VTB (Azerbaijan) launches two new deposits - "Children's savings account" and "Savings account" with the possibility of withdrawal and replenishment. The maximum rate on products will be up to 10.5% and 9% respectively.
The maximum yield on the Savings Account reaches 9%. The minimum placement amount is 0.01 AZN with the possibility of replenishment and withdrawal at any time. The deposit can be opened in manats for an unlimited period.
You can make a deposit "Children's Savings Account" in two currencies - manats and dollars. The maximum interest rate is 10.5% when placing funds in manats and 2.5% when placing in US dollars. You can open a deposit in the name of a parent or guardian for a child who will be able to use it when they reach the age of majority. The minimum amount is 100 AZN when placing funds in national currency or 100 USD when opening an account in US dollars. You can replenish the deposit at any time - the minimum amount is 5 AZN or 5 USD, depending on the savings currency. The deposit period is from 1 to 18 years.
“In 2021, the portfolio of VTB (Azerbaijan) on deposits of individuals increased by 47% and amounted to 38.6 million manats at the end of December. Given the growing interest in the bank's deposit products, we decided to expand the range of deposits and launched two new products. "Savings account" makes it possible to receive income by placing even a small amount in the bank. At the same time, the client has the opportunity to replenish his deposit or withdraw funds from it at any time. Another new deposit product is the Children's Savings Account. This is a useful financial tool for parents who want to build capital for the future of their child, as well as provide him with financial independence when he reaches the age of majority,” said Evgeny Borodin, Director of the Retail Business Development Department at VTB (Azerbaijan).
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