((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: 10/27/2009

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.


Below is the CD request/consent form; copy, paste, or download and print it out. You can download and print the CD (certificate of deposit) request form by clicking the attachment at the bottom of this post. Fill it and signed it. Now scan and save it as a JPG image or PDF file. Attach that JPG or PDF file into your CD request eMail and send it to IFRD@Warka-Bank-Iq.com

Here’s an example eMail for a Warka Investment Bank CD request:


Hello,

Please note that attached to this eMail is a CD (Certificate of Deposit) request/consent form to be applied to my IQD savings account as stated in the attached form.

Thank you,


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:


I, _________________________ authorize Warka Investment Bank to withdraw ____________ Dinars from my IQD Savings Account #__________ to open a _____ month _____ percent interest CD (Certificate of Deposit) on my behalf.


Party in full agreement, signed below.



____________________________________ Date_____________
Legal Account Owner & Investor


> Below is an example of how the above CD 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 IFRD@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

Warka Investment Bank Contact eMail Addresses

For any information concerning international foreign banking relations:
IFRD@Warka-Bank-Iq.com

For any information concerning banking customer services:
C.Services@Warka-Bank-Iq.com

For any information concerning opening an account at any Warka Bank branches:
C.Accounts@Warka-Bank-Iq.com

For any general information you need to ask Warka Bank about:
Info@WarkaInvestmentBank.com

For any information concerning the Iraq stock exchange (ISX):
ISX@Warka-Bank-Iq.com

For any information concerning Warka online banking:
e-Bank@Warka-Bank-Iq.com

For any information concerning wire transfers:
MT@WarkaInvestmentBank.com

For any information concerning credit cards (VISA/MASTERCARD):
CC@WarkaInvestmentBank.com

Official Warka Investment Bank Websites

www.Warka-Bank.com

www.WarkaInvestmentBank.com/contact_us.htm

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]

Originally Posted by pearse1916

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]

Originally Posted by Luko1234

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]

Originally Posted by 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.

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]

Originally Posted by 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 %.

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]

Originally Posted by 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...

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]

Originally Posted by 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.

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]

Originally Posted by noodlesdad

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]

Originally Posted by Dinarhunter

Can anyone Confirm this?

I AM just did!!!

[Virenque]

Originally Posted by Dinarhunter

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]

Originally Posted by 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.

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

[rrobin7086]

So realistically for the 9% on the savings acct. and the freedom to be able to move your money into the market at one's discretion a person is better off just in the savings acct. Yes??

[Wealthy Future]

Originally Posted by rrobin7086

So realistically for the 9% on the savings acct. and the freedom to be able to move your money into the market at one's discretion a person is better off just in the savings acct. Yes??

That would depend on your situation. Must would suggest diversify Let's say for example a million in CD's a million in the ISX, a million in Cash and a million in Savings just in case you find a few more stocks to jump into later. Over time you will see your money grow in all these areas if everything works out the way we all are hoping.

This is just an example but the best way is to diversify in my opinion, and that is all it is an opinion.

[dwilsontx]

Hello, Thank you for the info about Warka CDs...Question: I have about 1 mil in IQDs stored in my sock drawer....so how do I get them into my Warka account in Iraq? I would appreciate some help.
Thanks, Diana

[jaycon62]

Originally Posted by dwilsontx

Hello, Thank you for the info about Warka CDs...Question: I have about 1 mil in IQDs stored in my sock drawer....so how do I get them into my Warka account in Iraq? I would appreciate some help.
Thanks, Diana

Hi Diana,
Kind of a newbie at this myself, but I would sell them on ebay and wire the USD to Warka, cause Warka can buy Dinar cheaper than you and I. Ex: I sent 2500 USD and after wire and bank fees ended up with 2,739,000 and change.

[Wealthy Future]

Originally Posted by jaycon62

Hi Diana,
Kind of a newbie at this myself, but I would sell them on ebay and wire the USD to Warka, cause Warka can buy Dinar cheaper than you and I. Ex: I sent 2500 USD and after wire and bank fees ended up with 2,739,000 and change.

Yes this is the best way, I started out sending Dinars through Fed-x but you get a lot more Dinars allowing Warka to buy them for you.

[latefordinar]

to look for your topic of interest and spend some time reading posts... particularly the stickys. What are you looking for? Do you have a Warka account? Are you interested in stocks? Just want to buy some CD's?
Plenty of good information here.

[tdm02d]

I need the help from some of you more savvy investors for a question asked of me. At this stage of the game, holding about 10k USD for Iraq, would it be more wise to just open a Warka account first and directly purchase dinars from CBI to invest with, or should my friend just send his dinar home and bury it.
*Note: He and I are both in Afghanistan. We have internet access, but it cuts in and out. I also dont know how easy it would be to get Warka the funds to start up any accounts from over here. Any experienced advice would be helpful to alot of newbies Im sure.

[lifechanging]

I must admit that I have learned more on this forum in the past few days then anywhere in the past 3 years.

There is so much info out there for the newbies like myself to digest, I could seriously quit my job and never really catch up.

Thanks to all who give input and keep us informed on whats happening.
My head continually swims thinking about the possibilities of what could become of this venture.

[rfcr]

Hope someone out there can explain this to me. Maybe I'm missing something here. I purchased a 3 month cd with high 7 digits worth of IQD. The cd expired yesterday and I was not credited with 8.5%. In fact the credited amount to my account was not even close to 8.5%. Does any one have an explanation for this???? I emailed Warka, but figure I'd get a quicker response here.

Thanks......

[AAD]

Originally Posted by rfcr

Hope someone out there can explain this to me. Maybe I'm missing something here. I purchased a 3 month cd with high 7 digits worth of IQD. The cd expired yesterday and I was not credited with 8.5%. In fact the credited amount to my account was not even close to 8.5%. Does any one have an explanation for this???? I emailed Warka, but figure I'd get a quicker response here.

Thanks......

8.5% is based on a yearly rate, so if you only kept the CD for 3 months you will need to divide 8.5% by 4 to see if you got the right interest. Please see the post at the link below...

http://www.investorsiraq.com/showthr...868#post554868