Accumulative voluntary deposit

Terms of Accumulative voluntary deposit

The "Accumulative voluntary" deposit of ARMECONOMBANK OJSC provides possibilities to make long-term, reliable and profitable investment, as well as a capitalization of the deposit amount four times a year.


Annual interest rate
AMD 10%
USD 5%

The deposit is placed for five year term and in case when the depositor do not require deposit at the termination thereof , deposit is considered as extended for the same period(with maximum 20 years), with terms defined for deposit in bank.

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 loss costs AMD1000.

Calculation and payment terms of interest on term deposits ACCUMULATIVE VOLUNTARY
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 interest on the Deposit shall be capitalized quarterly, on the 10th day of January, April, July, and October of every year and are paid to a depositor after the termination of the deposit agreement.

Attention! 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).
Attention! Income from deposits is subject to 10% taxation pursuant to RA Law "On tax on income”.
The Requirements for Term Deposits for Individuals and Legal Entities

1. Each adult can sign Accumulative Voluntary deposit agreements (hereinafter referred to as deposit)
2. 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.
3. The periodic accumulation amount of deposit should not be modified in terms of deposit.
4. 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.
5. 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.
6. Foreign currency interest is paid with AMD, on the preceding day of interest payment, with average exchange rate of RA foreign exchange market.
7. 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.
8. 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.
9. The bank has the right to modify the interest payable against demand deposit amounts.
10. 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.
11. 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.
12. 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.
13. 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
14. . 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.
15. In case of disagreement with the reply, he/she has the right to apply to the court or to the financial system mediator. Moreover, the bank has waived the right to dispute the decisions of the Financial System Mediator regarding property claims not exceeding AMD 250,000 or the foreign currency equivalent thereof and transactions not exceeding AMD 500,000 or the foreign currency equivalent thereof.
16. Deposit interest is a subject to taxation with amount prescribed by RA law on "Income tax".
17. The deposits are guaranteed by the Armenian Law on Guaranteeing the Recovery of Deposits of Individuals
1. If you hold a dram denominated deposit the maximum size of a guarantee of the deposit is AMD 4million
2. If you hold a foreign currency denominated deposit the maximum size of a guarantee of the deposit is AMD 2 million
3. If you hold a dram and foreign currency denominated deposit, with the dram deposit amount exceeding AMD 2 million, only a dram denominated deposit will be guaranteed and the maximum size of a guarantee of the deposit would be AMD 4 million. If you hold a dram and foreign currency denominated deposit with the dram deposit amount being less than AMD 2 million, a dram denominated bank deposit will be guaranteed entirely, and a foreign currency denominated bank deposit - for the difference between two million Armenian drams and the remunerated dram denominated bank deposit.

Terms and Conditions of Guarantee of Repayment
Term Deposit Annual Percentage Yield Calculation
Accumulative voluntary deposit agreement sample
Information bulletin of accumulative voluntary deposit
Terms of Accumulative voluntary deposit

The "Accumulative voluntary" deposit of ARMECONOMBANK OJSC provides possibilities to make long-term, reliable and profitable investment, as well as a capitalization of the deposit amount four times a year.


Annual interest rate
AMD 10%
USD 5%

The deposit is placed for five year term and in case when the depositor do not require deposit at the termination thereof , deposit is considered as extended for the same period(with maximum 20 years), with terms defined for deposit in bank.

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 loss costs AMD1000.

Calculation and payment terms of interest on term deposits ACCUMULATIVE VOLUNTARY
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 interest on the Deposit shall be capitalized quarterly, on the 10th day of January, April, July, and October of every year and are paid to a depositor after the termination of the deposit agreement.

Attention! 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).
Attention! Income from deposits is subject to 10% taxation pursuant to RA Law "On tax on income”.
The Requirements for Term Deposits for Individuals and Legal Entities

1. Each adult can sign Accumulative Voluntary deposit agreements (hereinafter referred to as deposit)
2. 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.
3. The periodic accumulation amount of deposit should not be modified in terms of deposit.
4. 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.
5. 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.
6. Foreign currency interest is paid with AMD, on the preceding day of interest payment, with average exchange rate of RA foreign exchange market.
7. 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.
8. 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.
9. The bank has the right to modify the interest payable against demand deposit amounts.
10. 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.
11. 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.
12. 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.
13. 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
14. . 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.
15. In case of disagreement with the reply, he/she has the right to apply to the court or to the financial system mediator. Moreover, the bank has waived the right to dispute the decisions of the Financial System Mediator regarding property claims not exceeding AMD 250,000 or the foreign currency equivalent thereof and transactions not exceeding AMD 500,000 or the foreign currency equivalent thereof.
16. Deposit interest is a subject to taxation with amount prescribed by RA law on "Income tax".
17. The deposits are guaranteed by the Armenian Law on Guaranteeing the Recovery of Deposits of Individuals
1. If you hold a dram denominated deposit the maximum size of a guarantee of the deposit is AMD 4million
2. If you hold a foreign currency denominated deposit the maximum size of a guarantee of the deposit is AMD 2 million
3. If you hold a dram and foreign currency denominated deposit, with the dram deposit amount exceeding AMD 2 million, only a dram denominated deposit will be guaranteed and the maximum size of a guarantee of the deposit would be AMD 4 million. If you hold a dram and foreign currency denominated deposit with the dram deposit amount being less than AMD 2 million, a dram denominated bank deposit will be guaranteed entirely, and a foreign currency denominated bank deposit - for the difference between two million Armenian drams and the remunerated dram denominated bank deposit.

Terms and Conditions of Guarantee of Repayment
Term Deposit Annual Percentage Yield Calculation
Accumulative voluntary deposit agreement sample
Information bulletin of accumulative voluntary deposit
Last modified on Thursday, 22 December 2016 09:22