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Parabank launches new euro deposit product

18 August 2008 14:57 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijanâ€™s Parabank offers euro deposit product.
The bank said interests earned on deposits held for 3, 6, 9 and 12 months can be withdrawn monthly, quarterly, semiannually, annually or at the maturity.
The annual interest rate for 3-month deposits is 8%, 6-month deposits 10%, 9-month deposits 11% and 12-month deposits 14%.
There is no limit for the amount of deposits and savings are insured by the Deposit Insurance Fund.
Depositors are granted Visa card free and are lent loan up to 80% of the deposit.
As of July 1, Parabankâ€™s assets stood at AZN 56.5 million, loan portfolio at AZN 33.79 million, deposit portfolio at AZN 30.43 million, total capital increased at AZN 11.95 million and authorized capital at AZN 9.394 million.
Owned by 23 individuals, Parabank has been in operation since 1991. The bank operates 8 branches, 9 ATMs and 115 POS terminals across the country.