IBA Attracts Manat Deposits

OJSC International Bank of Azerbaijan (IBA) has raised interest rates on manat deposits placed by individuals.

According to this largest bank's press service, the annual interest rate on deposits Classic and Multi placed in the bank now is 11.2% when paying interest on a monthly basis and 12% for the payment of interest on an annual basis .

When placing a deposit for a period of two years, the rate is 11.4%, with interest payments on a monthly basis, 12.2% in the payment of interest on an annual basis and 13% in the payment of interest at the end of the deposit period.

For the deposit for a period of 4 years the limit for the rate is determined in 11.8%, 12.6% and 15.4%, respectively. When placing a deposit for a period of 10 years, the interest rate on the deposit is 13% when paying interest on a monthly basis, 13.8% for the payment of interest on an annual basis and 22.4% in the payment of interest at the end of the deposit period.

The range of deposit products include bank deposits such as Classic, Multi, Savings, Down, Children, Gold, Pension and Amanat Karti.

For deposits Classic, Multi, Savings and Advance worth more than 100 000 manat (or equivalent in another currency) the specified interest rate is added by 0.5%. --17D-