Each adult can sign Accumulative Voluntary deposit agreements (hereinafter referred to as deposit)
The periodic accumulation amount of deposit is equal to amount debited to deposit account, the minimal size of which should be AMD20.000 or USD 50. There is no limit to maximum size.
From the next month of deposit contribution up to the previous month of the deposit return the fixed amount of money should be added to the Deposit (not less or more from the initial deposit amount), on a monthly basis, not less than 7 months per year(this percentage is not counted until the fixed amount is not added to the deposit more than 5/five times).
The periodic accumulation amount of deposit should not be modified in terms of deposit. The deposit should be accumulated monthly. Moreover, the depositor should regularly accumulate deposit starting from the month following the first month of deposit debiting, before the last business day of each month.
In any year during the deposit period (starting from the first debiting of the deposit) in case of violation of terms set by paragraph 4 of deposit accumulation 6 times, the deposit agreement should be considered as broken.
The interest on the Deposit shall be capitalized quarterly, on the 10th
day of January, April, July, and October of every year and the interest amounts are paid at the end of the term.
Foreign currency interest is paid with AMD, on the preceding day of interest
payment, with average exchange rate of RA foreign exchange market.
Interest accrued on the Deposit are paid in Armenian Dram on the date of withdrawal
of the deposit.
Should withdrawal of the deposit or a part of thereof be required premature contract termination, the deposit agreement should be considered as broken from the day of deposit requirement, and the interests on the entire deposit amount should be calculated for fivefold (5, 10, 15, 20) years of deposit period (extende4d period as well) with interest rate for these date. For remaining period interests are calculated with interest rate of demand deposit of the bank.
Should withdrawal of the deposit or a part thereof be required within the period of prolongation of this Agreement, the agreement should be considered as broken starting from the day of requirement, and the interests on the entire deposit amount should be calculated for fivefold (5, 10, 15, 20) years of deposit period (extende4d period as well) with interest rate for these date. For remaining period interests are calculated with interest rate of demand deposit of the bank.
The bank has the right to modify the interest payable against demand deposit amounts.
With periodicity of at least 30 days the Bank should provide the Depositor with a statement of the Depositor's account in the manner stipulated in Deposit Agreement, except the cases when no debiting or crediting to such account occur within the reporting period, and after receipt of a request from the Depositor, within a 5-day period, provide him/her with a statement of account at a fee set in the Bank's announced Fees.
For procedure of servicing and conducting of the Deposits, the Bank may establish Tariffs, in form of interest and fixed amount on account balance. The Bank may unilaterally make amendments to amount and method of calculation of interest and fixed amount.
Based on long term cooperation between the Bank and a customer, the transactions executed by customer and a reasonable ground, the Bank may define other tariffs and conditions, which are prescribed with other documents and (or) with agreements, contracts signed additionally.
The right of managing the deposit of an individual depositor by other persons are accepted, if the authorization is given by a power of attorney verified by notary or by a written power of attorney signed and formed by the depositor in the presence of competence body in the Bank
In case of contract disputes the customer shall apply to the Bank in a written form and will receive a reply to such request within 10 working days.
In case of disagreement with the reply, he/she has the right to apply to the court or to the financial system mediator in a manner stipulated by the Law.
Deposit interest is a subject to taxation with amount prescribed by RA law on "Income tax".