Time deposits earn different rates of interest at
different banks but most of the 12 commercial banks pay the same interest rate
for ordinary savings accounts. MNT accounts always get more interest than
accounts in a foreign currency. Some banks also pay more for higher deposits or
for accounts where the minimum balance is never allowed to be less than a predetermined
figure.

Fixed deposits can be for periods between two months and
a year, but the rates will vary depending on the period chosen. At about 18%, Capital
Bank and Transportation Bank appear to pay the most interest for MNT deposits, higher
than the Mongolbank policy. This is true of other banks also. No bank has as
yet brought down its interest rate to one that is lower than the central bank
rate of 11%, as proposed by Parliament when it amended the law guaranteeing the
security of all deposits in banks.