The International Bank of Azerbaijan (IBA) said the number of pensioners with deposits in the bank increased by 6,300 people as of the beginning of 2015.
The bank said the desposits made up a total of approximately $300,000. The IBA entered this market in November 2013.
Pension deposits occur over a minimum period of 15 years following that period of time the funds are accessible. After 15 years the interest that the account accrues increases at a doubled rate and over 32 years it increases by five times.
In the case of a pensioner's death, these funds can be made available to beneficiaries established by the deceased.
The IBA is one of the leading financial institutions in the country that manages banking services in domestic and international markets. It is considered one of the largest banks in Azerbaijan and is consistently among the highest rated banks in the country.