International Bank of Azerbaijan raises interest rates on deposits

The rates range from 6.4% annually to 19% annually depending on the term, currency and withdrawal of accrued interests. With 120 basis points, take-every-month two-year deposit carries 12.8% annually and one-year deposits have 12% annually, the bank told APA-Economics.

Plus the interest rate increase, the bank has made some conditions such as: for 1-5 year deposits with yearly payment of accrued interests the rate rises 80 basis points and with payment of interests at the end of period the rate increase range from 100 to 300 basis points depending on the period.

Besides, the bank offers depositors free Visa Electron, Cirrus Maestro, Visa Classic, Visa Gold, MasterCard Standard or MasterCard Gold, as well as credit lines on the order of 60% to 70% of the deposit amount.

AZN USD deposits
(Base interest rates for monthly withdrawal of interests)

3 months- 9.0% annually
6 months-10.0% annually
9 months-11.0% annually
12 months-12.0% annually
18 months – 12.4% annually
24 months-12.8% annually
36 months – 13.6% annually
48 months-14.4% annually
60 months-15.2% annually

For annually withdrawal of accrued interests

12 months – 12.8% annually
18 months -13.2% annually
24 months-13.6% annually
36 months -14.4% annually
48 months – 15.2% annually
60 months- 16.0% annually

For withdrawal of accrued interests at the end of period

18 months -13.4% annually
24 months- 14.2% annually
36 months – 15.8% annually
48 months – 17.4% annually
60 months -19.0% annually

International Bank of Azerbaijan last increased interest rates on June 1, 2006.