Log into Inbank's internet bank and fill in the application for opening a fixed-term deposit. In the process, you can select an appropriate deposit amount and period. After filling in the application and concluding the agreement, make a transfer to the account in Inbank in the amount of the selected deposit, using the deposit reference number found in the agreement. The deposit amount must be transferred to the account in Inbank no later than within 7 days after concluding the agreement, otherwise the agreement will automatically expire.

If you deposit up to 15,000 euros, it is enough to sign an agreement using an ID card, Smart-ID or mobile ID to open the deposit. If you deposit more than 15,000 euros, the deposit will not earn interest until you have proven your identity. To do this, you must visit an Inbank office or an Omniva post office of your choice, taking your identity document with you. Proof of identity must be provided within 7 days for the agreement to enter into force.

After the expiry of the deposit period, Inbank will transfer the deposit and interest amount to your customer account from which you can transfer the money to your personal current account. The transfer is free of charge. Inbank will not send a separate notification about the expiry of the deposit. Log in to the Inbank internet bank to check the balance of your customer account and the expiry date of your deposit agreement.

A customer account is an account where the deposit and interest amount are held at the time when it is not held in an active deposit. You can transfer money to the customer account using the number of the Inbank current account given in the deposit agreement and your personal customer account reference number. The customer account is not a current account and payments cannot be made from it. You can transfer the amount in the customer account back to your current account from which you made the initial deposit payment to Inbank.

Inbank offers the option to choose automatic renewal for deposits during the deposit period. This means that after the expiry of the selected period, the term of the deposit will extend automatically by the same period. For example, if you choose one year as the period and opt for automatic renewal, the deposit will extend for another year after the first year. The new interest will be the deposit interest effective on the day of renewal plus 0.10%. This means that you can earn more interest than the ordinary interest rate in the price list if you opt for automatic renewal. You can set and cancel the automatic renewal of a deposit the day before the expiry of the specific deposit.

You can cancel your deposit at any time on the grounds and pursuant to the procedure provided for by effective law or the General Terms and Conditions of Inbank AS by submitting a written application to info@inbank.ee. In case we satisfy your application Inbank will not pay interest for the deposit period in the case of early termination. The deposit amount will be paid back to the customer account after 30 days from the expiry or the deposit contract. If you would like to get the deposit amount earlier, Inbank has the right to request the early payout fee according to the effective price list.

Inbank is a bank operating in Estonia on the basis of an activity license, which is why deposits of our customers are guaranteed by the state Guarantee Fund. If necessary, deposits of our customers with the accrued interest will be reimbursed in full, but in the amount not exceeding 100,000 euros per depositor. More information on deposit guarantee is available on the Guarantee Fund's website and in the Guarantee Fund Act.

When you fill in the deposit application, you can choose whether the interest payment will be made at the start of the period, every month or at the end of the period. 0.30% is subtracted from the interest rate if the interest payment of a term deposit is made at the start of the deposit period. 0.15% is subtracted from the interest rate if the interest payment of a term or flexible deposit is made every month.

Inbank withholds income tax on paid deposit interest. Data on interest earned on a bank deposit and income tax paid on it will automatically be entered into your income tax return.

You can defer the payment of income tax on the interest earned if you use the investment account specified in the Income Tax Act when depositing. If you use an investment account on the conditions specified in the Act, you will only have to pay income tax when the interest amount is taken in use, not when the specific deposit expires. You can also obtain detailed information about the investment account from the Tax and Customs Board.

If you use an investment account for depositing and would like to defer the income tax liability, please inform Inbank about this in the Internet Bank as soon as possible.

In order to do this, open the “Deposit overview”, select the specific deposit, click on “Change” and then you can let Inbank know whether or not it has to withhold the income tax on the deposit by ticking the appropriate box. If you ask the bank to not withhold income tax on deposit interest, you must confirm that you have a legal basis for this whether you use an investment account or other options. You must make the request separately for each deposit.

If you don’t have access to the Internet Bank, you can submit an application in free format to our customer service by e-mail info@inbank.ee or at Inbank office. Please specify the deposits to which your request applies in the application.

You can submit or amend an application in the Internet Bank until the day before the interest is paid out and it will enter into force immediately. If you inform us in any other manner, you have to submit the application at least four working days before the interest is paid out.

The payment of income tax cannot be deferred by extending the deposit. If you extend your deposit, the interest on the previous deposit will be paid to your customer account in Inbank (if only the principal is extended) or to the new deposit (if the deposit amount with interest is extended), which is why the interest that was paid out is immediately subject to income tax.