By providing a loan, the bank must have a guarantee that the client will pay off the debt on time and in full. To this end, some institutions provide loans secured by purchased objects, while others sign a guarantee deposit agreement. It all depends on the policy of the credit institution.
Definition
Guaranteed deposit is the amount of funds that the client makes as a guarantee of the fulfillment of obligations. The need for it arises when applying for a loan. Why should a client who has money have a security deposit? The client may not have the required amount, and having a guarantee deposit, the bank can arrange a loan under conditions more favorable to the client.
A deposit is the most liquid type of collateral, since it does not take time to sell. Given this factor, the bank can adjust the terms of service of the loan in favor of the client. If a person has savings and regular income, then it is more profitable for him to take a loan secured by available funds.
Terms of Use
The funds of such a deposit may be:
- Use to meet their own requirements for the borrower associated with delays in meeting obligations.
- Do not return to the client until they have fully fulfilled all their obligations.
- Demand proof of source of funds.
However, a credit institution is not entitled to use these funds to cover its own expenses or for other purposes not related to the borrower.
Features
The guarantee deposit protects the rights of the creditor, guaranteeing that the client will fulfill his obligations. This contribution is used to set off the requirements for the borrower. Contribution rights cannot be transferred to a third party. A loan is recognized as a guarantee in case of default by the client of obligations under the loan agreement. At the same time, the borrower cannot establish additional conditions for securing the debt.
Consider the basic conditions under which interest-free guarantee deposits are serviced.
- Contribution: more than 100 thousand rubles.
- Validity period: corresponds to the validity period of the loan agreement.
- Collateral: performance of obligations under a loan agreement.
- Withdrawals: upon written request of the client at least 1 day before the operation.
- Partial withdrawal: not available.
- Extra fees: not accepted.
- Deposit income: paid at the end of the deposit.
Registration
A guarantee deposit in a bank is made out before signing a loan agreement at a branch. In this case, both contracts must have the same completion date or the deposit can be issued for a longer period. The total amount of debt, including commission and fees, should not exceed 90% of the deposit. The bank's remuneration will be 5-18 percentage points higher than the deposit rate.
No bank deposit can be a loan security. To use it as a guarantee, it is necessary to specify in the text of the contract that the depositor provides obligations to the creditor. Upon the expiration of the contract and the fulfillment of all obligations, the funds are freely returned to the client.
Requirements
There are special requirements for customers who make a guarantee deposit. A bank account can be opened by both a resident and a non-resident. A potential customer must meet the following requirements:
- The presence of Russian citizenship or permission to stay in the Russian Federation.
- The minimum age is 18 years.
- Registration on the territory of the Russian Federation.
To sign the contract, the client must provide:
- Passport or ID.
- Deposit agreement, if the client has already opened a term deposit with the bank.
- Credit agreement or credit card service agreement.
If the guarantee deposit is made with legal entities and individual entrepreneurs, then its circulation is carried out in accordance with Art. 23 Civil Code. If an individual closes an IP, then all the rules relating to private individuals apply to him. One of them is to return all funds at the first request of the client (Article 837 of the Civil Code). This norm contradicts the very essence of the guarantee deposit. Therefore, banks conclude additional agreements if the client agrees to the requirement to cancel the account. The guarantee deposit is then serviced at a lower interest rate.
Advantages and disadvantages
A loan secured by a deposit is quickly drawn up and makes it possible to obtain a loan on more favorable terms, since the transaction does not require an assessment of collateral.
Of the limitations, the following should be noted:
- The maximum loan amount is limited by the amount of the deposit placed. Banks issue a loan within 70-90% of the deposit amount.
- It is impossible to roll over a loan. The deadline for its use may not exceed the term of the deposit. As a result, the bank will return the deposit to the client only after repayment of all obligations.
Legal basis
A security deposit in a bank is designed to protect the rights of a creditor, but the principles for its use are not described in detail in civil laws. There is Bank of Russia Regulation N 254-P “On the Procedure for Forming Reserves for Possible Losses.” Based on the interpretations presented therein, we will try to determine the legal nature of the agreement.
The Regulation says that a guarantee deposit is a legal entity’s deposit placed in an organization that has unfulfilled obligations to the bank. This transaction is executed by an ordinary bank deposit agreement, which is concluded with the aim of ensuring the fulfillment of obligations of the debtor. A regular deposit cannot be used in this context, since it contains a different subject of regulation.
In order for the funds to be used as security, the corresponding clause must be spelled out in the text of the contract. Otherwise, all actions of the bank to repay the debt at the expense of the deposit can be used in court. It is also important to specify in the contract the procedure and conditions for writing off funds to pay off loan debt.
However, the judicial authorities, when considering cases related to a deposit, acknowledge that some aspects of using this tool are nevertheless spelled out in the legislation. According to Art. 421 of the Civil Code, a contract in which there are elements of several contracts is considered mixed. With its help it is possible to regulate various relations of the parties. Therefore, the relations of the parties within the framework of this document should be governed by the rules of bank deposit (Chapter 44 of the Civil Code), set-off (Chapter 26 of the Civil Code), the regulation on the methods of securing obligations (Chapter 23).
Security deposit: accounting at the enterprise
Let us consider in more detail how to reflect the movement of funds on a deposit.
If the company uses the accrual method, the interest should be reflected in income on a monthly basis. The amount of the deposit should be reflected in account 55 (58). How to reflect a guarantee deposit in a BU? Postings using DT account 009 show that the amount of funds credited to DT55 is collateral. The remuneration of a credit institution for providing a guarantee should be reflected by posting ДТ 44 (20, 25, 91) КТ 76.
Other postings:
- DT55-3 KT51 - transfer of money to a deposit.
- DT51 KT55-3 - refund from the bank.
- DT76 KT91-1 - interest accrual monthly.
- DT51 KT76 - transfer of a monthly interest to a regular account.
- DT55-3 KT76 - interest accrual at the end of the deposit term.
- DT51 KT55-3 - transfer of interest on the current account.
- Analytics is carried out for each deposit separately.
- Analytical accounting for account 55-3 “Deposit accounts” is maintained for each deposit separately.
Tax Accounting Warranty
If the organization has issued a guarantee, then you should know how to take into account the cost of paying for the service when calculating income tax. If obtaining a guarantee is not a prerequisite for the activity, then the costs of its maintenance are charged to non-operating. Such a situation may arise, for example, if the company participates in a tender. Organizations involved in tour operator activities are required by law to have a bank guarantee. For them, all costs associated with servicing the contract are included in other expenses. Accordingly, when calculating the tax, expenses can be written off in equal parts over the entire period of the contract.
In the following cases, expenses should be immediately written off to the initial cost of the property:
- return of funds raised for OS purchase;
- payment of goods and materials shipped to the supplier.
Let us consider in more detail the cases of using a guarantee deposit.
Rent
The owner of the premises may put forward conditions for securing obligations with a deposit. In this case, the tenant pays the rent for the first and last months. The owner becomes protected from losses in case of termination of the contract ahead of time, and the client - from the claims of the owner of the apartment. There is no need to conclude a separate agreement, it is enough to draw up an annex to the agreement and write down the conditions for using the guarantee deposit in it. At the end of the contract, the funds are returned to the lessee.
Building
A guaranteed deposit of money is not made out, since the currency is not considered a thing. But in practice, it is possible to retain part of the cost of work to ensure future costs in case of poor-quality work. If there are no claims on the construction assurance, then the security deposit is returned to the contractor.
When submitting work, form No.KS-3 is used. It serves as an act of reconciliation of mutual settlements. All deductions and actual transfers of amounts are recorded on the form. Consider how the guarantee deposit is reflected in the BU.
General contractor
Accounting in such cases involves the use of account 62 to display the amounts of deductions. If during the term of the deposit the customer finds defects in the work, then he is obliged to submit a claim and demand: to eliminate the shortcomings, to compensate for the costs or reduce the cost of the order (Article 723 of the Civil Code). The claim is made out in a separate document and must be reflected in the control unit by the following transactions:
- DT62 KT90 - the customer accepted the job.
- DT90 CT 68 - VAT charged.
- DT51 KT62 - payment with deduction is listed.
- DT91 KT76 - the claim is recognized.
- DT76 KT62 - claim paid.
Customer
Claims should be reflected in the customer's BU with the following postings:
- DT76.2 KT60 - claim.
- DT50 KT76.2 - satisfaction of the claim by the general contractor.
- DT20 KT76.2 - write-off of unrecognized amounts.
Supply contracts
Sometimes security deposits are used in sales transactions. The customer acts as a buyer, and the supplier as an executor. The supply contract prescribes the quality of the goods, the terms of delivery, the deadline for receiving products and compensation payments. Buyer makes advance payment. In parallel, the process of issuing a bank guarantee begins. The supplier makes a request to the bank to check the solvency of the client. If the financial condition of the client does not raise questions, then the supplier releases the goods without money and waits for full payment. The client receives a deferred payment and repays the debt only upon receipt of the product.