Ipoteka Bank faces legal action for misleading interest rate advertisements

Ipoteka Bank posted an advertisement on its Instagram page for a deposit type called 'Super'. The ad stated that the annual interest rate for this deposit type was 26%. According to the Competition Committee's investigation, the 26% rate only applies for the first three months, after which the rate drops to 14% for the subsequent three months.

Photo: ipotekabank.uz

"The Ipoteka Bank page on the Instagram social network stated that the annual interest rate for the 'Super' deposit type is 26%.

According to information clarified based on data from the bank's official website, under the terms of the 'Super' deposit type, cash deposited by customers through the cashier will be calculated at 26% for the first three months and 14% for the next three months. Similarly, for deposits received online, the rates will be 26.09% and 14% respectively.

However, although the 'Super' deposit type provides 26% for only the first three months, the important terms of the deposit were not disclosed in the social network advertisement," the committee's report stated.

Such an advertisement can mislead or potentially deceive users.

Considering the above, proceedings have been initiated against Ipoteka Bank for signs of violating Article 16 and Article 43 of the Law on Advertising and Article 6 of the Law on Protection of Consumer Rights.