VTB Azerbaijan’s deposit product to protect citizens’ funds
Russia's second-largest bank, VTB, has introduced a
new deposit product in Azerbaijan allowing to protect citizens from
financial instability and to increase their capital, according to
the Bank VTB Azerbaijan press service. The Bahar (Spring) deposit
was released on March 9, ahead of the Novruz Holiday.
The funds are deposited for six months, nine months or a one-year period in Azerbaijan’s national currency, manat, as well as in US dollars and euros. Annual interest rates depend on the type of currency, the selected term of the deposit and the type of payments.
Interest payments are made monthly or at the end of the deposit term, upon the depositor’s choice. Additional funds can be deposited to the bank account during the first half of the deposit term both in cash and through a transfer.
If the deposit agreement is invalidated within six months after the funds have been placed, the client will be entitled to 1% interest, while if the cancellation takes place within six months to one year, 4% interest is due for deposits in manats and US dollars, and 3% is paid for deposits held in euros.
The funds are deposited for six months, nine months or a one-year period in Azerbaijan’s national currency, manat, as well as in US dollars and euros. Annual interest rates depend on the type of currency, the selected term of the deposit and the type of payments.
Interest payments are made monthly or at the end of the deposit term, upon the depositor’s choice. Additional funds can be deposited to the bank account during the first half of the deposit term both in cash and through a transfer.
If the deposit agreement is invalidated within six months after the funds have been placed, the client will be entitled to 1% interest, while if the cancellation takes place within six months to one year, 4% interest is due for deposits in manats and US dollars, and 3% is paid for deposits held in euros.
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