Finance

Finance

Parabank launches a new deposit product

14 August 2009 16:15 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Azerbaijan-based Parabank has launched a new deposit product what it called Forex.

The bank said Forex is a deposit amounting to at least 1 000 manats, euros and dollars for 12 to 48 months.

The advantage is that the depositor may at any time switch from one currency to another in case of currency risk.

Regardless of the type of currency, interest rates on deposits vary within a wide range from 13% to 16.6% in accordance with maturity period and interest withdrawn interval chosen.

Depositors are given VISA Electron debit card free to draw interests.

Also, depositors can get a loan on favorable terms in the amount of 80% of their deposit.

As at July 1, the bankâ€™s assets stood at 74.851 million manats, deposit portfolio at 45.093 million manats, lending portfolio at AZN 48.325 million, total capital at 11.506 manats and authorized capital at 10.70 million manats.

Owned by 23 individuals, Parabank, has been in operation since 1991.