Basic banking product and standard account

The basic banking product and payment account with basic features are aimed to improve consumers' access to financial services.

The basic banking product takes into account the low-income population groups and is provided for 0 eur. This product applicable only to those clients - consumers whose net monthly income does not exceed 1,1 times the minimum wage. The minimum wage from 1 January 2019 is set at 520 eur, net monthly income can not exceed 572 eur (520 eur x 1,1 = 572 EUR). The second condition is that the client have no other payment account except for a deposit account, a debtor´s special account, passbook account or a savings account. Both conditions shall be demonstrated by an affidavit. If the client chooses this type of account, he may deposit and withdraw money in the Slovak Republic in euros, either in a bank or at a branch of a foreign bank, as well as at ATMs. In addition, he can make payments, including standing orders and collection payments. At the same time, electronic banking, internetbanking, and the issuing of an international debit card with its renewal after its expiry are part of the basic banking product.

Payment account with basic features - the standard account is for people residing in the European Union. For this account, the amount of income is not determined, so it is really meant for everyone. Client-consumer may have no other payment account except for a deposit account, a debtor´s special account, passbook account or a savings account. The content of this account is unlimited payment transactions where it is possible to deposit and withdraw money in the currency of the euro, both in the bank branch as well as through ATMs. This account allows cash withdrawal in the currency of the euro also within the consolidated group abroad (parent bank and its subsidiaries). In other words, if you are on vacation abroad, and in this country has your bank branch, you can withdraw your money free of charge from its ATMs. The standard account also offers payments, including standing orders and collection payments. Also is included electronic banking, payments via an international debit card, and renewal of this card after its expiration. This account is for 3 euros.

Details of what all these products contain are in Decree of the Ministry of Finance.