Given the persistent negative interest rate environment in the Eurozone, with the European Central Bank’s (ECB) base rate currently standing at negative 0.50% (-0.50%) per annum, Eurobank Cyprus Ltd (the “Bank”) will be applying a negative interest rate of 0.50% (-0.50%) per annum to all Euro denominated accounts with credit balances held by legal entities, starting from 01/03/2022. The negative interest rates will apply to all accounts with credit balances denominated in Euro, excluding fixed deposits whose interest rate has been fixed prior to the date of this announcement.
The negative interest on Euro accounts held by legal entities will be calculated daily on the account balance of all current, notice and overdraft accounts with credit balances and will be debited on a monthly basis. The first EUR 100,000 will be exempted from negative interest rates. If the legal entity maintains more than one current / notice / overdraft accounts in Euro, this exemption will apply on the Euro account with the highest credit balance as at 28/02/2022.
We would also like to bring to your attention that a number of alternative options in financial instruments are offered by the Bank. You may contact your responsible officer or our Wealth Management Division (CyprusPrivateBanking@eurobank.com.cy or +357-22208010) for any information or clarifications needed or to assess any alternative products / services that the Bank is offering.