IBENA- According to public relations of Central Bank, according to Circular No. 126642/99 dated on 28/4/1399 on the subject of notification of resolution of one thousand and two hundred and ninety 7th meeting dated on 24/4/1399 of Money and Credit Council regarding ceiling of interest rates on account of long-term investment deposits, hereby approval of 1350th meeting of Money and Credit Council Regarding interest rates of facilities and accrual, types of long-term investment deposits were determined as follows:
A)Ceiling of annual interest rate on long-term investment deposits:
1- Deposit of Normal short-term investment: 5 percent
2- Deposit of Quarterly special short-term investment: 12 percent
3- Deposit of Special six-month short-term investment deposit: 17 percent
4- Deposit of Long-term investment deposit by a maturity of one year: 20.5 percent
5- Deposit of Long-term investment deposit by a maturity of two years: 5.21 percent
6- Deposit of Long-term investment deposit by a maturity of three years: 5.22 percent
B) Interest rate of facilities of non-participatory contracts of banks and non-banking credit institutions is maximum 23 percent and expected interest rate of cooperative contracts that can be included in contract between bank/non-banking credit institution and customer is determined to be equal to 23 percent.
C) The imputed interest rate of deposits of special short-term and long-term investment that are withdrawn before maturity date will be equivalent to imputed interest rate of investment deposit corresponding to its retention period with a deduction of one percentage point.
