GEL Deposits in Georgia: Rates and Currency Risk

Georgian banks pay attractive nominal interest on Georgian lari (GEL) term deposits. In October 2026, the National Bank of Georgia's published rate comparison showed 12-month GEL term deposits at around 9% a year at the two largest banks, and above 10% at some smaller banks. Accounts are multi-currency, the banks are supervised by the National Bank of Georgia, and foreign individuals and companies can open accounts, subject to each bank's own review.

This guide covers what GEL deposit rates looked like in October 2026, the currency question that comes with GEL yields, how deposit insurance works, and what opening an account involves.

Why GEL deposits attract attention#

For savers used to low-yield deposit products, a near-double-digit nominal return on a straightforward bank deposit is a genuine draw. Three features make it practical:

• Multi-currency accounts. Hold GEL, USD and EUR — often GBP too — in one banking relationship, with term deposits in the currencies your bank offers.
• A choice of terms. Banks offer a range of deposit terms, often from a few months to two years. Rates vary by bank and term, so comparing the available options can make a meaningful difference.
• Regulated banks with deposit insurance. Commercial banks in Georgia operate under National Bank of Georgia supervision, and deposits are insured by the state deposit insurance system up to a set limit (see below).

What rates looked like in October 2026#

The National Bank of Georgia publishes a comparison of annual effective interest rates on deposits, based on figures each commercial bank reports. The effective rate includes mandatory fees. Selected examples from our October 2026 review:

Tera Bank's six-month GEL rate was higher still, at 10.83%. Across the banks listed, 12-month GEL rates ranged from about 8% to 10.7%, 12-month USD rates were between 1.4% and 4%, and EUR rates were lower still.

These are standard published rates at the time of our review, not an offer. Banks can change them at any time, and the rate you are offered depends on the bank, the term, the amount and the bank's acceptance of your application. We check current rates with you before you decide.

GEL or foreign currency?#

The headline GEL rates are nominal returns in lari. If you measure your wealth in euros, dollars or pounds, your result also depends on how the lari moves against your currency over the term. A weaker lari reduces your return in your home currency, a stronger lari adds to it, and a large move can outweigh the interest. Converting into GEL and back also carries an exchange spread.

USD and EUR deposits generally offer lower interest rates than GEL deposits, but holding funds in the currency you expect to use can reduce exchange-rate exposure. The right choice depends on your financial objectives and the currencies you need. You can also split your funds — part in GEL for yield, part in the currency you need — and a Georgian multi-currency account makes that simple to run; we talk it through with you before you commit.

Deposit insurance#

Deposits at Georgian commercial banks and microbanks are insured by the Deposit Insurance Agency under the Law of Georgia on the Deposit Insurance System.

• Current limit: GEL 50,000 per depositor, per bank or microbank, in force since 1 April 2026. Several accounts at the same bank are added together; accounts at different banks are insured separately.
• Announced increase: the Agency has announced that the limit will rise to GEL 100,000 from 1 January 2027. Until then, GEL 50,000 applies.
• Who is covered: resident and non-resident individuals and companies, across current accounts, term deposits and other deposit types. Deposits whose access is legally restricted — for example, amounts held as loan collateral or under seizure — and deposits of financial institutions and public bodies are excluded.

Amounts above the insurance limit are not covered by the scheme, so spreading larger amounts across more than one bank is worth considering.

Opening a Georgian bank account#

Personal and corporate accounts are separate products with their own requirements.

• Personal accounts. Bank of Georgia and TBC Bank both serve foreign clients. We coordinate personal bank-account applications under Power of Attorney where the bank accepts this process, preparing the documentation and supporting you through onboarding.
• Corporate accounts. For your Georgian IE, LLC, Virtual Zone, International Company or Free Industrial Zone company, we coordinate corporate account applications under Power of Attorney where the bank accepts this process, preparing the company documentation and supporting you through onboarding. Banks set corporate deposit rates and eligibility separately from their personal products.
• Compliance checks. Expect identification, source-of-funds and source-of-wealth questions, in more detail for larger amounts, and periodic updates over the life of the account. We prepare the file with you so the answers are clear.
• Deposit choices. Within the products your bank offers, you choose the currency, the term and how interest is paid. Withdrawing a term deposit early usually means reduced interest.

Opening an account, and the deposit products offered, are always the bank's decision.

Tax. The tax treatment of deposit interest depends on the applicable Georgian rules and on your own tax position, including in your country of residence. We can look at the questions that apply to you in a tax consultation.

How Happy Georgia helps#

We are independent: no tied banks and no referral fees. For a deposit-led banking setup, we:

• clarify what you want the account to do — yield, currency mix, everyday banking;
• recommend the bank and products that fit your profile;
• prepare your application and supporting documents;
• coordinate onboarding under Power of Attorney where the bank accepts it;
• brief you on running the account once it is open.

Personal accounts start from €845 and corporate accounts from €1,365 — Happy Georgia's service fees; the bank's own charges are separate.

Book a free consultation to discuss your banking plans, or see Georgian banking with Happy Georgia.