Child deposit

Child Deposit Terms

This "Child deposit" of ARMECONOMBANK OJSC provides possibilities to make long-term, reliable and profitable investment, as well as a capitalization of the deposit amount twice a year.

Annual interest rate of Child deposit
AMD 7%
USD 5%

Calculation and payment terms of interest amounts on Child Deposit
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Interests on the deposit shall accrue for actual days elapsed (on 365-day year basis, or 366-day year basis for leap years) from the day following the date of placement of the deposit with the bank to the day preceding the date of its repayment to the depositor by the following formula:

Deposit amount  x Annual interest rate
__________________________________  x The actual number of days

    365 (for the leap year 366) x 100

Attention! No initial deposit size is set.
Attention! Taxation applies on income earned from deposits at a rate of 10% set forth by RA Law "On tax on income”.
Child Deposit Requirements
  1. Any person can place a deposit,
  2. The deposited shall be placed to the benefit of an underage (up to 18 years) child, however the deposit agreement shall be signed with the person investing money,
  3. The deposit term shall expire once the child attains his full age - on the date of the child's 18th birthday,
  4. Only the person investing money shall exercise the rights to the deposit before expiry of the deposit term, and only the child attained his full age shall exercise the rights to the deposit after expiry of the deposit term,
  5. The bank shall not decrease at its sole discretion the interest rate applied to the placed deposit, should otherwise be prescribed by the law,
  6. Should the deposit not be withdrawn within the terms set by the deposit agreement, this agreement shall automatically be deemed to be prolonged under terms set for demand deposits, should otherwise be prescribed by the deposit agreement,
  7. Capitalization of interests – interests accrued on the deposit shall be added to the deposit amount on the 10th day of January and 10th day of July, on which interests shall still continue to accrue,
  8. There shall be no minimum deposit initial amount requirement,
  9. An option to withdraw the deposit amount prior to the term set forth in the deposit agreement: without loss of interests accrued before (except for the period between the last date of capitalization of interests and the date of withdrawal),
  10. An option to add an amount to the deposit: at any time up to the 60th day before the expiry of the term of the deposit and by any amount.
 

Examples of accrued interest's size against deposits placed with ARMECONOMBANK OJSC in other terms, currency and annual interest rates

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In the below mentioned example your child is 2 years old. It is presumed that the deposit is placed on 10th of January, and you add a fixed amount to it on 10th day of every month starting from the second month after the deposit placement and up to the 60th day before the expiry of the term of the deposit. In this case the sum accrued on your child's account will form:

AMD
Deposit amount Amount added on monthly basis Amount should have been accrued on your child's account
In the age of 6 In the age of 12 In the age of 18
50,000 5,000 330,827 917,351 1,768,311
Including Deposit placed by you 285,000 645,000 1,005,000
Amount added to the deposit by ARMECONOMBANK OJSC 45,827 272,351 763,311
100,000 15,000 928,401 2,659,080 5,170,040
Including Deposit placed by you 805,000 1,885,000 2,965,000
Amount added to the deposit by ARMECONOMBANK OJSC 123,401 774,080 2,205,040
200,000 25,000 1,590,055 4,493,782 8,706,662
Including Deposit placed by you 1,375,000 3,175,000 4,975,000
Amount added to the deposit by ARMECONOMBANK OJSC 215,055 1,318,782 3,731,662
500,000 50,000 3,308,271 9,173,512 17,683,111
Including Deposit placed by you 2,850,000 6,450,000 10,050,000
Amount added to the deposit by ARMECONOMBANK OJSC 458,271 2,723,512 7,633,111

USD
Deposit amount Amount added on monthly basis Amount should have been accrued on your child's account
In the age of 6 In the age of 12 In the age of 18
250 10 833 1,998 3,601
Including Deposit placed by you 720 1,440 2,160
Amount added to the deposit by ARMECONOMBANK OJSC 113 558 1,441
500 20 1,667 3,995 7,201
Including Deposit placed by you 1,440 2,880 4,320
Amount added to the deposit by ARMECONOMBANK OJSC 227 1,115 2,881
750 30 2,500 5,993 10,802
Including Deposit placed by you 2,160 4,320 6,480
Amount added to the deposit by ARMECONOMBANK OJSC 340 1,673 4,322
1,000 50 3,857 9,562 17,417
Including Deposit placed by you 3,350 6,950 10,550
Amount added to the deposit by ARMECONOMBANK OJSC 507 2,612 6,867

Attention! In the calculations each forth year is a leap year and interests are calculated taking into account the tax on income.
Attention! Interests on your child 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
Information bulletin of child deposit
Sample agreement of child deposit
Child Deposit Terms

This "Child deposit" of ARMECONOMBANK OJSC provides possibilities to make long-term, reliable and profitable investment, as well as a capitalization of the deposit amount twice a year.

Annual interest rate of Child deposit
AMD 7%
USD 5%

Calculation and payment terms of interest amounts on Child Deposit
READ MORE

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

Deposit amount  x Annual interest rate
__________________________________  x The actual number of days

    365 (for the leap year 366) x 100

Attention! No initial deposit size is set.
Attention! Taxation applies on income earned from deposits at a rate of 10% set forth by RA Law "On tax on income”.
Child Deposit Requirements
  1. Any person can place a deposit,
  2. The deposited shall be placed to the benefit of an underage (up to 18 years) child, however the deposit agreement shall be signed with the person investing money,
  3. The deposit term shall expire once the child attains his full age - on the date of the child's 18th birthday,
  4. Only the person investing money shall exercise the rights to the deposit before expiry of the deposit term, and only the child attained his full age shall exercise the rights to the deposit after expiry of the deposit term,
  5. The bank shall not decrease at its sole discretion the interest rate applied to the placed deposit, should otherwise be prescribed by the law,
  6. Should the deposit not be withdrawn within the terms set by the deposit agreement, this agreement shall automatically be deemed to be prolonged under terms set for demand deposits, should otherwise be prescribed by the deposit agreement,
  7. Capitalization of interests – interests accrued on the deposit shall be added to the deposit amount on the 10th day of January and 10th day of July, on which interests shall still continue to accrue,
  8. There shall be no minimum deposit initial amount requirement,
  9. An option to withdraw the deposit amount prior to the term set forth in the deposit agreement: without loss of interests accrued before (except for the period between the last date of capitalization of interests and the date of withdrawal),
  10. An option to add an amount to the deposit: at any time up to the 60th day before the expiry of the term of the deposit and by any amount.
 

Examples of accrued interest's size against deposits placed with ARMECONOMBANK OJSC in other terms, currency and annual interest rates

READ MORE

In the below mentioned example your child is 2 years old. It is presumed that the deposit is placed on 10th of January, and you add a fixed amount to it on 10th day of every month starting from the second month after the deposit placement and up to the 60th day before the expiry of the term of the deposit. In this case the sum accrued on your child's account will form:

AMD
Deposit amount Amount added on monthly basis Amount should have been accrued on your child's account
In the age of 6 In the age of 12 In the age of 18
50,000 5,000 330,827 917,351 1,768,311
Including Deposit placed by you 285,000 645,000 1,005,000
Amount added to the deposit by ARMECONOMBANK OJSC 45,827 272,351 763,311
100,000 15,000 928,401 2,659,080 5,170,040
Including Deposit placed by you 805,000 1,885,000 2,965,000
Amount added to the deposit by ARMECONOMBANK OJSC 123,401 774,080 2,205,040
200,000 25,000 1,590,055 4,493,782 8,706,662
Including Deposit placed by you 1,375,000 3,175,000 4,975,000
Amount added to the deposit by ARMECONOMBANK OJSC 215,055 1,318,782 3,731,662
500,000 50,000 3,308,271 9,173,512 17,683,111
Including Deposit placed by you 2,850,000 6,450,000 10,050,000
Amount added to the deposit by ARMECONOMBANK OJSC 458,271 2,723,512 7,633,111

USD
Deposit amount Amount added on monthly basis Amount should have been accrued on your child's account
In the age of 6 In the age of 12 In the age of 18
250 10 833 1,998 3,601
Including Deposit placed by you 720 1,440 2,160
Amount added to the deposit by ARMECONOMBANK OJSC 113 558 1,441
500 20 1,667 3,995 7,201
Including Deposit placed by you 1,440 2,880 4,320
Amount added to the deposit by ARMECONOMBANK OJSC 227 1,115 2,881
750 30 2,500 5,993 10,802
Including Deposit placed by you 2,160 4,320 6,480
Amount added to the deposit by ARMECONOMBANK OJSC 340 1,673 4,322
1,000 50 3,857 9,562 17,417
Including Deposit placed by you 3,350 6,950 10,550
Amount added to the deposit by ARMECONOMBANK OJSC 507 2,612 6,867

Attention! In the calculations each forth year is a leap year and interests are calculated taking into account the tax on income.
Attention! Interests on your child 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
Information bulletin of child deposit
Sample agreement of child deposit
Last modified on Friday, 16 December 2016 17:45