Deposits

What do the maturities in the table represent?

The maturities shown in the bulletin are the available terms for the term deposit. For each maturity, the applicable interest rate is displayed based on the currency and the terms in force.

Is the interest rate fixed?

Yes. The interest rate is fixed for the entire term of the deposit. This means that once the deposit is opened, the rate does not change until maturity, and you know from the beginning how much interest you will earn based on the amount, term, and currency selected.

What is the minimum amount required to open a deposit?

The minimum amount required to open a deposit is:

• ALL 50,000 
• EUR 500 

When can you receive the interest?

You can choose when you would like to receive the interest, depending on the options available for each term.

Interest may be paid:

• upfront; 
• monthly; 
• annually; 
• at maturity. 

Not every option may be available for every maturity. The available options will be shown during the deposit-opening process.

Does the interest rate change if you choose to receive the interest earlier or later?

No. The timing of the interest payment does not change the interest rate. The rate remains the one applicable to the selected currency, amount, and maturity.

How is interest calculated?

Interest is calculated using the following formula:

Interest = (Interest Rate / 365) × Deposit Amount × Number of Days

Where:

• Interest Rate is the annual interest rate; 
• Deposit Amount is the amount placed in the deposit; 
• Number of Days is the period during which the deposit remains active. 

Can you close the deposit before maturity?

Yes. You may request to close the deposit before maturity. To do so, you must notify the Bank and submit an early closure request in accordance with the Bank’s procedures.

What happens to the interest if the deposit is closed before maturity?

The treatment depends on the maturity of the deposit:

• For the 12-month deposit, even if the deposit is closed before maturity, you earn interest for the period during which the deposit was active. 
• For other maturities, in case of early closure, you lose all accrued interest. 

For this reason, before selecting the term, you should assess whether you may need the funds before maturity.

Can the deposit be renewed automatically?

Yes. You may choose automatic renewal of the deposit at maturity.

If you choose automatic renewal, the deposit will be renewed based on the terms in force at the time of renewal.

Before renewal, the Bank will notify you of the new terms, including the interest rate, maturity, and any other applicable elements.

Is tax applied to the interest earned from the deposit?

‍Yes. A 15% withholding tax is applied to the interest earned from the term deposit.

You do not need to calculate or pay this tax separately. The Bank withholds the tax automatically when the interest is paid and credits or pays only the net interest amount, based on the interest payment option selected for the deposit.

Are deposits insured?

Yes. Deposits are insured by the Albanian Deposit Insurance Agency (ASD), under the statutory deposit insurance scheme in the Republic of Albania.

The maximum coverage is up to ALL 2,500,000 per depositor, per bank, regardless of the number of deposits or the currency in which they are held.

If you hold several deposits or accounts with the same bank, they are treated together for insurance purposes, up to the maximum statutory coverage limit.