Bank Nikoil Updates Interest Rates on Deposits

Bank Nikoil has updated interest rates in line with the new trends in the market, the bank said.

In an interview with Turan, the director of the bank’s marketing department Rashad Jumshudov said that in accordance with the requirements of the market the interest rates on deposits were adjusted.

‘The bank has set a maximum interest rate at 18.2%. This includes long-term deposits. However, if the client wishes, we can provide an opportunity of placing long-term deposits at the level of insured deposits, i.e. 15%. Same rules apply to foreign currency deposits. In the long-term foreign currency deposits, we have established a 5%,’ he said.

In addition, the bank raised interest rates on deposits in the national currency, which had previously been placed at 12%.

‘Previously, the interest rate of insured deposits was at the level of 12% and it was the most popular deposit. After the Deposit Insurance Fund increased the interest rate on insured deposits, we also increased the popularity of deposits from 12% to 15%,’ Jumshudov said.

It should be noted that on September 21 the bank's shareholders decided to increase the authorized capital up to 184 million 500 thousand manats.     ------71B