SBS: These are the banks that pay the most for your time deposits

Department of Banking, Insurance and AFP reported a list of financial institutions that provide higher interest rates on term deposits.

We must take into account that throughout the country, interest rates are showing an upward trend, and there will be more liquidity in Peru due to the withdrawal of AFP and CTS funds.

In this sense, Peruvians who have excess liquidity that will not be needed in the near future can store it in term deposits. at one of the various financial institutions regulated by the Banking, Insurance and AFP Authority (SBS).

In this context, it is interesting that people know that financial institutionsinstallment savings are best paid so that the most attractive financial option can be chosen to make these resources profitable.

interest rates that financial institutions pay for any type of savings, such as time deposits, may be a better alternative for those who have excess liquidity and are looking for a higher return on their money.

The highest average interest rate in sols for term deposits, for a period of more than 360 days, As of June 2022, it is at 8.96% per annum and offered by Caja Metropolitana, according to information published by the Banking, Insurance and AFP Authority (SBS).

It is followed by Financiera Efectiva and Financiera Proempresa with 8.91% each as of August 5, 2022, Financiera Qapaq with 8.87% as of the 5th of this month, Alfin Banco with 8.70% as of the 5th of this month month and Caja Rural de Ahorro y Credito (CRAC) Los Andes with 8.35% as of June 2022, among others.

protected funds

noteworthy deposits in organizations controlled by the SSB are covered by the Deposit Guarantee Fund (DIF) up to a maximum of sol 121,910 per financial institution.

Thus, there is no risk of losing your savings in a particular financial institution up to the specified amount.

In this sense, if your surplus exceeds 121,910 soles, it is recommended to diversify the deposit between more than one financial institution up to this level in order to take advantage of the FSD.

Fixed term accounts

These are cash deposits that are made for a certain period of time, during which the person undertakes not to dispose of the deposited money before the expiration of the agreed period, the SSB explains on its website.

In its turn, The financial institution will pay an estimated interest rate based on the agreed term, and the account may be owned by an individual or entity, the release said.

If depositors partially or fully withdraw funds before the end of the agreed period, they will be subject to the payment of penalties provided for in the agreement (therefore they are urgent), the organization clarifies.

AFP Withdrawals

It should be noted that linked to the private pension system (SPP) who do not apply after the initial deadline to withdraw their pension funds of up to four tax units (UTU), equivalent to sol 18,400, may do so from the 26th of that month until 90 calendar days without having to follow the schedule.

According to the Association of Private Pension Administrators’ (AAFP) Twitter account, members can submit their requests for early release of their retirement savings without meeting the schedule from July 26 to September 10, 2022. (According to Andean)