Bank’s head of Press Service Rauf Agayev says new service provides the clients to place and save the deposits in gold without purchasing physical gold.
Advantages of new deposit service are reliability of investments and benefiting from bank interest and rising of gold price. Minimum volume of deposit is equal to equivalent of 1 tr. Ounce (31.1 gram). Term of deposit can be 3-12 months. Interest payment is realized at the end of deposit term.
Interest no new deposits are calculated as follows:
Term of deposit | Annual interest rate | Sum of potential revenue | Interests calculation method |
Demand | bearing no interest | Revenue from gold price | - |
3 months | 2% | Interest from gold price + annual 2% | At the end of term |
6 months | 3% | Interest from gold price + annual 3% | At the end of term |
9 months | 4% | Interest from gold price + annual 4% | At the end of term |
12 months | 5% | Interest from gold price + annual 5% | At the end of term |
«For explanation of deposit’s essence, look through the following: On November 1, 2011, a deposit was placed with the equivalent to 5 ounces. Term is 6 months, annual interest rate – 3%. As at that date, Central Bank’s rate on gold is AZN 1,269.27. Thus, as at date of deposit placement, the price of 5 ounces is AZN 6,346.35. Expiry date of deposit is May 2, 2012â€, Agayev said.
It’s possible to withdraw the deposit and calculated interest on May 3. As at that date, price of ounce is AZN 1,300. Thus, the fund’s cost is AZN 6,500.
If the deposit is withdrawn prior to expiry date, the interests are not paid, but the revenue from rising of gold price is repaid to the client.
For more information enter: www.ibar.az; call: (+99412) 437 7900.
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