Based on letter received from Hellenic Bank, negative-interest rate policy will be applied to corporate depositors as from 3rd March 2020.

Please read below letter received for your information

Globalserve Clients are requested to contact us for more information.

"The longstanding existence of negative interest rates in the Eurozone and the continued monetary easing by the European Central Bank has led to a large number of European Banks implementing negative interest rates on their customers’ deposits and accounts for some time now.

As a result, we are informing you that, as of 3 March 2020, we, Hellenic Bank Public Company Ltd, (“Hellenic Bank”) will also proceed with the reduction of its interest rates to negative levels. The reduction will be applied to the credit balances of the following euro accounts:

The calculation of the negative interest rate will interest rate will be applied on the daily balance of the account. Accrued interest will be taken into consideration when calculating the available balance of the account which will be capitalized on 30 June and 31 December of each year.

It is hereby clarified as follows:

1. For current accounts and overdraft accounts n euro, the negative interest rate will be applied on credit balances of over €100.000 (only with respect to the rate amount that exceeds €100.000), while for credit balances of under €100.000, the interest rate will remain at 0%.
2. As from 2^nd January 2020, transferring funds from notice accounts will not require any prior notice and no penalty fees will apply. This arrangement will continue to apply until further notice.

What should you do

You do not have to do anything, as the above changes will take place automatically. We would also like to inform you that, in view of the above changes, you have the right to terminate your account(s) without incurring any charges until 28 February 2020. If by that date, you have not notified Hellenic Bank of your intention to terminate your account(s), we will assume yοu have accepted the changes.

We are here to help you

We look forward to continuing our honest a cooperation with you. if you have any questions or require additional information or clarifications regarding this letter, please contact your account manager or your branch.

Hellenic Bank’s Private Banking team remains at your disposal to inform you about the various investment options available in the international markets. If you are interested in learning more about these options, please contact the Private Banking team at the e-mail address This email address is being protected from spambots. You need JavaScript enabled to view it.

From,

Hellenic Bank Public Company Limited"

Source: Hellenic Bank Public Company Ltd