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How to use Binance Customizable Locked Savings Products?
Binance
2020-03-26 00:41

1. Binance customizable locked savings can be subscribed to at any time so long as the product quota is available.

Enter the Binance website and click on 【Earn】-【Savings】 to find the customizable product of your choice.

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Or you can click on 【Savings】-【Product】-【Locked Savings】to find the customizable products.
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Here you have the flexibility to customized products based on your needs. You can adjust the following:

  • select product;
  • select duration time; 
  • view the annual interest rate;

2. Click on the Subscribe button, and the system will require a second confirmation about subscription information. 

Meanwhile, please ensure that you have sufficient assets available for Savings.  (not in open orders and/or in your Margin account). 

Once you have entered the  Lot size, the system will automatically calculate the expected coupon after redemption. 

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About subscription information:

  • Coin: customizable product you purchase;
  • Duration: maturation period you choose;
  • Lot size: minimum unit to purchase;
  • Interest per lot (annual interest rate): estimated interest and annual interest rate based on Coin and Duration;
  • Value date: interest calculation starting date;
  • Redemption date: value date plus duration;
  • Lot amount: decided collaboratively by available balance in spot wallet, maximum allowable lot size, and total product quota. 

3. After purchase confirmation, the system will deduct the asset from your spot wallet balance and you can review the purchase in the [Assets] page. 

4. Redemption

The customizable products will be redeemed automatically after maturation. Assets and interest will be paid to your spot wallet together, and you can check your asset balance in your spot wallet [Balance] page. 

Locked Savings Assets to Flexible Savings Assets” is also supported if you would like to redeem your funds before the maturation period. 

 


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