Interest rates are stated on an annual basis. If you close your deposit before maturity, you forfeit all interest, regardless of the deposit term or interest payment schedule. Any interest paid before closure will be treated in accordance with your deposit agreement.

What deposit terms can I choose from?

You can choose a term of 1, 3, 6, 12, 24 or 36 months. Interest rates are quoted on an annual basis.

Is the interest rate fixed?

The interest rate is set when you open the deposit and is stated in your agreement. It remains fixed until maturity, subject to the terms of the agreement.

Is there a minimum or maximum amount for opening a deposit?

No. There is no specified minimum or maximum amount for opening a business term deposit.

When is interest paid?

For a 1-month deposit, interest is paid at maturity. For terms of 3, 6 and 12 months, you can choose monthly payments or payment at maturity. For terms of 24 and 36 months, you can choose monthly or annual payments, or payment at maturity.

Does the interest rate change depending on when interest is paid?

No. For the same deposit term, the annual interest rate is the same for all available interest payment schedules.

Can I close my deposit before maturity?

Yes. You can request early closure in accordance with the bank’s procedures and the terms of your deposit agreement.

What happens to the interest if I close my deposit early?

If you close your deposit before maturity, you forfeit all interest, regardless of the deposit term. If interest has already been paid to you, it will be deducted from the deposited amount.

Is deposit interest subject to tax?

Yes. Interest is taxed in accordance with applicable law. The bank deducts the applicable tax before crediting the interest to your business account.

Are business deposits insured?

Eligible business deposits are covered by the Albanian Deposit Insurance Agency, subject to the maximum coverage limit and exclusions set out by law. The limit applies per depositor, per bank, taking into account all eligible deposits held at that bank, regardless of their number or currency.