Bank Mellat to Issue $450m of Certificates of Deposit
Bank Mellat plans to issue 18 trillion rials ($450 million) worth of certificates of deposit in the next five trading days. The CDs’ sale will begin on Monday and continue until Nov. 20, Bourse Press reported.
They will have a 16% interest rate paid on a monthly basis and a 14% annual yield on repurchase before they mature in a year.
A certificate of deposit is a savings certificate with a fixed maturity date and specified interest rate, which can be issued in any denomination.
A CD, generally issued by commercial banks, restricts access to the funds until the maturity date of the investment.
source: Financial Tribune
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