How to open bank deposit in Azerbaijan?

Emil Khudiyev (Lawyer)
20.03.2025
10:57
No Comments

The far-sighted political course and stable development of the economy of Azerbaijan make the process of investing in the country increasingly attractive for foreigners, including its developed banking sector. One of the most popular banking products is a bank deposit.
Bank deposit in Azerbaijan is an easy way to save your savings or save up for a large purchase. You transfer a certain amount to the bank, and it pays you interest for the time the money is kept with it.
In this article, we will tell you how to choose a suitable deposit and what you should remember once you have opened it.

Which banks open deposits in Azerbaijan?

There are a wide range of banks in Azerbaijan (including 2 state-owned ones – ABB Bank and Azər-Türk Bank), offering various conditions and interest rates on deposits, which allows everyone to find a suitable option. Opening a deposit in a bank is not always easy. Each bank approaches the process of opening a bank deposit in Azerbaijan in its own way and may require a wide variety of documents. Therefore, it is better to clarify this issue by directly contacting the bank.

What documents are required to open a deposit?

Azerbaijani banks have simplified the process of opening a deposit. If you have chosen the type of deposit, then it is enough to come to the bank branch.
Basically, to open a bank deposit in Azerbaijan, you will only need an identity document (passport, ID card). They may also request your TIN, a bank statement, or even your employment contract. Therefore, before visiting the bank, prepare in advance and collect all the documents.
The term for opening a deposit in Azerbaijan takes on average from 1 hour to 2-3 days.

Advantages of opening a deposit for foreigners

Opening a bank deposit in Azerbaijan has several advantages:
1. Guaranteed security: Deposits in Azerbaijani banks are insured by the Deposit Insurance Fund, which ensures the protection of your funds up to a certain amount.
2. Migration to Azerbaijan: A deposit in Azerbaijani banks in the amount of 100,000 manat allows a foreign citizen to apply to the Migration Service of Azerbaijan to obtain a temporary residence permit (TRP). And if a number of migration requirements are met, you can also obtain permanent residence in Azerbaijan.
3. Stable interest rates: Banks in Azerbaijan offer relatively stable and attractive interest rates (from 8% to 12%) on deposits, which allows you to receive passive income on a regular basis.
4. Variety of currencies: Deposits can be opened in different currencies – Azerbaijani manat (AZN), US dollar (USA) or euro (EUR), which gives flexibility to clients depending on their currency preferences and economic situation.
5. Long-term financial stability: Opening a deposit allows you to accumulate funds and plan future financial goals, whether it is buying real estate, education or simply creating a financial “safety cushion”.

Are deposits insured in Azerbaijan?

According to the Law of the Republic of Azerbaijan “On Deposit Insurance”, in the event of an insured event, the amount of up to 100,000 AZN is paid to the depositor in full within 90 days from the date of filing an application with the Deposit Insurance Fund of Azerbaijan.
You can read more in our article on “Deposit Insurance in Azerbaijan”.

FAQ

How are deposit relations regulated?

The rules of the bank deposit agreement are determined by Chapter 51 of the Civil Code of Azerbaijan. The agreement can be signed both on paper and electronically. Deposit insurance is also regulated by the Law “On Deposit Insurance”.

Who can manage my deposit?

You can transfer your right to manage money to any other person. To do this, you need to draw up a power of attorney – with a notary.

How EMZE can help you?

Have you read this article and want to open a deposit in a bank in Azerbaijan?
I am always ready to provide you with legal assistance, consult you on opening accounts in Azerbaijan and help.
You do not need to look for a lawyer anywhere else, just Сall Emil!