The Credit Bank of Moscow (CBOM) introduced Automatic Overnight, a new product for legal entities. Now, corporate customers can automatically place money through the Internet Bank and receive interest income.

Overnight deposit funds are deposited at the end of the working day. The next day, the money is returned to the client’s current account along with interest. The contribution is convenient because it can be opened even on holidays and weekends.

According to Philip Litvinenko, Managing Director of the Department of Transactional Business and Attracting Resources, the automated banking service allows legal entities to quickly generate additional income and reduce the complexity of permanent placements.

“It’s enough for a bank’s client to sign an agreement once,” he said.

After that, the bank offers the legal entity to make money on the overnight deposit every day.

“The client, if he wishes, will be able to take advantage of this offer by accepting it in the Internet bank,” said a representative of the credit organization.

A legal entity wishing to deposit funds on such a deposit may change the placement parameters from each current account in the “Your Bank Online” service. Conditions relate to the amount of funds and interest rates. The amount of the deposit along with the income is returned to the client at 11:00 on the next working day.

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