Azerbaijan's NIKOIL Bank recently announced that it is launching a new deposit campaign that provides 10 percent annual interest for small deposits and 12 percent annual interest for large deposits.

The minimum amount for deposits in the khoncha program is $1,000. The deposit terms are 12, 18 or 24 months. Interest payments will be made monthly, quarterly and at the end of the term.

NIKOIL will also provide depositors with a guaranteed holiday gift. The khoncha campaign will be open for deposits through April 15.

NIKOIL Bank is a universal financial and credit institution offering a full package of services including settlement, credit, payment, card, guarantee, interbank, documentary and foreign currency transactions. The bank has 19 branches both in the capital of Baku and in regions throughout the country.

NIKOIL Bank was established in 1994 after the founding of NIKOIL CJSC Azerbaijan Investment Company.

NIKOIL AIC purchased 60 percent of Ulpar CB and 40 percent of LUKOIL-Azerbaijan CJSC, one of the largest operators of oil and gas markets in the country, in January 2002. Other shareholders in NIKOIL Bank include Topaz Investment, Uralsib-Invest and ISR Holding.