Expert`s important advice - Keep your savings, distributing them among relatives


December 4, Fineko/abc.az. Ekrem Hasanov, a specialist for banking sector, has stated that full deposit insurance will be canceled in three months (amid the dissolution of Milli Majlis, the probability of full deposit insurance extension is small).

ABC.AZ reports that expert Ekrem Hasanov shared several useful tips in his social network account, that can be useful in such a situation:

"What can depositors do, informed about this? The bank can keep only deposits in the amount of 30,000 manats. So, the depositor can withdraw the excess amount. With this logic, they can distribute the amount of their deposits. That is, they can make sure that no more than 30,000 manats remain in one bank in the name of one person. To do this, the deposit can be divided between several banks (maximum 30,000 manat in each bank), or divided between relatives in one bank (maximum 30,000 manats per relative). The depositor can keep his deposits (regardless of the amount) in more reliable banks, that is, in banks that he thinks will not close. But interest rates on deposits in these banks are relatively low."