Quote from: Pi-network314159 on Today at 07:10:15 PM

Quote from: Kavelj22 on March 30, 2024, 08:02:08 PM

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

This procedure may work for them during the 2000s but wouldn't be needful now. expecially now that cryptocurrency Bitcoin is in existence. Locking down fund in the bank is just a total waste of time. Bank will use your fund to loan some organisations or use it to do other business that will increase there fund and make more profit and leave your fund to suffer for inflation after some years with no interest. It is better I use my money to invest in Bitcoin and leave it there than locking it in the bank.

It's time deposit right? Yeah, even in my country it was prevalent in the 2000's or as we thought so. I think it was a good program that people think back then and then the banks put up a good promotion that you will earn money will sitting it in their bank.

But later, we found out that it will not worth something because of the small percentage that they are giving to it's customers, and then because of inflation, your money will have no value once the terms expire.