((Read!)) How To Get A Warka Investment Bank CD (Certificate of Deposit)...

[AAD]

How To Get A Warka Investment Bank CD (Certificate of Deposit)

Last updated: 03/24/2010

The CD interest will only be deposited into your account if you do not make any financial transactions with your CD funds. If any financial transactions are made with your CD funds before your CD matures, your CD interest will be void. Interest is paid out at the time that your chosen CD interest paid option plan ends.

[NOTE: For the latest rates please go to the following link and scroll to the bottom of the webpage Warka-Bank.com.]

The current Warka Investment Bank CD interest paid option plans are as follows:

CD's must be held for a full year if you want to attain the full yearly percent rate listed below, otherwise to get your percent rate you must divide a year by the completed CD month term and use that resulting number to then divide the yearly percent rate.

IQD CD Rates:

> A 3 month 8.5% yearly percent rate IQD CD.

>> A 6 month 9.5% yearly percent rate IQD CD.

>>> A 12 month 10.5% yearly percent rate IQD CD.

USD CD Rates:

> A 6 month 4% yearly percent rate USD CD.

>> A 12 month 5% yearly percent rate USD CD.


---> To get a CD (certificate of deposit), download the "CD (Certificate of Deposit) Request Form" file attached at the bottom of this post. Print it, fill it, sign it, scan it and save it as a PDF file. If you don't have a scanner, please go to your nearest copy/printing shop and they can help you save it onto a disk. Now send the PDF attached with your CD (certificate of deposit) eMail request to: C.Services@Warka-Bank-IQ.com

Here’s an example eMail for a CD (certificate of deposit) request:


Hello,

Please note that attached to this eMail is a CD (Certificate of Deposit) authorization PDF form to be applied to my IQD savings account.

Thank you,


> Below is an example of how the CD (certificate of deposit) request form is used:


I, __(Your Name)__ authorize Warka Investment Bank to withdraw __(1,000,000)__ Dinars from my IQD Savings Account #__________ to open a _(3)_ month _(5)_ percent interest CD (Certificate of Deposit) on my behalf.


Party in full agreement, signed below.



_____________(Your Name)____________ Date_____________
Legal Account Owner & Investor

__________________________________________________ ________________________

NOTE: Keep in mind that the rates above may change from time to time, so go to Warka-Bank.com to get their latest CD rates and then fill out the above request/consent form accordingly. You can contact C.Services@Warka-Bank-IQ.com regarding any personal and important CD (Certificate of Deposit) issues.

None of the above is to be taken as financial or legal advice... - AAD

____________________________Important_____________ ________________

Whenever eMailing Warka Investment Bank for whatever important issue, do it around their business hours and preferably in the morning 8-11am Sun-Thurs Iraqi time. Never send them more than one email per day, just be patient for a response. Sometimes Warka Investment Bank may be very busy and what should normally take a few days, can take a week or more. If you also factor in any holidays in Iraq (and Germany if wiring funds) those can also delay the response process. Please don't drown them with eMails because this in the end will affect everyone's response time. Remember for common questions/tips you can always simply ask them here at the forum instead of eMailing Warka with non crucial questions. You can check the current Baghdad time before eMailing them: www.timeanddate.com/worldclock/city.html?n=27

Contacting Warka Investment Bank

Below are the contact details of the related departments at Warka's Main Iraqi Branch that will handle your specific requirements and inquiries. Please direct your emails directly to the related department where a full response should be provided within 3 business days. Inquiries/emails directed to the wrong department will be automatically disregarded; emails sent over the weekend (Friday & Saturday Iraqi time) or on Iraqi holidays will also be disregarded.


For any information concerning opening an account at any Warka branch, please contact: C.Accounts@Warka-Bank-IQ.com

The contact details below are only for clients holding or wishing to hold accounts at the Main Branch.

For any general information you may need to ask, please contact: Info@Warka-Bank-IQ.com

For any information concerning opening CDs, wire transfer confirmations for clients whom do not have online access, exchanging funds for clients whom do not have online access, bank account statements, please contact: C.Services@Warka-Bank-IQ.com

For any information concerning online/e-banking, please contact: e-Bank@Warka-Bank-IQ.com

For any information concerning the Iraq Stock Exchange (ISX), please contact: ISX@Warka-Bank-IQ.com

For any information concerning wire transfers (in & out of IRAQ), please contact: Nasser@Warka-Bank-IQ.com

For any information concerning the SWIFT department, please contact: SWIFT@Warka-Bank-IQ.com

For any information concerning Western Union, please contact: WU@Warka-Bank-IQ.com

For any information concerning credit cards, please contact: CC@Warka-Bank-IQ.com

For any information concerning debit cards, please contact: Sawsan@Warka-Bank-IQ.com

For any information concerning International Affairs and Corresponding Banking Relations, please contact Mr. I. at: IFRD@Warka-Bank-IQ.com

Official Warka Investment Bank Website

www.Warka-Bank.com

I wish you the best of luck and prosperity...

[I AM]

Is there any location to determine the current CD rates at Warka? I cannot find this information on the website.

Thanks!!

P.S. Links would be great.

[pearse1916]

Do i need one of these? i have an account and dinar in it.

[I AM]

Do i need one of these? i have an account and dinar in it.

In my opinion, and it is only worth 24.3 Dinar, is that you cant go wrong with earning 13%-15% percent interest while you wait. Remember though that you cant touch the money until the end of the CD period. If you put your money in a 2 year you will earn 15%, but you cant touch it for 24 months. If you do, you lose ALL the interest. If you think you will need access to some money, put some in 3 month CD's they will earn 3.25% every 3 months.

[James]

Look at this post.
http://www.investorsiraq.com/showthread.php?t=66387
It's the most current note form Mr. I about Cd rates.

[Luko1234]

does it mean 13 percent every 3 months or every month for the next 3 months......basing it on 3 month cd

[I AM]

does it mean 13 percent every 3 months or every month for the next 3 months......basing it on 3 month cd

CD's are quoted Yearly Percentage Rate (YPR) so it would be 13% if you kept putting it in for a year. It is actually 13%/4 = 3.25% If you have 1,000,000 IQD you would recieve 32,500 Dinar every quarter.

Here is a calculator you can use:
http://www.bankrate.com/brm/calc/cdc/CertDeposit.asp

[I AM]

Look at this post.
http://www.investorsiraq.com/showthread.php?t=66387
It's the most current note form Mr. I about Cd rates.

Thank you James,

I thought that is what this said:
http://www.warka-bank.com/?pid=pages&pageid=52&lan=en

But it is corrupt. I sent an email to Mr. I to report it.

And for all reading..It is NOT a translation page, it is an english version of the page, so it is corrupt.

[mailman17]

If this thing R.V.s, do you really care about the interest? Are youy gonna wait 3 months or more to touch your millions. No, you are gonna pull it out and forfeit the %.

[I AM]

If this thing R.V.s, do you really care about the interest? Are youy gonna wait 3 months or more to touch your millions. No, you are gonna pull it out and forfeit the %.

At 15% Interest I double my money every 4.8 years. If I had 1 Million, I would have 2 in 4.8 years. I would wait until the end of the period. But that is me.

[Virenque]

Can I make a CD with 300,000 IQD and 150 USD that have to be on every account as a minimum balance? Because I don't see any point just having this money on my account not put into a CD...

[noodlesdad]

Does anyone know if the Interest on Warka savings account
is still at 11% annually ? Thanks.

ND

[I AM]

The Current interest is 9% for savings.
CD Rates are:
3 month 10%
6 month 11%
1 Year 12%
http://www.warka-bank.com/inner.php?type=0&id=5 (This is the commissions page if they change the page id) Down at the bottom.

[I AM]

Can I make a CD with 300,000 IQD and 150 USD that have to be on every account as a minimum balance? Because I don't see any point just having this money on my account not put into a CD...

The CD does count as your minimum balance. This came from Mr I.
So, If you have a CD, you can run your savings acct to whatever level you want.
(I just keep enough to cover fees (online etc)

[noodlesdad]

The Current interest is 9% for savings.
CD Rates are:
3 month 10%
6 month 11%
1 Year 12%
http://www.warka-bank.com/inner.php?type=0&id=5 (This is the commissions page if they change the page id) Down at the bottom.

Thanks for the info I AM,

So, with a 3 month CD... Would you earn the 9% + 10% for the duration of a 3 month CD.

My point is that if you sacrifice the 9% just to gain 1% more is it worth the trouble? If there is more to the equation that I might be missing here please, some help out here. Thanks as always.

ND

[I AM]

Thanks for the info I AM,

So, with a 3 month CD... Would you earn the 9% + 10% for the duration of a 3 month CD.

My point is that if you sacrifice the 9% just to gain 1% more is it worth the trouble? If there is more to the equation that I might be missing here please, some help out here. Thanks as always.

ND

If I understand you question, If you had a 3 Month CD and did not renew it, you would get 10% APY for 3 months and 9% APY for the remaining 9 Months. If you had 1 Million IQD as above you would receive 92499.99 IQD at the end of 12 Months. (1,000,000*10%)/12 *3 =>CD PLUS (1,000,000*9%)/12 *9.

To Answer you second question, If I had 10,000,000 the difference between 9% and 10% would be 25,000 IQD every 3 Months.


I personally invest in the longest CDs available. Currently 1 year, but last year you could invest in a 17% CD for 24 Months. This is no longer available.

As Stated in a post earlier this year, If I invest in a 12%CD and keep rolling the money over, I will double my investment every 6 years.

Hope this helps!!

[Screaming Eagle]

Can anyone Confirm this?

I AM just did!!!

[Virenque]

Can anyone Confirm this?

I made a CD with my last 300.000 IQD, without any problems.

[Ian C]

Quick question...when you open a Warka account, is the IQD account a "savings" account by default? Just wondering if I'm already getting the 9% or whatever the current interest is.

Also, If I want to open multiple CDs at the same time, do I need to send in a different request form for each one, or can I put several on one CD request form? Thanks.

[Ian C]

The Current interest is 9% for savings.
CD Rates are:
3 month 10%
6 month 11%
1 Year 12%
http://www.warka-bank.com/inner.php?type=0&id=5 (This is the commissions page if they change the page id) Down at the bottom.

The 1 Year rate has dropped to 10.5%. Looks like the rates continue to drop.