According to the amendment to Article 102.1.22 of the Tax Code, effective from January 1, 2024:

Interest income up to 200 AZN per month, calculated by local banks and branches of foreign banks in the Republic of Azerbaijan on individual deposits in national currency with local banks and branches of foreign banks in the Republic of Azerbaijan is exempt from tax. For deposits held in national currency with local banks and branches of foreign banks in the Republic of Azerbaijan for a period of 18 months or more, with the deposit amount not paid before the end of this period, the full amount of interest income is exempt from tax for a period of 3 years.

Conditions for Increasing Deposit amount: For deposits in AZN that can be prolonged and terms up to 12 months the deposit amount can be increased by the maximum initial contract* amount for deposits placed on the date of conclusion of the deposit agreement while for prolonged deposit agreements by the prolonged deposit amount, up to the half of the deposit term (including, up to half of the prolongation period (if any)).
For deposits in USD and EUR that can be prolonged it can be increased by the maximum initial contract* amount for deposits placed on the date of conclusion of the deposit agreement, while for prolonged deposit agreements by the prolonged deposit amount up to the half of the deposit term (including, up to half of the prolongation period (if any)), provided in both cases the total amount does not exceed 200,000 USD/EUR.
*The initial contract amount refers to the deposit placed when the deposit agreement is signed. 

Interest rates are as follows:
In AZN (Azerbaijani Manat): minimum 5.50% and maximum 11%
In USD (US Dollar): minimum 0.10% and maximum 3.30%
In EUR (Euro): minimum 1.00% and maximum 1.70%

Deposit adjustment (reduction of amount): Allowed.

Minimum Amount for Reduction: 100 AZN/USD/EUR. 

For deposits placed in USD at the insured interest rate, the interest rates for various terms (12, 18, 24 and 36 months) are as follows:
12 months: 2.20% (monthly) - 2.50% (at maturity)
18 months: 2.30% (monthly) - 2.50% (at maturity)
24 months: 2.30% (monthly) - 2.50% (at maturity)
36 months: 2.40% (monthly) - 2.50% (at maturity)