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Type of Deposit

 Accumulative*
Currency AMD
(up to 100 mln)
USD
Deposit Term 730 days  730 days
Annual Interest Rate, %
nominal APY** nominal APY**
  9.50 9.91 4.50  4.59
Interest Payment   on monthly basis or capitalization on monthly basis   
Special Term of Deposit Withdrawal   
Interest rate in case of deposit withdrawal on the 366th** day and later 8.50   4.25  

* Deposit replenishment is possible up to the specified maximum amount through the whole period of deposit agreement except for the last 30 days preceding deposit maturity. Deposit principal may be replenished by funds received from a third party in case of mentioning required data on deposit account.

** Annual Percentage Yield

*** Calculation for 366 days and recalculation on the interest is done separately for each replenished amount starting from the day following the replenishment day. 

Terms of deposits of non-resident individuals are defined on contractual basis. 


Deposit minimum amount

in AMD: 50 000 /fifty thousand/
in USD: 150 /one hundred and fifty/

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 accrual starts from the date following the date of depositing the funds to the Bank until the day preceding the maturity date. 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 whole period of the deposit agreement. 

In case of deposit early withdrawal within 365 days since the deposit investment, the interest accrued is to be recalculated by the Bank on the following nominal annual interest rate of the Bank’s demand deposit:

 -       1% for deposits in AMD,

 -       0.5% for deposits in USD.

while the deposit amount is to be returned by charging the difference between the interest already paid and the calculated interest of the Bank's demand deposit on the payment day, if no other condition is set by the deposit agreement.

Interest is paid in the currency of the accepted deposit, except for the cases if the Depositor wishes to receive the accrued interest of foreign currency deposit in Armenian drams. In this case, 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 banking/card account of the Depositor served at the Bank or capitalized to the deposit amount. 

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:

 -       0.3% for deposits in AMD,

 -       0.5% for deposits in USD. 

Banking accounts of the depositor are kept free of charge, regardless of the last operation performance date.


Deposit Reimbursement/Prolongation

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.

On maturity day the Bank transfers the deposit to the Depositor's banking account,  on which the interest set forth for the current banking account is to be accrued.

If the Depositor does not demand to reimburse the deposit principal after the maturity or refund the deposit amount upon the agreement terms, then the agreement shall be considered as terminated. On the day of reimbursement the Bank transfers the deposit principal shall be transferred to the banking amount of the Depositor. 

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, that is. 10% for deposits invested in the RA,

 -       5% for residents invested deposit in the AR

 -       10% for non-residents deposited in the AR. 


Dispute Settlement Procedure

Any dispute regarding the Deposit Agreement shall be settled through negotiations. If settlement fails out of the court the disputes are to be settled in accordance with the law, that is, in the court, through the Financial System Mediator or the Arbitration Court, if an arbitration agreement is concluded.

Disputes and disagreements arising for property claims of up to AMD 10 mln or equivalent foreign currency may be settled through the Financial System Mediator.

According to the Agreement between the Bank and the Financial System Mediator, the Bank can appeal against the decisions of the Financial System Mediator, if the amount of property claim does not exceed AMD 250,000 (two hundred and fifty thousand) or equivalent foreign currency and the total amount of the transaction does not exceed AMD 500,000 (five hundred thousand) or it’s equivalent foreign currency.


Provision of Statements and Other Information

Statements, duplicates and other information shall be provided by the Bank on the following terms set by the Bank: 

  • provision of a deposit account statement for a period of 30 days starting from the date of the deposit acceptance is free of charge,
  • provision of a deposit account statement backdated over a month: AMD 1,000 (VAT incl.).
  • 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 (VAT incl.).
    • from 31 days to 1 year since the deal: AMD 2,000 (VAT incl.).
    • backdated over a year since the deal: AMD 3,000 (VAT incl.).
  • provision of a reference on a deposit account , provision of a reference on the Depositor’s transactions: AMD 2500 (VAT incl.).
    • delivery of documents and statements (in addition to the provision fee).by fax: AMD 1,800 (VAT incl.) for a page.
    • by e-mail: free of charge.
    • by Post in the RA/AR: AMD 500 (VAT incl.).
    • by ordered post service/DHL, etc./ AMD 35,000 (VAT incl.).      

Also, a Depositor can receive information on deposit account transactions on his/her own via SMS for AMD 30 (VAT incl.) per each SMS.


Deposit Refund Insurance and Compensation Guarantee

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. 1. Amount of Guaranteed deposit as defined under the Law is:

a) where a depositor keeps only a dram denominated deposit in the insolvent bank, amount of the guaranteed deposit is 10 (ten) million Armenian drams;

b) where a depositor keeps only a foreign currency denominated deposit in the insolvent bank, the amount of the guaranteed deposit will be 5 (five) million Armenian drams;

c) where a depositor keeps dram and foreign currency denominated deposits in the insolvent bank, and dram denominated deposit exceeds 5 (five) million Armenian drams, only up to 10 (ten) million Armenian drams of the dram denominated deposit are guaranteed;

d) where a depositor keeps dram and foreign currency denominated deposits in the insolvent bank, and the size of dram denominated deposit is less than 5 (five) 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 5 (five) million Armenian drams and the reimbursed dram denominated bank deposit.

2. 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:

a) it is owned by the CEO of the bank and/or his family members,

b) it is owned by party with significant interest in the bank and/or his family members,

c) the owner (co-owner) disclaimed his proprietary right over it,

d) funds are recognized as illegal proceeds, unless counter-argued by its owner, under law and other regulations,

e) 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.




Updated 2019-09-26 09:34:53



 
USD 475.75 477.25 476.43
EUR 526.00 531.50 529.69
RUB 7.35 7.50 7.45
CHF 475.00 482.00 479.79
GBP 605.00 616.00 615.98
GEL 145.00 178.00 160.41
CAD 345.00 362.50 361.97
 
USD 475.50 477.25 476.43
EUR 527.00 532.50 529.69
RUB 7.36 7.51 7.45
CHF 479.00 484.00 479.79
GBP 607.00 617.00 615.98
GEL - - 160.41
CAD - - 361.97

ARCHIVE Updated 18.10.2019 09:35


 
XAU 1 gram - 38000.00
XAU 50 gram - 1200000.00
XAU 1000 gram - 23100000.00
XAG1000 gram - 375000.00
XAU 1 գրամ - -
XAU 50 գրամ - -
XAU 1000 գրամ - -
XAG1000 գրամ - -

ARCHIVE Updated 18.10.2019 09:35