Which deposits can be insured?
Deposits opened before March 2nd, 2016 are insured, including transactions in both national and foreign currencies. Transactions in national currency earn an annual interest rate of up to 15% and transactions in foreign currency earn up to 12%. The total amount insured is up to 30,000 AZN.
Deposits opened after March 2nd, 2016, are insured in foreign currency with an annual interest rate of up to 3%, while deposits in national currency with up to an annual rate of 15% on the total amount insured.
Deposits opened after June 1st, 2019, are insured in foreign currency with an annual interest rate of up to 2,5%, while deposits in national currency with up to an annual rate of 10% on the total amount of transaction insured.
Deposits opened after June 1st, 2020, are insured in foreign currency with an annual interest rate of up to 2,5%, while deposits in national currency with up to an annual rate of 12% on the total amount of transaction insured.
According to the relevant legislation, which came into force on December 18, 2020, starting from April 5, 2021, each participating bank will receive compensation in the amount of 100% of its insured deposit (provided that the deposit does not exceed 100 thousand AZN).
If you are the owner of a deposit with an annual interest rate exceeding the rate specified by the Deposit Insurance Fund as the maximum insured rate, your deposit may be reissued by the bank and fully covered by state insurance. ABB will pay the interest accrued up to the day you apply to the bank. An addendum to the current agreement will be concluded with current interest rates from the bank, provided that interest on deposits does not exceed 2.5% in US dollars and 10% in manats.
Since June 1, 2020, the maximum annual interest rate for insured deposits in the national currency has increased from 10% to 12%. The maximum annual interest on insured deposits denominated in foreign currency remains at 2.5%.
