Rates on insured bank deposits of population to be reduced in Azerbaijan from July 1

The upper limit of the interest rate on insured bank deposits of the population in national currency in Azerbaijan from July 1, 2019 is reduced from 15% to 10%, in foreign currency from 3% to 2.5%.

Report informs citing the Azerbaijan Deposit Insurance Fund (ADIF) that the decision was made by the ADIF Board of Trustees.

“All agreements on deposits of individuals concluded before July 1, 2019 under the same conditions will be considered insured until their expiration date,” ADIF noted.

By decision of the Board of Trustees of the Fund, deposits in the national currency attracted from July 1, 2019 at a rate above 10% per annum and in foreign currency at above 2.5% per annum will not be covered by insurance and compensation will not be paid for them.