Annual weighted average interest rate at Georgian commercial banks in GEL savings was 9.5% as of September 1, 2020, down from 10% of August 1, 2020. On the background of reducing trend of interest rates, BM.GE has studied which commercial bank offers the highest interest rate on your savings, both in GEL and USD.
According to the National Bank of Georgia, total volume of deposits (demand and time deposits) of individuals at Georgian commercial banks in national currency amounted to GEL 4,147,416, 000 as of September 1, 2020. The volume was GEL 4,124,524, 000 as of August 1, 2020.
Foreign currency deposits allocated by individuals in the commercial banks amounted to GEL 12,231,917, 000 as of September 1, 2020, up from GEL 12,106,518, 000 from August 1, 2020. Annual weighted average interest rate stood at 2.9%.
With 11.86% on GEL deposits, Pasha Bank is the most attractive bank for depositors. It is followed by TeraBank with 10.55%, Halyk Bank –10.50%, Finca Bank –10.07%, BasisBank - 10.02%, Credo Bank – 9.80%, Liberty Bank – 9.40%, VTB Bank Georgia – 9.33%, TBC Bank - 9.30%, Bank of Georgia – 9.30%, Cartu Bank – 9.20% and ProCredit Bank Georgia – 7%. The lowest interest rate has been offered by Silk Road Bank, amounting 4.00%.
The best offer for Georgian depositors making savings in USD is made by TeraBank. Annual interest rate in the Bank is 3.50%. TeraBank is followed by BasisBank and Cartu Bank, both offering equal, 3%, Pasha Bank- 2.61%, ProCredit Bank Georgia and Halyk Bank – 2.5%, Liberty Bank - 2.45%, VTB Bank Georgia, TBC Bank, Bank of Georgia and Credo Bank - 2.35%, Finca Bank – 1.80% and Silk Road Bank - 1.50%.
Annual interest rates were studied at term deposits, for 1 year period, with interest withdrawal at the end of the term. The figures were taken from official websites of the banks.
