Tashkent, Uzbekistan (UzDaily.com) — The Competition Development and Consumer Protection Committee of Uzbekistan has fined Ipak Yuli Bank for advertising violations, according to the agency’s press service.

The investigation revealed that the advertisements for the “Universal” and “Milliy” deposit accounts claimed annual interest rates of 22% and 25%, respectively. However, the bank’s website stated that the interest rate for the “Universal” deposit decreases based on the deposit period if the deposit is closed early. This information was not included in the advertisements.

Under the deposit terms, the rate is 14% for early withdrawal within 6 months, 18% for 7 to 12 months, and 22% after 13 months.

A special commission found that the bank violated advertising and consumer protection laws. As a result, a fine was imposed, and the bank was instructed to correct the violations and prevent recurrence.

Ipak Yuli Bank stated that information about the deposit products was available on their official website, but the advertisements on outdoor LED screens did not include a direct link to this additional information.

The bank acknowledged that this could have caused confusion among customers and apologized for any inconvenience. The bank also reported that measures have been taken to prevent similar situations in the future.