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The Civil Code of the Russian Federation

(with the Additions and Amendments of February 20, August 12, 1996,
October 24, 1997, July 8, December 17, 1999, April 16, May 15,
November 26, 2001, March 21, November 14, 26, 2002,
January 10, March 26, November 11, December 23, 2003)

Part II
Section IV
Chapter 44
Bank Deposit

Chapter 44. Bank Deposit

Article 834. The Bank Deposit Agreement


1. Under the bank deposit agreement one party (the bank), which has received the monetary sum (deposit) from the other party (depositor) or the receipts due to it (deposit), shall undertake to return the amount of the deposit and pay interest on it on the terms and in the procedure specified by the agreement.
2. The bank deposit agreement in which a private person is a depositor shall be deemed to be a public agreement (Article 426).
3. The rules of the bank deposit agreement (Chapter 45) shall be applicable to the relations between the bank and the depositor involved in the account on which the deposit has been placed, unless otherwise stipulated by the rules of this Chapter or unless the contrary follows from the substance of the bank deposit agreement. Legal entities shall have no right to transmit pecuniary means held in deposits to other persons.
4. The rules of this Chapter relating to bank shall also be applicable to other credit organizations which accept deposits from legal entities in keeping with the law.

Article 835. The Right of Attraction of Monetary Means for Making Deposits


1. The right to attract monetary means for making deposits shall belong to the banks to which such right has been accorded in conformity with the permit (license), issued in the statutory procedure.
2. If a deposit is accepted from an individual by the person who has no right to do so or in contravention of the procedure, established by the law or by the bank rules adopted in accordance with it, the depositor may demand the immediate return of the amount of the deposit, and also the payment of the relevant interest, stipulated by Article 395 of this Code, and the reimbursement of all the losses caused to the investor over and above the amount of interest. If such person has accepted the pecuniary means of a legal entity on the terms of the bank deposit agreement, such agreement shall be null and void (Article 168).
3. Unless otherwise stipulated by the law, the consequences, provided for by Item 2 of this Article, shall also be applicable in the cases of: the attraction of monetary resources of individuals and legal entities by means of sale to them of shares and other securities whose issue has been recognized as illegal;
the attraction of monetary resources of individuals for making deposits against the bills or other securities which exclude the receipt of their holders of their deposits as soon as demanded and the exercise by the depositors of other rights, envisaged by the rules of this Chapter.

Article 836. The Form of the Bank Deposit Agreement


1. A bank deposit agreement shall be concluded in writing. The written form of a bank deposit agreement shall be deemed to be observed, if the placement of a deposit is certified with a savings book, a savings or deposit certificate, or with any other document issued by the bank to the depositor which complies with the requirements, stipulated by the law for such documents, introduced by the bank rules in conformity with the law and applicable in banking practice by the customs of business turnover.
2. Non-observance of the written form of the bank deposit agreement shall invalidate this agreement. Such agreement shall be void.

Article 837. Types of Deposits


1. A bank deposit agreement shall be concluded on the terms of the issue of a deposit as soon as demanded (deposit at short notice) or on the terms of the return of a deposit upon the expiry of the period of time specified by the agreement (time fixed deposit). The agreement may provide for the placement of deposits on the different terms of their return which are not inconsistent with the law.
2. Under the agreement of a bank deposit of any type the bank shall be obliged to issue the sum of the deposit or part thereof as soon as demanded by the depositor, except for the deposits placed by legal entities on different terms of return, provided for by the agreement. The agreement's proviso about the refusal by an individual to receive his deposit as soon as he demanded shall be void.
3. In cases where a time deposit or any deposit other than a call deposit shall be returned to its holder as soon as he demanded before the expiry of the term or the onset of other circumstances, indicated in the bank deposit agreement, interest on deposits shall be paid out in the amount corresponding to the rate of interest paid out by the banks for deposits at short notice, unless the agreement provides for a different amount of interest.
4. In cases where the depositor does not demand the return of the sum of his time fixed deposit upon the expiry of the term or the sum of the deposit placed by him on the different conditions of return, upon the onset of the circumstances, specified by the agreement, the agreement shall be deemed to be prolonged on the terms of the call deposit, unless otherwise stipulated by the agreement.

Article 838. Interest on Deposits


1. The bank shall pay out to a depositor interest on his deposit in the amount defined by the bank deposit agreement. In the absence in the agreement of a clause on the rate of interest to be paid out the bank shall be obliged to pay out interest in the amount, defined in accordance with Item 1 of Article 809 of this Code.
2. Unless otherwise stipulated by the bank deposit agreement, the bank shall have the right to change the rate of interest paid out on the call deposits. If the bank increases the rate of interest, the new interest rate shall be applied to the deposits made before the announcement on the diminution of the interest rate to depositors, upon the expiry of the month since the time of the relevant announcement, unless otherwise stipulated by the contract.
3. The interest rate, defined by the bank deposit agreement on the deposit made by a private person on the terms of its issue upon the expiry of a definite time or upon the onset of the circumstances provided for by the agreement, may not be decreased by the bank unilaterally, unless otherwise stipulated by the law. Under such bank deposit agreement, concluded by the bank with a legal entity, the interest rate may not be changed unilaterally, unless otherwise stipulated by the law or the agreement.

Article 839. Procedure for Adding Interest on Deposits and Its Payment


1. Interest on the sum of a bank deposit shall be added from the day that follows the day of its receipt by the bank to the day preceding its return to the depositor or its writing off the depositor's account on different grounds.
2. Unless otherwise stipulated by the bank deposit agreement, interest on the sum of the bank deposit shall be paid out to the depositor on his demand upon the expiry of each quarter separately from the amount of the deposit, while the uncalled interest shall increase the amount of the deposit on which interest is cast. In case of the return of a deposit all the interest added by this time shall be paid off.

Article 840. Security for the Return of a Deposit


1. The banks shall be obliged to secure the return of deposits of private persons through obligatory insurance or by other methods in cases specified by the law. The return of deposits of private persons by the bank in whose statutory capital over 50 per cent of shares or participating interest belongs to the Russian Federation and/or the subjects of the Russian Federation, and also to municipal bodies shall be, furthermore, guaranteed by their subsidiary liability according to the demands of the investor to the bank in the procedure, envisaged by Article 399 of this Code.
2. Methods of the bank's security for the return of deposits of legal entities shall be defined by the bank deposit agreement.
3. During the conclusion of a bank deposit agreement the bank shall be obliged to provide the depositor with information about the secured return of the deposit.
4. If the bank fails to discharge the obligation of securing the return of a deposit, envisaged by the law or the bank deposit agreement, and also in case of the loss of security or the deterioration of its conditions the depositor shall have the right to demand that the bank should immediately return the sum of the deposit, pay out interest in the amount, defined in conformity with Item 1 of Article 809 of this Code and indemnify the caused losses.

Article 841. The Placement of Monetary Means by Third Persons on the Depositor's Account


Unless otherwise stipulated by the bank deposit agreement, the account of the depositor shall receive the monetary means credited to the bank's account by third persons with an indication of the essential data on his deposit account. In this case it is supposed that the depositor has expressed his consent with the receipt of monetary means from such persons and furnished to them the essential data on the deposit account.

Article 842. Deposits in Favour of Third Persons


1. A deposit may be in the bank in favour of a definite third person. Unless otherwise stipulated by the bank deposit agreement, such person shall acquire the depositor's rights since the time of presenting to the bank the first claim based on these rights or expressing his intention of availing himself of such rights by any other method. The indication of the name of an individual (Article 19) or the name of a legal entity (Article 54) in whose favour a deposit is made is an essential condition of the relevant bank deposit agreement.
The bank deposit agreement in favour of the individual who died at the time of the conclusion of the agreement or at the time of the non-existence of the legal entity shall be void.
2. Before the third person expresses his intention to avail himself of the depositor's rights, the person who has concluded a bank deposit agreement may avail himself of the depositor's rights in respect of monetary means placed on the deposit account.
3. The rules for the agreement in favour of the third person (Article 430) shall be applicable to the bank deposit agreement in favour of the third person, unless this contradicts the rules of this Article and the substance of the bank deposit.

Article 843. The Savings Book


1. Unless otherwise stipulated by the arrangement of the parties, the conclusion of a bank deposit agreement with a private person and the placement of monetary means on his deposit account shall be certified by a savings book. The bank deposit agreement may provide for the issue of a registered savings book or a savings book to bearer. The savings book to bearer shall be a security. The savings book shall indicate and certify by the bank its name and place of location (Article 54), and if a deposit is made in its branch, this book shall also indicate the name and place of its branch, the deposit account number, and also all the sums of money charged to the account, all the sums of money written off the account, and the remainder of cash on the account at the time of presenting the savings book to the bank.
Unless a different condition of the deposit is proved, the data on the deposit contained in the savings book shall be aground for settlements between the bank and the depositor.
2. The payment of a deposit and interest on it and the fulfilment of the instructions of the depositor on the transfer of money from the deposit account to other persons shall be effected by the bank upon the production of the savings book. If the registered savings book has been lost or brought into a faulty state for presentation, the bank shall give to the depositor a new savings book upon his application.
The rights under the lost savings book to bearer shall be restored in the procedure, envisaged for securities to bearer (Article 148).

Article 844. The Savings (Deposit) Certificate


1. The savings (deposit) certificate shall be a security that certified the sum of the deposit made in the bank and the rights of the depositor (certificate holder) to the receipt of the amount of the deposit upon the expiry of the fixed time and of the deposit upon the expiry of the fixed time and of interest stipulated by the certificate in the bank which has issued the certificate or in any branch of this bank.
2. Savings (deposit) certificates may be registered or to bearer.
3. In case of the anticipatory presentation of a savings (deposit) certificate for payment the bank shall pay off the sum of the deposit and interest on it, paid out in call deposits, unless the certificate conditions provide for a different interest rate.

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