Customer's liabilities against the Bank, the Deposit Amount and/or Interest shall not be paid to the Customer until full coverage of the secured liabilities to the Bank.
5.3. Interest shall be paid in accordance with the type of Deposit selected by the Customer.
5.4. The Bank is entitled to not pay Interest if:
5.4.1. The Contract is terminated before the end of Deposit Term;
5.4.2. The Deposit Amount of its part is used as financial collateral for the coverage of the Customer’s liabilities against the Bank.
5.5. The Deposit is due on the Deposit Maturity Date, specified in the Application.
5.6. If the Deposit Term is expressed in calendar days, then the day of Deposit payment shall be the last calendar day of the Deposit Term. If the Deposit Term is expressed in months, the day for Deposit payment shall be the Deposit Commencement Date of the relevant month. If the Deposit Term is expressed in years, the day for Deposit payment shall be the Deposit Commencement Date and month of the relevant year.
5.7. If the relevant month has no date corresponding to the Deposit Commencement Date, the Deposit payment day shall be the next day after the Deposit Commencement Date.
5.8. If the payment date of Deposit Amount or Deposit Interest becomes due on a day, which is not a Bank business day, the Bank is entitled to make the payment on the next Bank business day.
5.9. When paying the Deposit Amount and Deposit Interest, the Bank withholds taxes and fees from the amounts payable to the Customer in accordance with the existing regulatory enactments of the Republic of Latvia.
6.1. The Customer is entitled to request termination of the Contract at any time of its validity in accordance with these Conditions, except for the case when the Deposit serves as a Financial collateral.
6.2. With regard to premature termination of the Contract, the Customer must provide to the Bank a written notification 30 (thirty) calendar days in advance. If the Deposit is terminated on the Customer request, the Interest shall not be paid and the amount of the previously paid Interest shall be deducted from the Deposit Amount or other Customer's funds.
6.3. The Customer may disregard the notice period specified in Clause 6.2 of the Conditions, terminate the Contract earlier, in coordination with the Bank, and pay a penalty, in accordance with the Bank Service Tariffs. In this case, the accrued Interest is not paid.
6.4. The Bank is entitled, by providing a written notice to the Customer in advance, to terminate the Contract and to close the Customer’s Deposit Account before the Deposit Maturity Date, if:
6.4.1. the Customer has failed to transfer the Deposit Amount specified in the Application to his/her Current Account, according to the procedure specified in the Clause 3.3;
6.4.2. recovery is turned against the Customer's funds in accordance with the existing regulatory enactments of the Republic of Latvia;
6.4.3. the Bank on its own initiative, ceases business relationship with the Customer in accordance with the procedures and cases specified in the existing regulatory enactments of the Republic of Latvia;
6.4.4. the Bank uses the Deposit as the Financial collateral to clear the Customer’s outstanding financial liabilities.
6.5. In the case of the Customer's death (natural person) or liquidation (legal entity), if the heirs, administrator or other successors in title require premature termination of the Deposit, the Deposit without Interest and payment of the penalty in accordance with the Bank Service Tariffs shall be repaid in accordance with application of the persons who have submitted the documents to the Bank approving their rights to deal with the Customer funds.
6.6. The Customer has no right to request premature payment of instalments of the Deposit Amount.
7.1. The Deposit Amount is deposited in the currency specified in the Application.
7.2. The Interest rate specified in the Bank Service Tariffs is applied to the Deposit at the moment when the Contract is concluded.
7.3. The Customer is entitled to convert the Deposit Amount to other currency (USD, EUR) in accordance with the currency exchange rate specified by the Bank at the time of entry into the Currency Exchange Transaction, through conclusion of additional agreement.
7.4. The converted Deposit Amount and the Interest accrued during conversion shall be transferred to the Deposit Account in the appropriate currency.
7.5. The new interest rate of the Deposit currency exchange is determined, taking into account the remaining Deposit Term, counting from the date of conversion to the end of Deposit Term. If the remaining term of the Deposit is equal to the number of full months, and is not specified in the Bank Service Tariffs, then the closest, lowest annual percentage rate is set. If the remaining term of the Deposit is less than one month, then the interest rate that at the moment of conversion (currency exchange) was applied for the keeping of the Customer’s funds at the Current Account in the specific currency, in accordance with the Bank Service Tariffs, is set. The new interest rate of the Deposit currency exchange shall enter into force on the day when agreement is concluded.
7.6. At the time of conclusion of the agreement, the Bank deducts commission for the currency exchange service in accordance with the Bank Service Tariffs.
7.7. The Bank pays the Deposit Amount and the Interest to the Customer in the currency, in which the Deposit Amount and Interest are placed on the Deposit Account at the Deposit Maturity Date.
7.8. The Deposit cannot be supplemented, withdrawn in parts, and Deposit Term cannot be changed at the time of conversion.
8.1. Only private persons can use the Target deposit for a fixed term.
8.2. A fixed Interest rate is set for the Target deposit.
8.3. The Customer can freely supplemented the Target deposit by making transfers from the Current Account to the Deposit Account.
8.4. The Interest of the supplemented Deposit Amount are calculated starting from the day the Deposit was supplemented, in the cases specified in the 8.3. Clause.
8.5. The Deposit Amount and the Interest are paid to the Customer at the end of Deposit Term.
8.6. The minimum deposit amount for calculation of the Interest is defined by the Bank Service Tariffs.
8.7. The minimum deposit amount to supplement the Deposit is defined by the Bank Service Tariffs.
9.1. From the moment when the Customer incurs liabilities towards the Bank, the funds of the Customer placed on the Deposit and the calculated Interest shall be considered as a financial collateral for any liabilities of the Customer towards the Bank in the meaning of the Financial Guarantee Law of the Republic of Latvia, and shall be pledged to the Bank as a financial pledge and upon occurrence of the event for enforcement of the liabilities, the Bank is entitled to write off the amount of outstanding liabilities of the Customer from the Deposit Account and redirect for repayment of the Customer's outstanding liabilities . If the Customer is a private person, the Bank is obliged to notify the Customer regarding the use of financial pledge.
9.2. In the case of the Customer's death (natural person) or liquidation (legal entity) the obligations and rights under this Contract shall be transferred to the heirs, administrator or other successors in title under the same conditions as were specified for the Customer by this Contract.
9.3. Legal relations between the Bank and the Customer arising from the Contract, which are not stipulated by the Contract, are regulated by General Business terms and Conditions of the Bank, as well as by regulatory enactments of the Republic of Latvia.
9.4. The Bank guarantees to the Customer repayment of their Deposit Amount, in accordance with the provisions of the Deposit Guarantee Law of the Republic of Latvia.