Finance

Finance

Parabank launches new deposit product

30 March 2009 16:28 (UTC +04:00)

Baku. Elnur Huseynguluev - APA-Economics. Azerbaijan-based Parabank has launched a new deposit product titled Extreme.
The bank said the new deposit enable young people in order to effectively invest their money so that they can accumulate capital for future while they are studying.
The amount of the deposit Extreme shall not be less than 500 manats (or dollars) and 5 years.
To draw interests the deposit earns, Parabank offers flexible terms.
For example, a depositor can receive interests every three, six and twelve months. Customers for this type of deposit are offered 2 types of package. The first package allows capitalization of deposit interests while the second allow depositors to withdraw interests within certain time limits.
The bank provides depositors with a VISA Electron debit card free to draw interests. In addition, individuals are offered an insurance package which provides accident insurance during the deposit term.
The owners of the deposit can also take a credit amounting to 80% of their deposit under favorable terms.
Depositors putting more than 5 000 manats, or dollars will be issued a VISA card free of charge.