Several banks in Azerbaijan have reduced deposit interest rates.
According to information obtained by Milli.Az, the decrease ranges from 0.5 to 1 percent.
In August, it was possible to place deposits in banks with an annual interest rate of 12 percent, but this month, in many banks, deposit interest rates are limited to 11.5 percent.
It should be noted that starting from January 1, 2024, the portion of monthly interest income calculated on deposits in national currency up to 18 months for individuals in each bank up to 200 manats is exempt from tax. Also, if individuals place deposits in national currency for 18 months or more in each bank, the entire portion of interest income is exempt from tax for a period of 3 years.
