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Kapital Bank launches a new deposit product

02 March 2009 15:00 (UTC +04:00)

Baku. Elnur Huseynguluev - APA-Economics. Azerbaijan-based Kapital Bank has launched a new type of deposit so called â€œTerm Choiceâ€.
The bank said this product allows individuals to put money on deposits for 1 to 12 months.
If the deposit will be withdrawn before the expiry of the contract, interests are paid for the real term during which the deposit saved.
Despite the fact that the deposits are taken for a period of 12 months, the depositor can keep the money for he period given in the following table:

Deposit term (up to)	Annual interest
Deposit term (up to)	AZN
12 months	14	12 months
11 months	13	11 months
10 months	12	10 months
9 months	11	9 months
8 months	10	8 months
7 months	9	7 months
6 months	8	6 months
5 months	7	5 months
4 months	6	4 months
3 months	5	3 months
2 months	4	2 months
1 months	0	1 months

Note that deposits are accepted in manats and U.S. dollars. The minimum deposit amount is 500 manats or U.S. dollars.
As at January 1, Azerbaijan-based Kapital Bankâ€™s assets stood at AZN 577.590 million, loan portfolio at AZN 365.847 million, deposit portfolio at AZN 481.974 million, total capital at AZN 71.910 million and authorized capital at AZN 24 million.
Kapital Bank has been in operation since 2000. The bank operates 89 branches, 298 ATMs and 469 POS terminals at present.
After privatization, Kapital Bank is owned by AtaHolding (30%), Pasha Holding (30%), Khalg Sighorta (15%), Azersun Holding (10%), individuals (10%) and the bank staff (5%).