՞CONVENIENT-NEW՞ Term deposit

Terms and Conditions of Term Deposits

ARMECONOMBANK OJSC accepts term deposits from individuals and corporate entities on following conditions:

Annual interest rate
Term of placement (year) AMD USD (up to 50,000) USD (50,000 and more)
1 9.5% 3.5% Contractual
1.5 10.5% 4%
2 11% 4.5%

Information and statements as per periods
Account statement for the past 1 month0
For transactions executed within past 1 to 3 monthsAMD 1,500
For transactions executed within past 3 months to 1 yearAMD 2,500
For transactions executed more than 1 year agoAMD 5,000
References to individualsAMD 5,000

Deposit books are provided at depositor's request free of charge; replacement of lost deposit book costs AMD1000.

Calculation and payment terms of interest on term deposits CONVENIENT-NEW are:
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    Interest on the deposit shall accrue from the day following the date of placement of the deposit with the bank to the day preceding the date of withdrawal by the depositor by the following formula (by calculation for actual days elapsed, on 365-day year basis, or 366-day year basis for leap years)

Deposit amount X Annual interest rate

_______________________________ X Number of actual days

365 (366 for leap year) x 100

The calculation of interest payable to the depositor on deposit placed with ARMECONOMBANK OJSC in below mentioned currency, term, and interest rate:            

Deposit currencyAMD
Deposit term 1 year
Deposit amount 100,000
Annual rate of simple interest 9.5%

We derive from the formula of calculation of interest:

100,000 x 9.5 x 364 (The previous day of reduced deposit refund)
________________________________________________________   = AMD 9,474

                           365 (for a leap year 366) x 100

Taxation of income from deposits at the rate of 10% pursuant to RA Law "On Income Tax”:

AMD 9,474 X 10% = AMD 947.40
Deposit interest after taxation will be:
AMD 9,474 - AMD947.40 = AMD8526.60 

Finally, by placing a 100,000 Armenian Dram deposit with ARMECONOMBANK OJSC for 365 days and at 9.5% p.a. profitability, the depositor shall gain AMD 8526.60.

Attention! No minimal deposit size is provided. Third person may add money to the deposit account by mentioning the necessary information about the depositor's account if nothing else is to be provided by the contract.
Attention! Income from deposits is subject to 10% taxation pursuant to RA Law "On tax on income”.
Attention! Statements for individuals holding AMD 3,000,000 or larger (or equivalent thereof in foreign currency) deposits for at least 15 banking days with ARMECONOMBANK OJSC, for corporate entities with average account balance of the past month exceeding AMD 10,000,000 (or equivalent thereof in foreign currency) and general managers of such entities are free of charge.
Attention! Depending on deposit amount, ARMECONOMBANK OJSC presents a free plastic card to its depositors: a/ ArCa Classic card in case of any amount; b/ AMD 300,000 or foreign currency equivalent thereof to AMD 10,000,000 or foreign currency equivalent thereof: Master Card Standard, Master Card Gold, Cirrus Maestro, VISA Classic, VISA Electron, VISA Gold cards c/ Larger than AMD 10,000,000 or foreign currency equivalent thereof: VISA Platinum card
The Requirements for Term Deposits for Individuals and Legal Entities
  1. 1. The bank shall not decrease the interest rate set for any CONVENIENT-NEW deposit at its sole discretion, unless otherwise be prescribed by the law
    2. The periodicity of payment of interests shall be set by term deposit agreement: monthly or at the end of the term.
    3. Interest accrued on deposits is paid exclusively in Armenian Drams irrespective of the currency of the deposit. Interest accrued on foreign currency deposits will be converted into Armenian Drams at the respective average exchange rate fixed in the currency market as announced by the Central Bank of RA on the date of payment. Interest accrued on attracted deposits are paid in cash or non-cash.
    4. Should a depositor request withdrawal of the deposit or a part thereof before the end of the term set by CONVENIENT-NEW deposit agreement, instead of the interest rate set by the term deposit agreement, interest on the deposit or a part thereof shall accrue and be paid at a rate fixed by the bank for demand deposits at the time of receipt of such request, and should the interest set by the term deposit agreement be already paid, the deposit shall be deemed withdrawn in the amount of interest accrued and paid to the depositor in excess of interest on demand deposits. Should the depositor request withdrawal of a part of the deposit before the end of the term set by the term deposit agreement, interests set by CONVENIENT-NEW term deposit agreement shall continue to accrue on the outstanding balance of the deposit.
    5. Should withdrawal of a deposit or a part thereof be requested within the period of prolongation of the CONVENIENT-NEW deposit agreement, the interest stipulated in the deposit agreement shall be paid for the preceding period(s) and the interest for the given period shall be calculated and paid according to paragraph above.
    6. Should the deposit not be withdrawn after expiry of term deposit agreement, such agreement shall be deemed to be prolonged, at depositor's choice:
    1. for a similar period (including maximum three times following the expiry of the term of each prolonged deposit) under the terms existing in the bank for the given deposit type at the moment of prolongation, or
    2. under the terms set by the bank for demand deposits, unless otherwise be prescribed by the term deposit agreement.
    7. In case of non-receipt of the deposit interest within the terms set by the term deposit agreement, no further interest shall accrue on such interest.
    8. Should the deposit be placed for 274 days or longer or be prolonged for a term no shorter than the aforementioned, the Depositor may supplement the Deposit only by the 180th day preceding the expiry of the (prolonged) term of the Deposit and only with amounts not to exceed the Deposit balance existing at the moment of placement (prolongation). Interest shall accrue on amounts added to the Deposit at the rates and conditions of interest accrued on the Deposit.  No amounts shall be added to the Deposit in case of  placement for a term less than 274 days, and in case of prolongation the amounts shall be added only on prolongation day and the amounts shall not exceed the Deposit balance. Should the Depositor request repayment of a part of the Deposit after adding amounts to the Deposit, then shall be primarily repaid amounts added to the Deposit in reverse timing order, and the demand interests set by article 2.5 of this Agreement shall accrue from the day following the date of adding them to the Deposit to the day preceding the date of its prepayment to the Depositor.
Attention! Interests on your term deposit are calculated based on the nominal (simple) interest rate and the annual percentage yield shows the income you would have had in case of adding the received deposit interest to the deposit.
Terms and Conditions of Guarantee of Repayment
Term Deposit Annual Percentage Yield Calculation
Convenient-new deposit agreement for individuals
Information bulletin on convenient-new term deposit
Terms and Conditions of Term Deposits

ARMECONOMBANK OJSC accepts term deposits from individuals and corporate entities on following conditions:

Annual interest rate
Term of placement (year) AMD USD (up to 50,000) USD (50,000 and more)
1 9.5% 3.5% Contractual
1.5 10.5% 4%
2 11% 4.5%

Information and statements as per periods
Account statement for the past 1 month0
For transactions executed within past 1 to 3 monthsAMD 1,500
For transactions executed within past 3 months to 1 yearAMD 2,500
For transactions executed more than 1 year agoAMD 5,000
References to individualsAMD 5,000

Deposit books are provided at depositor's request free of charge; replacement of lost deposit book costs AMD1000.

Calculation and payment terms of interest on term deposits CONVENIENT-NEW are:
READ MORE

    Interest on the deposit shall accrue from the day following the date of placement of the deposit with the bank to the day preceding the date of withdrawal by the depositor by the following formula (by calculation for actual days elapsed, on 365-day year basis, or 366-day year basis for leap years)

Deposit amount X Annual interest rate

_______________________________ X Number of actual days

365 (366 for leap year) x 100

The calculation of interest payable to the depositor on deposit placed with ARMECONOMBANK OJSC in below mentioned currency, term, and interest rate:            

Deposit currencyAMD
Deposit term 1 year
Deposit amount 100,000
Annual rate of simple interest 9.5%

We derive from the formula of calculation of interest:

100,000 x 9.5 x 364 (The previous day of reduced deposit refund)
________________________________________________________   = AMD 9,474

                           365 (for a leap year 366) x 100

Taxation of income from deposits at the rate of 10% pursuant to RA Law "On Income Tax”:

AMD 9,474 X 10% = AMD 947.40
Deposit interest after taxation will be:
AMD 9,474 - AMD947.40 = AMD8526.60 

Finally, by placing a 100,000 Armenian Dram deposit with ARMECONOMBANK OJSC for 365 days and at 9.5% p.a. profitability, the depositor shall gain AMD 8526.60.

Attention! No minimal deposit size is provided. Third person may add money to the deposit account by mentioning the necessary information about the depositor's account if nothing else is to be provided by the contract.
Attention! Income from deposits is subject to 10% taxation pursuant to RA Law "On tax on income”.
Attention! Statements for individuals holding AMD 3,000,000 or larger (or equivalent thereof in foreign currency) deposits for at least 15 banking days with ARMECONOMBANK OJSC, for corporate entities with average account balance of the past month exceeding AMD 10,000,000 (or equivalent thereof in foreign currency) and general managers of such entities are free of charge.
Attention! Depending on deposit amount, ARMECONOMBANK OJSC presents a free plastic card to its depositors: a/ ArCa Classic card in case of any amount; b/ AMD 300,000 or foreign currency equivalent thereof to AMD 10,000,000 or foreign currency equivalent thereof: Master Card Standard, Master Card Gold, Cirrus Maestro, VISA Classic, VISA Electron, VISA Gold cards c/ Larger than AMD 10,000,000 or foreign currency equivalent thereof: VISA Platinum card
The Requirements for Term Deposits for Individuals and Legal Entities
  1. 1. The bank shall not decrease the interest rate set for any CONVENIENT-NEW deposit at its sole discretion, unless otherwise be prescribed by the law
    2. The periodicity of payment of interests shall be set by term deposit agreement: monthly or at the end of the term.
    3. Interest accrued on deposits is paid exclusively in Armenian Drams irrespective of the currency of the deposit. Interest accrued on foreign currency deposits will be converted into Armenian Drams at the respective average exchange rate fixed in the currency market as announced by the Central Bank of RA on the date of payment. Interest accrued on attracted deposits are paid in cash or non-cash.
    4. Should a depositor request withdrawal of the deposit or a part thereof before the end of the term set by CONVENIENT-NEW deposit agreement, instead of the interest rate set by the term deposit agreement, interest on the deposit or a part thereof shall accrue and be paid at a rate fixed by the bank for demand deposits at the time of receipt of such request, and should the interest set by the term deposit agreement be already paid, the deposit shall be deemed withdrawn in the amount of interest accrued and paid to the depositor in excess of interest on demand deposits. Should the depositor request withdrawal of a part of the deposit before the end of the term set by the term deposit agreement, interests set by CONVENIENT-NEW term deposit agreement shall continue to accrue on the outstanding balance of the deposit.
    5. Should withdrawal of a deposit or a part thereof be requested within the period of prolongation of the CONVENIENT-NEW deposit agreement, the interest stipulated in the deposit agreement shall be paid for the preceding period(s) and the interest for the given period shall be calculated and paid according to paragraph above.
    6. Should the deposit not be withdrawn after expiry of term deposit agreement, such agreement shall be deemed to be prolonged, at depositor's choice:
    1. for a similar period (including maximum three times following the expiry of the term of each prolonged deposit) under the terms existing in the bank for the given deposit type at the moment of prolongation, or
    2. under the terms set by the bank for demand deposits, unless otherwise be prescribed by the term deposit agreement.
    7. In case of non-receipt of the deposit interest within the terms set by the term deposit agreement, no further interest shall accrue on such interest.
    8. Should the deposit be placed for 274 days or longer or be prolonged for a term no shorter than the aforementioned, the Depositor may supplement the Deposit only by the 180th day preceding the expiry of the (prolonged) term of the Deposit and only with amounts not to exceed the Deposit balance existing at the moment of placement (prolongation). Interest shall accrue on amounts added to the Deposit at the rates and conditions of interest accrued on the Deposit.  No amounts shall be added to the Deposit in case of  placement for a term less than 274 days, and in case of prolongation the amounts shall be added only on prolongation day and the amounts shall not exceed the Deposit balance. Should the Depositor request repayment of a part of the Deposit after adding amounts to the Deposit, then shall be primarily repaid amounts added to the Deposit in reverse timing order, and the demand interests set by article 2.5 of this Agreement shall accrue from the day following the date of adding them to the Deposit to the day preceding the date of its prepayment to the Depositor.
Attention! Interests on your term deposit are calculated based on the nominal (simple) interest rate and the annual percentage yield shows the income you would have had in case of adding the received deposit interest to the deposit.
Terms and Conditions of Guarantee of Repayment
Term Deposit Annual Percentage Yield Calculation
Convenient-new deposit agreement for individuals
Information bulletin on convenient-new term deposit
Last modified on Wednesday, 08 February 2017 08:55