Banks in Romania

Romania has a banking system made up mainly of commercial banks and the central bank, Banca Națională a României, usually called BNR. Commercial banks serve individuals, companies, and public institutions, while BNR supports monetary and financial stability. A common everyday product is a current account, called a cont curent. It can receive salary or other income, hold money, support transfers, and connect to a debit card. Romanian bank accounts use an IBAN for transfers. People also commonly use card payments, cash withdrawals, standing orders, mobile banking, and online banking. Savings may be kept in an ordinary account or in a fixed-term deposit, called a depozit la termen. A deposit usually pays interest for keeping money untouched for an agreed period, but access conditions must be checked before opening it. Banks offer credit products such as a personal loan, credit de nevoi personale, and a mortgage, credit ipotecar. The cost can include interest, commissions, insurance, and other contract charges. Interest is called dobândă, and a bank fee is called comision. A fixed interest rate normally stays unchanged for the agreed period, while a variable rate can change under the contract rules. When opening an account or applying for credit, a bank normally checks identity, income, address, and financial information. A person should read the contract, repayment plan, fee list, and rules for closing or changing the product. Eligible deposits can have statutory protection under the Romanian and European banking framework, subject to conditions and limits. Protection does not remove the need to compare institutions, understand contracts, and keep account security details private.