ABSTRACT
The right to obtain monetary funds as deposits is possessed by banks to which a right has been granted in connection with a permission issued by a procedure established in accordance with a statute. The contract of bank deposit is made on the conditions of the release of the deposit on first demand or on conditions of return of the deposit on the expiration of a time determined by the contract. Nonobservance of written form of the contract of bank deposit shall entail invalidity of the contract. Banks are obligated to ensure the return of deposits of citizens by compulsory insurance and, in cases provided by a statute, also in other ways. In case of early presentation of a savings certificate for payment, the bank shall pay the amount of the deposit and the interest paid on demand deposits, unless the terms of the certificate establish a different interest rate.
