The topic of trust in the banking sector and the security of deposits has been at the center of public attention in recent years. The increase in financial literacy among the population, the questions of trust created in society by problems that occasionally arise in various banks, and the issue of maintaining economic stability are frequently brought up in public discussions.
One of the interesting aspects of the issue from a social and political point of view is the attitude of decision-makers – deputies – towards this matter.
Modern.az, considering the topicality of the subject, conducted a survey among deputies in this regard. We posed the question "In which bank would you deposit your money?" to the deputies.
Elchin Mirzabayli: "To be honest, I don't have any money to deposit in a bank. My relationship with economics is not that good either. However, in principle, both before and now, the place where I work has cooperated with the International Bank. For this reason, if I had money, I would deposit it in this bank."
Vugar Bayramov: "If I had a deposit and placed it in a bank, the main criterion for me would be the bank's terms and its compliance with the deposit insurance package. Because, practically, if the deposit amount is not more than 100 thousand manats, it is possible to place that fund in any bank, provided that the annual interest does not exceed 12 percent. In this case, deposits in banks offering up to 100 thousand manats and up to 12 percent interest are fully insured.
In such a scenario, even if the bank goes bankrupt, the citizen's deposit is fully returned. My advice to citizens is that when placing a deposit, they should focus their main attention not on high interest, but specifically on the insurance of the deposit. Because when a deposit is insured, that amount is returned in any case.
It is not correct to be misled by offers promising returns higher than 12 percent, because in this case, the deposit remains outside the insurance system. If a citizen's deposit is more than 100 thousand manats, then it is advisable to divide that amount into two parts and place it in different banks to benefit from insurance coverage.
From this perspective, paying attention to whether the deposit is insured or not, rather than the bank's name or reputation, is the most important criterion."
Elman Nasirov gave a more diplomatic and concrete answer to our question, stating that if he had a deposit, he would investigate the reliability level of banks and make an appropriate decision.
Azer Badamov: "Naturally, deposits placed in banks are insured. From this point of view, it doesn't make much difference in which bank the deposit is kept. If we mention the name of any bank, we would be advertising it, and I believe this would be unfair to other banks."
Rovshan Muradov stated that he had not thought about this until now: "However, if such a situation arises, I might turn to Kapital Bank, which I always use."
