Fixed-Term Deposits
Fixed term deposits
Term deposits from 1 month to up to 36 months, with settlement of interest at maturity or in predefined periods, and with fixed interest according to the contracted term.
The Fixed-Term Deposits offer you:
- 100% return on invested capital
- Flexibility
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Characteristics
Maturity terms : from 1 month to up to 36 months
- Interest rate : it is established at the time of contracting according to the deposit term.
- Settlement of interest : you can choose how you want to pay your interest: on a monthly, quarterly, half-yearly or annual basis, or at maturity.
- Early cancellation : early cancellation is permitted. In the event of requesting cancellation a penalty fee will be applied to the redeemed amount, depending on the time elapsed between the cancellation date and the maturity date of the deposit. This penalty fee will never exceed the interest generated to date.
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- Taxation
1. Residents
Personal income tax
- Under Spanish Income Tax (IRPF), interest earned on deposits is included as investment income within the Taxable Income from Savings. The rate applicable to the Taxable Income from Savings is 19% for the first EUR 6,000 euros of taxable income, 21% up to EUR 50,000 euros of taxable income and 23% as from EUR 50,000.01 euros onwards.
- At the time of payment, this interest is subject to a withholding tax of 19%.
- In the event of early cancellation, the penalty constitutes a negative income from investment resulting from the transfer of owner's equity, to be included with any interest received.
Capital gains tax
Under Spanish Wealth Tax regulations, deposits must be declared every year at the time when the owner must present the aforementioned tax. The amount to be declared is the largest of the following:
- balance on 31 December
- average balance for the last quarter
Inheritance tax
In the case of death of the owner, in the settlement of the Inheritance Tax the heir must declare the balance of the deposit on the date of death.
2. Non-residents in Spain
For non-resident deposits, duly accredited via a Declaration of Residence for Tax Purposes (open-ended validity) or Certificate of Residence for Tax Purposes (annual validity), no withholding is carried out on the interest earned, this being exempt from taxation in Spain.
In the event of not accrediting said residence, an 19% withholding will be applied.
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