The International Bank of Azerbaijan, the largest bank in the South Caucasus, is launching a new pension contribution product, offering retail customers a tool for private pension savings.
Elmir Gabibullaev, the director of the IBA's retail business, told "The Mirror" that contributions will have a minimum of 15 years with a maximum flexible term in favor of the depositor.
Under the agreement, the depositor can withdraw funds at age 50, and the amount accumulated during the 15 years is doubled. If the contribution is made for 32 years, the amount increases by five times, and if the contribution is made for more than 45 years, the amount increases by 11 times.
Depositors are given a plastic card that allows them to track interest accrued at IBA ATMs. The information can also be obtained through internet and mobile banking as well as at the bank itself.
Gabibullaev said that the IBA has also developed a program of housing loans that makes it possible to purchase housing with an interest rate of 10-12 percent per annum. The interest rate depends on the credit history of potential customers.
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