Boosting Your Financial Future: How to Open a Savings Account in Georgia with ProCredit Bank (2014)

For many years, I have been envisioning how to optimize my personal finances. Despite my aspirations, I have never established a savings account. However, I have decided to rectify this situation. A savings account serves as a secure repository for one's funds, and numerous options exist for opening one. For example, a compound interest savings account will provide earnings on deposited funds.

While residing in Georgia, I opted to focus my search for savings accounts within the country. Fortunately, I did not need to search far. After recently opening a bank account with ProCredit Bank, I decided to entrust them with my savings as well.

One noteworthy feature of ProCredit Bank is their provision of information in English. According to their website, the bank offers two options for savings accounts: a Savings Account and a Savings Plan. Although similar, they vary in certain respects.

Savings Account

The Savings Account allows you to deposit and withdraw any amount of money at any time and earn high interest.

Advantages of the Savings Account:

  • Flexible access to your money;
  • Access to the deposit account is possible via Internet Banking without having to visit the bank;
  • Savings Account deposit has a favorable method of interest accrual-Interest rate is accrued on a daily account balance with capitalization at the end of every month
  • Minimum initial amount requirement - 200 GEL, 100 USD/EUR;
  • The minimum amount to be accrued with the interest - 200 GEL, 100 USD/EUR;
  • The maximum amount to be accrued with the interest - 200.000 GEL, 100.000 USD/EUR;
  • Deposit period - Savings Account is opened for unlimited time;
  • Interest rate accrual - interest is accrued on the Savings Account at the end of every month. Interest will be added to the principal amount and then to the increased amount in the subsequent period. 

Interest will accrue on savings deposits, or on current accounts. 

Interest Rates (p.a.)G USD EUR

Maximum interest rate 6 % 2.5 % 2.5 %
Minimum interest rate 2.5 % 1.5 % 1.5 %
  • The maximum interest will be accrued if you do not transfer money from the deposit during each month period starting from the opening of the deposit. Otherwise, the minimum interest rate will be applied.
  • If the interest accrued on the savings deposit is to be capitalized, the operations, which volume in money terms do not exceed the amount of the last placed interest income, will not be considered as debit operations.

Note: the bank reserves the right to change the interest rate for the Savings Account.

Savings Plan

Savings Plan is the best way for you to save money by putting aside a certain amount every month.

Advantages of Savings Plan:

  • Savings Plan provides for the possibility to accumulate savings step-by-step
  • Monthly payments can be made via Internet Banking or standing orders, without visiting the bank
  • You can take a deposit-backed loan on preferential conditions


  • Initial minimum deposit requirement - 100 GEL/USD/EUR
    (For salary recievers - 10 GEL/USD/EUR);
  • Minimum monthly deposit - 10 GEL/USD/EUR;
  • Minimum period - 6 months;
  • Maximum period - 24 months;
  • Interest income can be withdrawn at  maturity.

Interest Rates (p.a.):

Withdrawal of interest at the end of the term

Term (months)
6 6.5 % 3.25 % 3.25 %
7 6.5 % 3.25 % 3.25 %
8 6.5 % 3.25 % 3.25 %
9 7 % 3.75 % 3.75 %
10 7 % 3.75 % 3.75 %
11 7 % 3.75 % 3.75 %
12-14 7.5 % 4.25 % 4.25 %
15-23 7.75 % 4.5 % 4.5 %
24 8 % 5 % 5 %
  • You may skip monthly payment only twice during the term of the deposit, otherwise the agreement will deemed void.
  • Early termination of the agreement - f the agreement is terminated prematurely, the deposit is accrued with 0.75% p.a. for the actual term of the deposit agreement.

What am I planing to save

Basically I'm planing to save all my spare funds. Most of the my spare funds come from affiliate marketing. So I decided - hey what a great idea - instead of spending my hard earned dollars in Tbilisi restaurants I could save this money - and what's better even increase it's value, by using compound percentage savings. 

Well - I doubt I will get rich, but I agree that we must work with our personal finance.

One of the neat features of ProCredit bank, it does offer to put your money aside by using an internet bank, so you don't have to visit a branch.