- The first digital bank in Armenia
- ServicesCorporate bankingDEPOSITSClassical Deposit
Classical DepositPlace free funds of your business into our bank. High-interest-yielding Classical deposit will increase your savings. Deposits can be placed with Head Office and any branch (except Erebuni branch).
TERMS AND CONDITIONS OF ACCEPTING DEPOSITS
Annual interest rate
(interest to be paid at the end of deposit agreement*)
AMD 200,000 - 25,000,000
USD 500 - 50,000
Euro 500 - 40,000
RUB 30,000 - 3,000,000
For deposits exceeding AMD 25 million, USD 50,000, EUR 40,000 or RUB 3,000,000
To be specified in deposit agreement
* In case interest is payable on a regular basis (monthly, quarterly, semiannually, annually) the interest rates indicated in this table will be cut by 0.5%.
You can add money to your deposit amount starting from AMD 200,000, USD 500, EUR 500 or RUB 30,000. In case of placing a deposit with an opportunity of adding money to it, the applicable interest rate will be less by 0.5% than the rate indicated in the above table. The total of all your additions cannot exceed the initially deposited amount. During the last 3 months of validity of the deposit agreement you cannot increase your deposit amount. The deposit amount cannot be partially reduced
When placing a deposit with the bank, you will be provided with a free Visa Business payment card without annual service fee, and if wished, it may be reloaded with the accrued interest.
In the event of early withdrawal of deposit amount, the interest accrued on the deposit amount shall be re-calculated:
- For Armenian dram- denominated deposits - at 1% annual interest rate;
- For deposits denominated in US dollars, euros and Russian rubles – at 0.5% annual interest rate.
Scheme of placing and returning deposits in Russian rubles:
- Cash or non-cash funds denominated in Russian rubles will be returned in the manner of their initial placement (in cash and non-cash manner respectively), no fees will be charged for it;
- In case a non-cash deposit in rubles is returned in cash, the bank will charge a fee for cashing out rubles according to the rate set as of the deposit withdrawal date;
- In case a cash deposit in rubles is returned in non-cash manner, the bank will charge a cash entry fee set as of the deposit withdrawal date.
ATTENTION: No other fees will be charged when signing a deposit agreement and during its validity. In case of withdrawing a cash deposit placed in non-cash manner, you will be charged with a cash withdrawal fee according to our tariffs of Cash Operations.
- We accept term deposits from individuals (including sole proprietors) and legal entities (RA residents and non-residents):
- In AMD, USD, EUR and RUB,
- In cash and non-cash manner.
- Deposits will be accepted according to the terms and conditions approved by the bank;
- When accepting and withdrawing deposits we will be governed by RA legislation, decisions of the RA Central Bank and other regulations;
- While the relationships between the bank and you are regulated by the deposit agreement, its provisions are not subject to unilateral amendment unless otherwise stipulated in the deposit agreement;
- In line with the legislative acts, we ensure the confidentiality of deposit placement and other transactions associated with it. Provision of information to third parties will be executed exclusively in cases and under the procedure stipulated in RA law On Bank Secrecy.
- Bank's terms and conditions of accepting deposits (per deposit type) can be found here.
Attention: Terms of special deposit offers regularly made by the bank differ from the general terms of accepting deposits in our system and will be applied only to the deposits accepted under the officially published special deposit offer.
Provision of Information on Deposit Account
- During the tenure of deposit agreement we shall provide you once every 30 days with a relevant deposit account statement.
- Account statements will be provided in line with the principles of servicing bank accounts of legal entities.
- For provision of account statement duplicates or other information (account reference) the bank will charge a fee according to the bank tariffs specified in Current Accounts section.
- If you fail to claim the payment of a term deposit amount upon the expiration of the deposit agreement or after the emergence of the circumstances stipulated therein, the deposit agreement will be deemed extended under the terms of demand deposit unless otherwise stipulated in the agreement.
- We cannot unilaterally reduce the interest rate payable on the funds you have placed with the bank under the terms of returning it after the expiry of the deposit tenure or upon emergence of the circumstances stipulated in the agreement, unless otherwise provided in the law.
- You can place a deposit in favor of a third person in the manner set by RA legislation.
Procedure of Calculation and Payment of Interest on Deposits
- Interest will be calculated daily on actual deposit balance, using a straightforward method, for the entire period of deposit agreement. The interest rate for each day in a year will be calculated as a ratio of 1/365, for leap year - 1/366.
- Interest rate will be accrued starting the next day of depositing your funds until the last but one day of deposit withdrawal.
- Interest accrued will be paid in cash and non-cash manner:
- In case of RA residents: only in Armenian drams (interest on foreign currency deposits is also payable in Armenian drams based on the bank’s non-cash FX buying rate set as of the payment day).
- In case of non-residents: in the currency of placement of funds.
- At your choice, interest amount will be paid by using the following options:
- Regular payment of interest, under which the interest accrued on the deposit will be paid to you according to mutually agreed schedule, or
- Interest payment at the end of the deposit tenure, under which the interest accrued on the deposit will be paid at the end of the deposit agreement (interest will be paid together with deposit principal amount).