- The first digital bank in Armenia
- ServicesRetail bankingDEPOSITS
- Children's DepositProcedure of Calculation and Payment of Interest on Deposits
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.