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Term Deposits Grow by 24%

Term Deposits Grow by 24% Term Deposits Grow by 24%

The total time deposits in the banking system reached 2,796 trillion rials ($19.8 billion) by Dec 21, registering 24.2% growth compared to  the same period in 2018.  
Central Bank of Iran data show long-term deposits accounted for 80% of the total amount. Long term deposits reached 2,236 trillion rials by the end of the ninth month of the current fiscal year, nearly 27% higher than the year ago. Short-term deposits grew 19% during the 12 months. 
The total amount of Qarzol-Hassaneh (interest-free) deposits also increased by 30.5% year-on-year.
Banks are allowed to offer 15% return on one-year deposits. The CBI has set the cap for return on short-term and sight deposits at 10%. 

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