- ServicesRetail bankingDEPOSITSChildren's Deposit
Children's DepositEasily put your funds into Children's deposits. We accept Children's term deposits from individuals in favor of children until they reach the age of majority. Deposits can be placed with the Head Office and any branch (except Erebuni branch).
Limits of the attracted amounts
100,000 - 25,000.000
250 - 50,000
Interest rate 1.
from 2 years up to the child reaching 18
1. Two years after the signing of the agreement and every next year the deposit interest rate will be reviewed, based on the interest rate of a Classical deposit in relevant currency for a term of 366 days effective as of the revision date. Payment of deposit interest or interest capitalization will be performed on a monthly basis.
You can add money to your deposit amount starting from AMD 40,000 or USD 100. The total of all your additions made within 1 (One) month cannot exceed AMD 5,000,000 or USD 10,000 (in case of exceeding the mentioned amounts the bank's relevant decision is required). 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 payment card without annual service fee, and if wished, it may be reloaded with the interest accrued on the deposit amount:
No partial reduction of the deposit amount is allowed. Deposit interests recalculation is made in case of the agreement termination from the date of its signing during 2 years: with the interest rate of 0,5% ADM, 0.1% USD. After the completion of 2 years the interest amounts accrued up to the last capitalization (payment) are kept, and for the period after the capitalization (payment) the recalculation of the interests is made: with the annual interest of 0,5% AMD, 0.1%USD.
- Maestro payment card – in case of placing a deposit of up to AMD 10 million, USD 20,000;
- MasterCard Gold payment card – in case of placing a deposit equaling or exceeding AMD 10 million, USD 20,000;
- 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.
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.
- Statements shall be in written form delivered to you by post service, except for cases when you have refused in writing, including electronically, to receive account statement via post service preferring to get them electronically or by means of other communication techniques or obtain them in person in the bank premises. The method of delivery of account statements will be documented in the Deposit Agreement.
- 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.
Maximum Amounts of Guaranteed Deposits
The deposits guaranteed under RA law will be reimbursed by Deposit Guarantee Fund. The amounts of guaranteed deposits (of individuals and sole proprietors only) are as follows:
- If you have a deposit with our bank only in Armenian drams, the guaranteed deposit amount is AMD 10 (Ten) million.
- If you have a deposit with our bank only in foreign currency, the guaranteed deposit amount is AMD 5 (Five) million.
- If you have deposits with our bank in Armenian drams and a foreign currency, and the deposit in Armenian drams is over AMD 5 (Five) million, only the dram-denominated deposit shall be guaranteed up to the amount of AMD 10 (Ten) million.
- If you have deposits in an insolvent bank in Armenian drams and foreign currency and your dram-denominated deposit is less than AMD 5 (Five) million, the deposit in Armenian drams shall be guaranteed in full while the deposit in foreign currency shall the guaranteed at the amount of the difference between the AMD 5 (Five) million and reimbursed dram-denominated bank deposit.
Note: All your dram-denominated deposits with the same bank shall be considered one deposit; similarly, all FX-denominated deposits shall be deemed as one deposit.
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.
Attention: Interest accrued on your funds shall be computed based on NOMINAL interest rate while ANNUAL INTEREST YIELD will show the income you would have gained in case of re-depositing the accrued interest into your deposit account. The procedure of computation of annual interest rate (Regulation 8-02) can be found on the website: www.cba.am.
- Interests paid by the Bank to depositors (both resident and non-resident) are subject to taxation to the extent of. 10% of.the received income by the depositor according to RA law ''On the income tax''.
- No other fees are charged by the Bank upon signing the deposit agreement and during the deposit agreement. In case of cash returning of the non-cash form attracted deposit, cash withdrawal fee? is charged from the Depositor according to the Bank Cash Operations tariffs.