OREANDA-NEWS. November 18, 2014. Population has been showing more and more interest towards the individual pension savings product – the “Pension” deposit - of the International Bank of Azerbaijan (IBA).

According to the information provided to “APA-Economics” by IBA’s press service, based on the data by 1st November this year, the number of the customers depositing funds into this type of savings were more than 6100.

Volume of the facilities on the “Pension” deposit is 213.3 thousand Manats and continues to grow. It should be mentioned that  this IBA product was taken into the market in November 2013.

The “Pension” deposit is a type of deposit intended for at least 15 years. According to the information, upon the expiry of the 15-year term, this type of deposit increasestwice. For example, if 100 manats are deposited monthly, in 15 years the amount of savings make up 18 thousand Manats and additional 18,107 manats are added by the Bank to this amount. If the deposit account is opened for 32 years, the volume of the deposit increases fivefold.

One of the advantages of this type of deposit is that in case of a depositor’s death, all the deposited amounts and interests calculated are transferred to his/her heirs in full. Upon the expiry of the term, the depositor may either withdraw the facilities or keep in the Bank.