Accounts


An Instrument for Cuban and foreign natural persons, both in national currency and freely convertible currency.

The account can consist of a single holder (individual) or more than one, in the indistinct (equal liability) and joint accounts (cash pool) modes. The designation of beneficiaries and proxies are accepted.

Minimum conditions:

  • Initial deposit: 200.00 CUP/50. 00 CUC.
  • Deposits /Withdrawals: 20.00 CUP/ 20.00 CUC
  • Minimum balance: 50.00 CUP/50.00 CUC.

Interest:

They will be paid beginning at 400.00 CUP / 200.00 CUC. (See savings interest rates).

Operation instruments:

It operates with a savings book or debit card.

Scope:

All BANDEC branches in the national territory.

Documentation:

  • Identification document.
  • Application form.
  • Adhesion contract.

This instrument is for Cuban natural persons, in national currency, and associated with a payment center linked to the BANDEC branch where the account is opened.

Monthly payroll discounts are made in amounts prefixed by the client for the purpose of increasing a savings account (The purpose of the account is to increase the balance).

This type of account is individual. Beneficiaries and proxies can be designated.

Minimum opening amount:

20,00 CUP

Minimum deposit:

as previously agreed, always a multiple of 10.00, starting with 20.00 CUP.

Withdrawals:

Only four operations of this type are allowed during the year, the last withdrawal will close the account.

Interests:

An annual rate of 2.0% will be applied, with a 2.0% bonus if no withdrawals were made during the previous 12 months.

Scope:

All BANDEC branches in the national territory.

Documentation:

  • Identification document.
  • Application form.

This instrument is for Cuban and foreign natural persons, both in national and freely convertible currency.

It represents the commitment between the client and the bank for savings deposits during pre-established terms of 3, 6, 12, 24, 36 and 60 months. Withdrawal of the balance before the fixed term is up implies a penalty.

It can be opened by a single holder (individual) or by more than one, using the indistinct (equal liability) and joint accounts (cash pool) modes. The designation of a beneficiary in the individual mode is accepted.

Minimum amounts:

  • National Currency (CUP): 100,00 CUP.
  • Freely convertible currency (CUC): 200,00 CUC.

Interests:

They will be paid once the term has expired. See savings interest rates.

If the account is closed before the term agreed has expired, interests on the unexpired term will not be paid.

If the client does not appear on the date of expiry, the account shall be extended for the same term and amount.

Scope:

All BANDEC branches in the national territory.

Operates with a:

deposit form

Documentation:

  • Identification document.
  • Application form.
  • Adhesion contract.

This instrument is for Cuban and foreign natural persons, both in national and freely convertible currency.

It is an installment deposit that issues a Deposit Certificate, which can be negotiated and transferred by the depositor before its term of expiry, should the depositor require liquidity, without cancelling the underlying deposit agreement.

It is a commitment between the client and the bank for savings deposits in installments of 3, 6, 12, 24, 36 and 60 months. Withdrawal of the balance before the expiry of the fixed term implies a penalty.

It can be opened by a single holder (individual) or by more than one holder i.e. indistinct (equal liability), and joint accounts (cash pool) modes. A maximum of three persons is accepted. Designation of a beneficiary is not allowed.

Minimum amounts:

  • National Currency (CUP): 100,00 CUP.
  • Freely convertible currency (CUC): 500,00 CUC.

Interests:

See current savings interest rates.

Scope:

All BANDEC branches in the national territory.

Operates with:

Certificate of Deposit Form.

Documentation:

  • Identification document.
  • Application form.
  • Adhesion contract.

It is an instrument for Cuban natural persons in national currency.

It constitutes the commitment between the client and the bank for savings during a term of 72 months. The client can collect the interests in advance at least one year after the term agreed has elapsed. Withdrawal of the balance before expiry of the fixed term implies a penalty.

It can be opened by a single holder (individual) or by more than one, in this case in the indistinct (equal liability) and joint account (cash pool) modes. Designation of a beneficiary in the individual mode is accepted.

Minimum amount:

  • National currency (CUP): 1,000.00 CUP.

Interests:

They will be paid once the term has expired or in advance, at the request of the client.

See current savings interest rates.

If the account is closed before the end of the term agreed, interestsfor the unexpired term will not be paid. If the client does not appear on the day of expiry, the account shall be extended for the same term and amount.

Scope:

All BANDEC branches in the national territory.

Operates with:

Deposit Certificate of (non-negotiable)

Documentation:

  • Identification document.
  • Application form.
  • Adhesion contract.
Current account for CNA.

Current account for CNA.

  • The account may be opened in both currencies
  • Minimum balance
  • The first account deposit is the balance of the monetary contributions made by the members.
  • The issuance of debit cards is accepted as a complement to traditional operations of current accounts.

Requirements:

  • Presentation of basic documents of the Non-Agricultural Cooperatives..
  • Deposit of the monetary contributions of the members.
  • Adhesion Contract..

Account of the monetary contributions of the members for the CAN.

  • Opened in Cuban pesos (CUP)..
  • Intended for the creation of a fund with the monetary contributions of the members of the Non-Agricultural Cooperative (NAC) after its creation has been approved.
  • BANDEC shall issue a certification validating the opening of the account, as a basic condition for proceeding with the establishment of the NAC.
  • This fund is the initial deposit for the current account of the NAC.
Current Account for Self-employed Workers (SEW).
  • The minimum amount is of 200 CUP or 50 CUC, according to the currency..
  • These may be: Individual (only one SEW as the holder); Equal liability or Indistinct (two or more SEW holders who may operate separately); Cash Pool or Joint Accounts (two or more SEW holders who may deposit separately, however all of the holders must be present for making withdrawals and for closing the accounts). In the first two cases, the account will operate through checkbooks. In the last variant, only payment orders will be used.

Requirements:

  • Identity card of the holder or co-holders.
  • Photocopy of the License issued by the competent authority, corresponding with the activity practiced.
  • Inscription in the Taxpayer’s Registry.
  • Document from the National Tax Administration Office (ONAT), certifying the annual income level.
  • Request to open a current account.

Associated forms of payment:

  • Nominal checkbooks and Payment Orders, except for cash pool or joint accounts..
  • Magnetic cards..
Current accounts.

Currency:

Cuban pesos (CUP) and Cuban convertible pesos (CUC).

Intended for:

Budgeted units, organizations, joint ventures and foreign companies, Cuban state enterprises, Cuban private companies, CPA, CCS, UBPC, non-governmental organizations and associations, among others.

Main Features:

  • The provision of funds is: $ 1,000 CUC or CUP.
  • Fees and commissions will be charged to the client for the different operations carried out from the client’s account.
  • Check and transfer logs will be sold to the client for payments.
  • The client will receive a statement of the account according to the frequency and route agreed.
  • Accounts operate with a credit balance and will not accept overdrafts.
  • The account holder can authorize third parties to make provisions.
  • Accounts can be opened indistinctly, individually or jointly.
  • In case of accounts in CUC, withdrawals of funds for expatriation will be made in keeping with the regulations of the Central Bank of Cuba.
  • For accounts in CUC, in operations with other currencies, the exchange rate in force on the day of the operation shall be applied in the currency concerned against the convertible peso.

Requirements:

  • Application to open an account.
  • Initial deposit.
  • Presentation of the entity's legal documentation.
  • Registration of signatures authorized to operate the account.
  • Presentation of the license issued by the Central Bank to operate in foreign currency (accounts in CUC).
  • Adhesion contract.
Technical income accounts.

This account enables customers without a bank account at BANDEC branches to deposit their income, which will be transferred to their centralized account at BANDEC or at another bank.

Currency:

Cuban pesos (CUP) and Cuban convertible pesos (CUC).

Intended for:

Cuban legal persons.

Main Features:

  • It will receive the client’s deposits in foreign currency either in cash or in other forms of payment.
  • The balance of the technical account will be transferred to the client’s account with the periodicity previously agreed; leaving the account with zero balance until the client’s next deposit.
  • The balance of the account shall be transferred to other accounts at BANDEC or at other banks.
  • Transactions other than the deposits and transfers of funds agreed will not be admitted.

Requirements:

  • Application form for the service.
  • Formalization of the contract.
  • To hold a current account at a BANDEC branch or at another bank.