The International Monetary Fund was expected to contribute to the deal as it has in others. Christine Lagarde, the fund's managing director, said Saturday that she supports the terms and would recommend that the IMF help provide financing for it.

In addition to the tax on bank deposits, other conditions for the bailout loans include an overhaul of the financial sector and an increase in corporate taxes.

Cyprus is the fourth of 17 eurozone states to be granted a bailout by its EU partners and the IMF, after Greece, Ireland and Portugal. Spain has been given EU assistance to rescue its banks, but has so far avoided asking for a full sovereign bailout.

-- CNN's Elinda Labropoulou and Charlie Charalambous contributed to this article.