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Parabank launches a new deposit product

10 November 2008 14:16 (UTC +04:00)

Baku. Elnur Huseynguluev - APA-Economics. Azerbaijanâ€™s Parabank has rolled out a new banking product to customers â€“ â€œInam Depositâ€ that allows individuals and corporate clients to take advantage of temporarily free money supply at cost-effective and flexible terms.
â€Inam Depositâ€ is a term deposit which can be deposited in Azerbaijani manat and U.S. dollar for 6 to 48 months. The amount shall not be below AZN/USD 1 000.
A depositor is allowed to withdraw interests monthly, quarterly, annually, or at maturity. Regardless of the type of currency, interest rates on deposits range from 11% to 21.5% depending on the term and withdrawal options of a deposit.
Besides, the bank offers a credit line up to 80% of the deposit.
Depositors putting AZN 5 000 to 30 000 are provided with a VISA Classic card free and depositors holding more than AZN 30 000 are given VISA Gold credit card free.
As of October 1, Parabankâ€™s assets at AZN 62.1 million, deposit portfolio at AZN 33.3 million, loan portfolio at AZN 39.2 million, total capital at AZN 11.7 million and authorized capital at AZN 9.394 million.
Owned by 23 individuals, Parabank has been in operation since 1991.