Term deposit

Terms and Conditions of Term Deposits

ARMECONOMBANK OJSC accepts Term Deposits from Individuals and legal entities on the following tenors, currencies and conditions:

 

  
Interest rates per annum at the end of the term
Term of placement (day) AMD USD (up to 50,000)

EURO 

(up to 50,000)

USD and EURO

(50,000 and more)

RUR
20-29 3.00% --Contractual-
30-90 6.00% 1.00% -4.25%
91-182 7.50% 2.00% 0.50%5.25%
183-274 8.50% 3.00% 1.50% 6.25%
275-366 9.50% 4.00% 2.50% 6.25%
367-545 10.50% 5.00% 3.50%7.50%
546-728 11.00% 5.00% 3.50%7.75%

 

 

 
Interest rates per month
Term of placement (day) AMD USD 

 

(Up to 50,000)

EURO 

 

(Up to 50,000)

USD and EURO 

(50,000 and more)

RUR
30-90 5.80% 0.90% -Contractual4.25%
91-182 7.25% 1.80% 0.40%5.00%
183-274 8.00% 2.70% 1.30% 6.00%
275-366 9.00% 3.70% 2.20% 6.00%
367-545 10.00% 4.60% 3.20%7.25%
546-728 10.50% 4.50% 3.10%7.50%

Calculation and payment terms of interest amounts on term deposits
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Interests 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 its repayment to 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 amount payable to the depositor on deposit placed with ARMECONOMBANK OJSC in below mentioned currency, term and interest rate: 

Deposit currency AMD
Deposit term 60 days
Deposit amount  100,000
Annual rate of simple interest of the placement 7%

We shall derive from the formula of calculation of interests:

           100,000 x 7 x 59

____________________________ = AMD 1131.50

 365 (366 for a leap year) x 100

Taxation of income realized from deposits at a rate of 10% set forth by RA Law "On tax on income”:  

AMD 1131.50  X 10% = AMD 113.20

The deposit interests after taxation shall be:

AMD 1131.50  - AMD113.20 = AMD 1,018. 30 

Finally, by placing a 100,000 Armenian Dram deposit with ARMECONOMBANK OJSC with a tenor of 59 days and at the profitability of 7.0% p.a., the depositor shall realize interests in the amount of 1,018. 30 Armenian Dram.

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! Taxation applies on income earned from deposits at a rate of 10% set forth by RA Law "On tax on income”.
Attention! Statements for individuals with term deposit of AMD 3,000,000 (or equivalent currency) or larger in 15 banking days in ARMECONOMBANK OJSC, and for corporate entities whose account’s average balance of the previous month exceeds AMD 10,000,000 (or equivalent currency) and for individuals, ARMECONOMBANK OJSC employees, and statements on AEB practice for the students, and statements on social package service are free of charge.
The Requirements for Term Deposits for Individuals and Legal Entities
  1. The bank shall not decrease at its sole discretion the interest rate applied to the placed deposit, should otherwise be prescribed by the law
  2. The periodicity of payment of interests shall be set by the term deposit agreement: monthly or at maturity.
  3. Interests accrued on the placed deposits are paid exclusively in Armenian Drams irrespective of the currency of the placed deposit. Interests accrued on foreign currency deposits shall 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. Interests accrued on attracted deposits are paid in cash or non-cash as per depositor's request.
  4. Should the depositor request repayment of the deposit or a part thereof before the maturity set by the term deposit agreement, instead of the interests set by the term deposit agreement interests 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 interests set by the term deposit agreement be already paid, the deposit shall be deemed repaid in the amount of interests accrued and paid to the depositor in excess of interests on demand deposits. Should the depositor request repayment of the part of the deposit before the maturity set by the term deposit agreement, interests set by the term deposit agreement shall continue to accrue on the outstanding balance of the deposit.
  5. Should a repayment of the deposit or a part of it be requested within the period of prolongation of the 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 within the terms set by the term deposit agreement, this agreement shall be deemed to be prolonged by such a choice of the depositor.
    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 terms set by the bank for demand deposits, should otherwise be prescribed by the term deposit agreement.
  7. In case of non-receipt of the deposit interests in terms set by the term deposit agreement, no further interests shall accrue on such interests.
  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.

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

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Deposit amount Deposit term Annual interest rate Amounts accrued by depositor
AMD 500,000 interest paid per month 60 days 6.8% 4,946.3 AMD
120days 8.75% 12,837.33 AMD
240 days 9.5% 27,992.47 AMD
365 days 10.5% 47,120.55 AMD
600 days 11% 81,234.25 AMD
AMD 500,000 interest paid at the end of term 60 days 7% 5,091.78 AMD
120 days 9% 13,204.11 AMD
240 days 10% 29,465.75 AMD
365 days 11% 49,364.39 AMD
600 days 12% 88,619.22 AMD
USD 2,000 interest paid per month 60 days 1.9% 5.53 USD(or equivalent AMD)
120 days 2.8% 16.43 USD(or equivalent AMD)
240 days 4.7% 55.4 USD(or equivalent AMD)
365 days 5.6% 100.52 USD(or equivalent AMD)
600 days 5.5% 162.47 USD(or equivalent AMD)
USD 2,000 interest paid at the end of term 60 days 2% 5.82 USD(or equivalent AMD)
120 days 3% 17.60 USD(or equivalent AMD)
240 days 5% 58.93 USD(or equivalent AMD)
365 days 6% 107.70 USD(or equivalent AMD)
600 days 6% 177.24 USD(or equivalent AMD)
EUR 2,000 interest paid per month 60 days 1.9%   2.76 EUR(or equivalent AMD)
120 days 2.8% 8.22 EUR(or equivalent AMD)
240 days 3.7% 21.8 EUR(or equivalent AMD)
365 days 4.7% 42.18 EUR(or equivalent AMD)
600 days 4.6% 67.94 EUR(or equivalent AMD)
EUR 2,000 interest paid at the end of term 60 days 2%   4.36 EUR(or equivalent AMD)
120 days 3% 8.8 EUR(or equivalent AMD)
240 days 4% 23.57 EUR(or equivalent AMD)
365 days 5% 44.88 EUR(or equivalent AMD)
600 days 5% 73.85 EUR(or equivalent AMD)
RUR 50,000  interest paid per month 60 days 4.25%    309.14 RUR(or equivalent AMD)
120 days 5.0%% 733.56 RUR(or equivalent AMD)
240 days 6.0% 1767.95RUR(or equivalent AMD)
365 days 7.5% 3365.75 RUR(or equivalent AMD)
600 days 8% 5907.95 RUR(or equivalent AMD)
RUR 50,000 interest paid at the end of term  60 days 4.25%    309.14RUR(or equivalent AMD)
120 days 5.25%% 770.24RUR(or equivalent AMD)
240 days 6.25%% 1841.61RUR(or equivalent AMD)
365 days 7.75% 3477.95RUR(or equivalent AMD)
600 days 8.25% 6092.57RUR(or equivalent AMD)

 

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
Term deposit agreement for individuals
Term deposit agreement for legal entities
Information bulletin of Term deposit
Terms and Conditions of Term Deposits

ARMECONOMBANK OJSC accepts Term Deposits from Individuals and legal entities on the following tenors, currencies and conditions:

 

  
Interest rates per annum at the end of the term
Term of placement (day) AMD USD (up to 50,000)

EURO 

(up to 50,000)

USD and EURO

(50,000 and more)

RUR
20-29 3.00% --Contractual-
30-90 6.00% 1.00% -4.25%
91-182 7.50% 2.00% 0.50%5.25%
183-274 8.50% 3.00% 1.50% 6.25%
275-366 9.50% 4.00% 2.50% 6.25%
367-545 10.50% 5.00% 3.50%7.50%
546-728 11.00% 5.00% 3.50%7.75%

 

 

 
Interest rates per month
Term of placement (day) AMD USD 

 

(Up to 50,000)

EURO 

 

(Up to 50,000)

USD and EURO 

(50,000 and more)

RUR
30-90 5.80% 0.90% -Contractual4.25%
91-182 7.25% 1.80% 0.40%5.00%
183-274 8.00% 2.70% 1.30% 6.00%
275-366 9.00% 3.70% 2.20% 6.00%
367-545 10.00% 4.60% 3.20%7.25%
546-728 10.50% 4.50% 3.10%7.50%

Calculation and payment terms of interest amounts on term deposits
READ MORE

Interests 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 its repayment to 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 amount payable to the depositor on deposit placed with ARMECONOMBANK OJSC in below mentioned currency, term and interest rate: 

Deposit currency AMD
Deposit term 60 days
Deposit amount  100,000
Annual rate of simple interest of the placement 7%

We shall derive from the formula of calculation of interests:

           100,000 x 7 x 59

____________________________ = AMD 1131.50

 365 (366 for a leap year) x 100

Taxation of income realized from deposits at a rate of 10% set forth by RA Law "On tax on income”:  

AMD 1131.50  X 10% = AMD 113.20

The deposit interests after taxation shall be:

AMD 1131.50  - AMD113.20 = AMD 1,018. 30 

Finally, by placing a 100,000 Armenian Dram deposit with ARMECONOMBANK OJSC with a tenor of 59 days and at the profitability of 7.0% p.a., the depositor shall realize interests in the amount of 1,018. 30 Armenian Dram.

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! Taxation applies on income earned from deposits at a rate of 10% set forth by RA Law "On tax on income”.
Attention! Statements for individuals with term deposit of AMD 3,000,000 (or equivalent currency) or larger in 15 banking days in ARMECONOMBANK OJSC, and for corporate entities whose account’s average balance of the previous month exceeds AMD 10,000,000 (or equivalent currency) and for individuals, ARMECONOMBANK OJSC employees, and statements on AEB practice for the students, and statements on social package service are free of charge.
The Requirements for Term Deposits for Individuals and Legal Entities
  1. The bank shall not decrease at its sole discretion the interest rate applied to the placed deposit, should otherwise be prescribed by the law
  2. The periodicity of payment of interests shall be set by the term deposit agreement: monthly or at maturity.
  3. Interests accrued on the placed deposits are paid exclusively in Armenian Drams irrespective of the currency of the placed deposit. Interests accrued on foreign currency deposits shall 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. Interests accrued on attracted deposits are paid in cash or non-cash as per depositor's request.
  4. Should the depositor request repayment of the deposit or a part thereof before the maturity set by the term deposit agreement, instead of the interests set by the term deposit agreement interests 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 interests set by the term deposit agreement be already paid, the deposit shall be deemed repaid in the amount of interests accrued and paid to the depositor in excess of interests on demand deposits. Should the depositor request repayment of the part of the deposit before the maturity set by the term deposit agreement, interests set by the term deposit agreement shall continue to accrue on the outstanding balance of the deposit.
  5. Should a repayment of the deposit or a part of it be requested within the period of prolongation of the 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 within the terms set by the term deposit agreement, this agreement shall be deemed to be prolonged by such a choice of the depositor.
    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 terms set by the bank for demand deposits, should otherwise be prescribed by the term deposit agreement.
  7. In case of non-receipt of the deposit interests in terms set by the term deposit agreement, no further interests shall accrue on such interests.
  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.

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

READ MORE

 

 
Deposit amount Deposit term Annual interest rate Amounts accrued by depositor
AMD 500,000 interest paid per month 60 days 6.8% 4,946.3 AMD
120days 8.75% 12,837.33 AMD
240 days 9.5% 27,992.47 AMD
365 days 10.5% 47,120.55 AMD
600 days 11% 81,234.25 AMD
AMD 500,000 interest paid at the end of term 60 days 7% 5,091.78 AMD
120 days 9% 13,204.11 AMD
240 days 10% 29,465.75 AMD
365 days 11% 49,364.39 AMD
600 days 12% 88,619.22 AMD
USD 2,000 interest paid per month 60 days 1.9% 5.53 USD(or equivalent AMD)
120 days 2.8% 16.43 USD(or equivalent AMD)
240 days 4.7% 55.4 USD(or equivalent AMD)
365 days 5.6% 100.52 USD(or equivalent AMD)
600 days 5.5% 162.47 USD(or equivalent AMD)
USD 2,000 interest paid at the end of term 60 days 2% 5.82 USD(or equivalent AMD)
120 days 3% 17.60 USD(or equivalent AMD)
240 days 5% 58.93 USD(or equivalent AMD)
365 days 6% 107.70 USD(or equivalent AMD)
600 days 6% 177.24 USD(or equivalent AMD)
EUR 2,000 interest paid per month 60 days 1.9%   2.76 EUR(or equivalent AMD)
120 days 2.8% 8.22 EUR(or equivalent AMD)
240 days 3.7% 21.8 EUR(or equivalent AMD)
365 days 4.7% 42.18 EUR(or equivalent AMD)
600 days 4.6% 67.94 EUR(or equivalent AMD)
EUR 2,000 interest paid at the end of term 60 days 2%   4.36 EUR(or equivalent AMD)
120 days 3% 8.8 EUR(or equivalent AMD)
240 days 4% 23.57 EUR(or equivalent AMD)
365 days 5% 44.88 EUR(or equivalent AMD)
600 days 5% 73.85 EUR(or equivalent AMD)
RUR 50,000  interest paid per month 60 days 4.25%    309.14 RUR(or equivalent AMD)
120 days 5.0%% 733.56 RUR(or equivalent AMD)
240 days 6.0% 1767.95RUR(or equivalent AMD)
365 days 7.5% 3365.75 RUR(or equivalent AMD)
600 days 8% 5907.95 RUR(or equivalent AMD)
RUR 50,000 interest paid at the end of term  60 days 4.25%    309.14RUR(or equivalent AMD)
120 days 5.25%% 770.24RUR(or equivalent AMD)
240 days 6.25%% 1841.61RUR(or equivalent AMD)
365 days 7.75% 3477.95RUR(or equivalent AMD)
600 days 8.25% 6092.57RUR(or equivalent AMD)

 

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
Term deposit agreement for individuals
Term deposit agreement for legal entities
Information bulletin of Term deposit
Last modified on Monday, 07 August 2017 12:16