Annual Interest Rate 3.50% - 6.50%
Maturity up to 550 days
|Term of Placement||550 days||550 days|
|Annual Interest Rate, %||nominal||APY*||nominal||APY*|
|Interest Payment||Upon the maturity|
|Deposit Replenishment||Not allowed|
|Decrease of Amount||
* Annual Percentage Yield
Terms of deposits of non-resident individuals are defined on contractual basis and may differ from general terms and conditions set by the Bank for deposits attraction
Deposit principal may be replenished by funds received from a third party by mentioning required data on the deposit account.
The Depositors may take advantage of the Bank’s consumer loans in amount of up to 100% of the deposit principal.
Deposit Interest Accrual and Payment Procedure
- Deposit interests are accrued for the calendar days starting from the date of depositing the funds to the Bank until the day preceding the deposit maturity or the date of the deposit amount withdrawal on other grounds. The number of days used in calculation is assumed to be 365, and 366 for a leap year.
- ATTENTION։ Interest is calculated on the basis of nominal interest rate, while annual percentage yield shows the income you could get by paying all mandatory charges regarding the Deposit and receiving the interest earned.
- Interest rate set by a time deposit agreement remains unchanged for the entire period of the deposit agreement.
- In case of a deposit early withdrawal on within 365 days since the deposit investment, interests accrued are subject to recalculation by the Bank on the following nominal annual interest rate of the Bank’s demand* deposits:
- 1.0% for deposits in AMD
- 0.5% for deposits in USD
* The Bank can change interest rate of the demand deposit. In case of interest rate reduction, new interest rate will be applied fifteen days after notification of the Depositor on interest rate reduction.
- Interest is paid in the currency of the accepted deposit, except for the cases if at the interest payment day the Depositor wishes to receive the accrued interest of foreign currency deposit in Armenian drams. Moreover, the interest currency conversion is to be done by the exchange rate announced by the Bank on the payment day.
- Interest accrued on deposit is paid non-cash by transferring to the Depositor’s banking/card account served at the Bank.
- In case of cash payment of both accrued interests and cash funds invested as a deposit, no commission fee is charged.
- In case of encashment of the funds deposited non-cash, the following commission fee is charged:
- 0.25% for deposits in AMD
- 0.5% 0.5% for deposits in USD
- Banking accounts of the depositor are kept free of charge, regardless of the term of the last operation performance.
- In accordance with deposit agreement, the Bank returns the Deposit, whether in whole or in part, upon the demand of the Depositor, except for the cases stipulated by the legislation.
- If the Depositor does not demand to reimburse the deposit principal after the maturity or refund the deposit amount upon the agreement terms and/or prolong the deposit agreement in accordance with terms and conditions prescribed under Other Terms of the Deposits, then the agreement shall be considered as terminated. On the day of reimbursement the Bank transfers the deposit principal to the banking/card account of the Depositor to which interest set by the Bank for the given account is accrued.
- If the date of the deposit refund is a day-off, then refund is done on the first business day following the day-off by paying interests accrued for day-offs.
- Deposit principal, a part of it and/or interest accrued are to be paid to the Depositor by submitting to the Bank the Depositor’s identification documents and a copy of the Deposit Agreement.
- In accordance with the RA/AR Law on Income Tax, income earned from deposit investment is subject to taxation as follows:
- 10% for deposits invested in the RA
- 5% for residents’ deposits invested in the AR
- 10% for non-residents’ deposits invested the AR.
|Repayment of individuals deposits is guaranteed by the Deposit Guarantee Fund of Armenia.
Guaranteed deposit amounts are defined by the RA Law on Guaranteeing Compensation of Bank Deposits.
• Where a depositor keeps only a dram denominated deposit in the insolvent bank, amount of the guaranteed deposit is 16 (sixteen) million Armenian drams
• Where a depositor keeps only a foreign currency denominated deposit in the insolvent bank, the amount of the guaranteed deposit will be 7 (seven) million Armenian drams
• Where a depositor keeps dram and foreign currency denominated deposits in the insolvent bank, and dram denominated deposit exceeds 7 (seven) million Armenian drams, only up to 16 (sixteen) million Armenian drams of the dram denominated deposit are guaranteed
• Where a depositor keeps dram and foreign currency denominated deposits in the insolvent bank, and the size of dram denominated deposit is less than 7 (seven) million Armenian drams, subject to guarantee is the full amount of dram denominated bank deposit and foreign currency denominated bank deposit in the amount which is equal to difference between 7 (seven) million Armenian drams and the reimbursed dram denominated bank deposit.
All dram denominated deposits kept by a depositor in the same bank shall be deemed single deposit, except non-guaranteed deposits; all foreign currency denominated deposits kept by a depositor in the same bank shall be deemed single deposit, except non-guaranteed deposits.
Bank deposit is not deemed guaranteed deposit, if:
• It is owned by the CEO of the bank and/or his family members
• It is owned by party with significant interest in the bank and/or his family members
• The owner (co-owner) disclaimed his/her proprietary right over it
• Funds are recognized as illegal proceeds, unless counter-argued by its owner, under law and other regulations
• Interest rate on deposit is at least 1,5 times higher than interest rate on similar bank deposits indicated in the public offer of the bank.
|Your Financial Directory
ATTENTION: "YOUR FINANCIAL DIRECTORY" IS THE ELECTRONIC SYSTEM FOR SEARCH, COMPARISON OF SERVICES, OFFERED TO INDIVIDUALS, AND MAKING THE SELECTION OF THE MOST EFFICIENT OPTIONS FOR YOU EASIER.
Provision of Statements and Other Information
- Once a month starting from the deposit agreement date, the Bank provides the Depositor with statement on the deposit in accordance with the Legislation. In other cases the statements, their copies and other information is provided by the following tariffs set by the Bank:
- Provision of a deposit account statement for more than 30 days maturity: AMD 1,000 (inclusive of VAT)
- Provision of copies of payment documents of a deposit account (for each paper):
- After each deal: free of charge
- Backdated up to 30 days since the deal: AMD 500 (inclusive of VAT)
- From 31 days to 1 year since the deal: AMD 2,000 (inclusive of VAT)
-Backdated over a year since the deal: AMD 3,000 (inclusive of VAT)
- Provision of a reference on the deposit account, provision of a reference on the Depositor’s transactions: AMD 2,500 (inclusive of VAT)
- Documents and Statements Delivery (Inclusive of VAT, charged in addition to the documents and statements provision fee):
- By fax (per each page): AMD 1,800
- By e-mail: AMD 0
- By post (throughout Armenia/Artsakh): AMD 500
- By ordered mail /DHL, etc./: AMD 35,000
- Depositors, if they wish, can receive information on deposit account transactions through SMS, each SMS is AMD 30 (inclusive of VAT).
Dispute Settlement Procedure
- Disputes arising out of the Deposit Agreement are resolved through negotiations. In case of disagreement, the disputes are to be resolved in accordance with procedure established by the Legislation.
- Disputes and discrepancies for a property claim that does not exceed AMD 10 mln or the equivalent foreign currency can be settled through the Financial System Mediator.
- According to the Agreement between the Bank and the Financial System Mediator, the Bank refuses to challenge in the court the Financial System Mediator’s decisions for the properties under AMD 250,000 or equivalent foreign currency and the total amount of the deal doesn’t exceed AMD 500,000 or equivalent foreign currency.