A Term Deposit Certificate (CDT) is the document that certifies that your money is in charge of a bank for a certain time. This in order to take advantage of your investment thanks to the profitability which is caused by interest rates.
The higher it is, the higher the interest that the financial institution will pay. It is also important to keep in mind that the money that is deposited is not needed for the period of the investment so as not to have the need to withdraw the money before the established term.
“The return you get for your CDT depends on the amount of money you decide to deposit, the time that money remains in the bank and the market conditions at the time the CDT is acquired”, expresses the official page of the BBVA bank.
This, according to experts, could become a kind of ‘shield’ against inflation that has been sold by rapidly hitting the main economies of the world, since the Banco de la República also begins to increase its interest rates to the extent that this dynamic begins to rise in the country, in order to discourage consumption by families.
This upward trend can be used to invest money in CDTs because financial institutions They are paying interest above the inflation percentage.
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Who can claim a CDT?
Until now, the holders of the accounts that underwent this type of investment are the only ones that can withdraw the CDT at the established time, but, What happens if the owner of the CDT fails? Does the bank keep the money? Can someone else go pick it up?
Well, as stipulated in numeral 7 of article 127 of the Organic Statute of the Financial System, lThe spouses, permanent companions and/or heirs can request the delivery of the money of a CDT in case the holder has died.
For this purpose, the relatives or relatives must certify the relationship they had with the owner, as well as the death of the owner. If the amount is less than 58 million pesos, a succession document will not be necessary.
You must take into account that if the savings are not withdrawn in the time established before the entity, the investment is automatically renewed, so those who want to claim the money of the deceased person must abide by contract termination dates.
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The interest rate is a charge that all banks make for lending money.
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