RT Bank, a major participant in the “My Account” project, has launched a new service for account holders. For the first time, customers can borrow 30% of their monthly salary in advance. This loan helps civil servants and residents cover their expenses before they receive their full salaries.
Through this new service, customers can withdraw 30% of their salary via ATMs. For example, a customer earning 1,000,000 IQD per month can take an advance of 300,000 IQD. When the salary is credited, the bank automatically deducts 10% (100,000 IQD) from the advance and returns the remaining 20% (200,000 IQD) to the customer upon request.
If customers repay the advance loan within 45 days, they pay no interest. Loans extended beyond 45 days are subject to a 2.75% interest rate. This system ensures flexibility while protecting customers from extra charges.
A senior RT Bank official said: “We are preparing this service and plan to implement it within the next two months.”The bank advises customers to take the advance after the 21st of the month because it finalizes accounts on that date. Loans taken after the 21st remain interest-free for up to 45 days, while loans taken at the beginning of the month are interest-free for 30 days.
To use the service, account holders must have a credit card with a 75,000 IQD limit, valid for three years. RT Bank also offers savings and investment products, with 3% interest for six months and 7% for one year. For example, a 10,000,000 IQD deposit earns 700,000 IQD in one year. The bank is also developing an advanced mobile app in Kurdish to improve user convenience.
Officials from the “My Account” project acknowledge RT Bank’s initiative, although they have not made a formal announcement yet.
RT Bank, also known as Region Trade Bank, is a leading private bank in the Kurdistan Region and Iraq. It is one of eight banks in the “My Account” project and has received multiple awards for transparency and financial data disclosure in Iraq.
