If the customer does not refer to the Bank for deposit return, deposit shall be deemed as renewed. In this case the Bank extends the term of the deposit in accordance with agreed interest rates which is applicable for the extension date. When the bank does not agree to extend the period, the interest is not accrued, and the Bank sends notification to customer about returning of the deposit amount.
|Currency:||AZN, USD, EUR|
|Minimum amount:||20 000 AZN/USD/EUR|
|Period:||12, 24 and 36 months|
|Effective interest rate:||Based on individual agreement depending on the deposit currency and duration.|
The contract is terminated when a customer withdraws the whole amount or a part of the deposit earlier than expected. In this case, only the initial deposit amount is returned to customer, and the calculated accrued interests are not paid.
If customer does not apply to the Bank for returning the placed deposit amount, the deposit is considered re-invested for the same period, but with the interest rate of the Bank existing for the time of extension, provided that the Bank agrees to extend the deposit. When the Bank does not agree to extend the period, the interest is not calculated and notification regarding returning of the deposit is sent to customer.