Finance

Home page

Finance

Azad Javadov: â€œThe highest compensations for bank savings in the region and CIS place are paid in Azerbaijanâ€

08 August 2012 13:19 (UTC +04:00)

Some depositors sum up deposits in one ban and this causes such resultsâ€.Remind that, according to ADIF conditions, the deposits with the annual interest rate of more than 12% are not insured. At the same time, the compensation for anyoneâ€™s deposits in a bank is not over AZN 30,000 ($38,000) not depending on sum of the deposits. Note that, the highest compensation in comparison with the neighbour countries and among CIS countries is in Azerbaijan. Next places are held by Kazakhstan ($32,000), Turkey ($28,000), Russia ($22,000) and etc.

According to head of the Fund, while insurance conditions of deposits are noted in te deposit contract, some depositors do not pay attention to all conditions: â€œFund requires to note information about insurance conditions of deposits in the contract. But some deposits prefer high interests to get high incomesâ€.

Note that, according to results of January-July, 2012, Azerbaijan-based banksâ€™ deposits made AZN 4.319 bln and AZN 2.776 bln of this are insured. According to Fundâ€™s conditions, sum of compensable deposits make AZN 1.343 bln. IN other word, 64.3% of deposits were insured, 31.1% - compensable.

ADIF aims to insure more depositorsâ€™ deposits: â€œUnder these performances, 96% of deposits are insured and this is a high inde3x in the international practiceâ€.