- The first digital bank in Armenia
- ServicesRetail bankingDEPOSITSEvoca Online Deposit
Evoca Online DepositPlace Evoca Online deposit remotely through our remote service systems.
TERMS AND CONDITIONS OF ACCEPTING DEPOSITS
Annual interest rate
(interest to be paid at the end of the deposit agreement*)
AMD 100,000 - 25,000,000
USD 200 - 50,000
EUR 200 - 40,000
RUB 30,000 - 3,000,000
* In case of regular payment of interest (monthly, quarterly, semiannually, annually), the rates indicated in this table will be reduced by 0.5%.
The interest rate of a reloadable deposit will be reduced by 0.5% compared to the rate indicated in the above table. Deposit account will be reloaded exclusively through EvocaTouch or EvocaOnline systems. The Bank hasn't set a minimum amount to be added to the Deposit account. The total of all your additions cannot exceed for Armenian dram-denominated deposits - double the size of the initial deposit, for deposits denominated in US dollars and euros – the initial deposit amount. During the last 3 months of validity of the deposit agreement the deposit amount cannot be increased.
The deposit amount cannot be reduced.
When placing a deposit with the bank, you will be provided with a free payment card and will not pay any annual service fee. Upon your wish, the accrued interest will be added to the deposit amount:
- Maestro card – in case of placing a deposit in the amount of AMD 5,000,000, USD 10,000 or EUR 10,000.
- MasterCard Standard or Visa Classic card – in case of placing a deposit in the amouint of AMD 5,000,001 – AMD 25,000,000, USD 10,001 - USD 50,000 or EUR 10,001- EUR 40.000.
- MasterCard Gold or Visa Gold card – in case of placing a deposit equaling or exceeding AMD 25,000,001, USD 50,001 or EUR 40,001.
In the event of early withdrawal of deposit amount, the interest accrued on the deposit amount will be re-calculated:
- For Armenian dram- denominated deposits - at 0.5% annual interest rate.
- For deposits denominated in US dollars, Euros and RUB – at 0.1% annual interest rate.
- Contractual relations between the bank and customers are regulated by TERMS AND CONDITIONS OF COMPLEX BANKING SERVICES, which are a public offering and considered as accepted once a duly filled out and signed bank service application is submitted by the customer personally or online. Terms and Conditions of Complex Banking Services can be found here.
- Under the RA law On Withholding Tax, the interest paid by the bank to an individual depositor (resident and non-resident) will be subject to taxation at 10% of the gained income.
- 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.
- Information on annual interest yield can be found in section Procedure 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:Interest accrued will be paid in cash and non-cash manner: in the currency of placement of funds or in Armenian drams based on the bank’s non-cash FX buying rate set as of the payment day.
- 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).
- 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.
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.