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Al-Rafidain Bank announced, on Monday, to raise the interest rate for citizens’ saving accounts to 5 percent and fixed deposits to 7 percent.
The bank’s media office said in a statement, which Al-Iktissad News received a copy of, “Based on the bank’s policy aimed at maximizing revenues in order to attract cash and encourage customers to save their money instead of hoarding it at home, the bank decided to increase the interest rate on savings accounts to 5 percent. After it was 4 percent, the bank also decided to increase the interest rate on deposits for a period of six months to become 5 percent and increase the interest rate on fixed deposits for a year to be 6 percent in addition to increasing the interest rate on deposits for two years to become 7 percent.
The bank added, “It also decided to pay interest for fixed deposits to be granted in advance, provided that the citizen pledges not to break and withdraw it, otherwise the interest granted will be deducted from the principal amount of the deposit, and this will be the basis for the comparison between the deposit and the savings account and the customer.” In the coming days. ”
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