No New Short-Term Bank Accounts by March 2018

EghtesadOnline: As per the directive of the Central Bank of Iran, all banks and credit institutions have been barred from opening short-term (three-, sixth- and nine-month) deposit accounts by the end of the current fiscal year on March 20, 2018.

News ID: ۷۸۰۷۰۹

10 December 2017

Therefore, Iranian financial institutions are currently allowed only to open long-term (one-year) deposit accounts with a maximum of 15% interest rates that were previously decreed through another directive. CBI has also advised all financial institutions to carefully assess and decide on their interest rates for short-term deposit accounts for the next fiscal year and send their proposed interest rates to the Supervisory Department of the central bank by the end of the 10th month of the current fiscal year on Jan. 20, 2018, according to Financial Tribune.