Beneficial deposit

1. Beneficial deposit type-term deposit.
2. The deposit is placed with the tenor of 367 days.
3. Accrued interests aren’t capitalized and are paid to the depositor monthly, quarterly or at the end of deposit agreement.
4. Interest is calculated based on the balance of placed deposit amount.
5. Interest amounts shall accrue from the day the Deposit is placed with the Bank to the day preceding the date of its repayment to the Depositor.
6. The interest set forth by the Agreement and the recalculated interest rate of the preterm demanded deposit cannot be unilaterally decreased within the Term specified in the Agreement.
7. Should the depositor demand the deposit or any part thereof prior to the term of the Agreement, the recalculation of the accrued interest of deposit shall be carried out as per the rates specified in paragraph 2.1 of this Bulletin. If the interest rate specified in paragraph 2 of this Bulletin has already been paid, then the Deposit calculated at the amount of interest paid to the depositor in excess of the recalculated interest rate shall be considered refunded.
8. If the deposit or a part thereof is required during the prolonged period, the interests on the deposit or a part thereof are calculated and paid under the terms acting at the Bank at moment of prolongation for the preterm refund of the given type of the deposit.
9. The Depositor may add additional amounts to the Deposit up to the 91st day preceding the deposit refund period (prolongation) in case of AMD, in case of foreign currency – on the 181st day, and with the amounts not exceeding the total amount of the Deposit at the moment of placement (prolongation) against which interest amounts at the size and terms calculated for the deposit shall accrue.
10. In case of a request of repayment of a part of the Deposit after adding amounts to the Deposit, shall be primarily returned amounts prior to the increase on, afterwards-accrued amounts. The recalculated interests against the early demanded deposits or a part thereof shall accrue from the day following the date of adding them to the Deposit to the day preceding the date of its early repayment to the Depositor for actual calendar days elapsed. The Deposit shall be deemed repaid in the amount of interests accrued and paid to the Depositor in excess of recalculated interest rate.
11. If the Deposit is not demanded after the set term (unless other terms has been set by the mutual agreement of the Parties) by the consent of the Depositor the Deposit repayment term may be automatically prolonged for the previous period (continually, but no more than 3 times) and interest shall be calculated against the date of prolongation of the given type of deposit in the amount of interests set by the Bank. Should the bank terminate the given deposit type , the Deposit repayment term isn’t automatically prolonged and until it is actually demanded the interests on the deposit are calculated in the amount set by the Bank for the monetary funds available on acting bank accounts.
12. Should the Deposit not be required after the expiry of the refund of the Deposit and the Deposit refund period has not been prolonged, the interests on the deposit will be calculated in the amount of interests set forth by the Bank for the monetary means available on bank accounts.
13. The bank shall provide the depositor (Investor) with a statement on their deposit account at the periodicity specified in the Agreement, no later than once a month, through the method of communication specified in the Deposit Agreement or in the Depositor’s application with the exception of cases when over the accounting period the account has not been debited or credited, moreover, to provide a statement on the account within 5 days after such request by the depositor at the tariffs set by the bank.
14. The deposit of third parties cannot be replenished.
    - The authorities of other persons to use and manage the deposit shall be approved should such authorities be issued by a notarized power of attorney or by a written power of attorney made and signed by the depositor in the presence of the Bank’s officer at the bank.
15. In case of contract disputes the depositor shall apply to the Bank in written form and will receive the reply to such request within 10 business days. In case of disagreement with reply, the depositor has the right to apply to the court or to the Financial System Mediator.
16. The bank acts as a tax agent for individual clients. Interest paid on deposits is subject to taxation according to the provisions of Section 7 of the RA Tax Code
17. The deposits are guaranteed according to RA Law “Guaranteeing the Recovery of Deposits of Individuals”

• In case of bank deposits only in Armenian drams, the amount of guaranteed deposit is AMD 16 mln.
• In case of deposits in foreign currency, the amount of guaranteed deposit is AMD 7.0 mln.
• In case of deposits both in Armenian drams and in foreign currency: if AMD deposit exceeds AMD 7.0 mln, only the AMD deposit is guaranteed up to AMD 16 mln.
• In case of deposits both in Armenian drams and in foreign currency: if AMD deposit is bigger than AMD 7.0 mln, the AMD bank deposit is guaranteed in full and the foreign currency bank deposit is guaranteed for the balance of AMD 7.0 mln and recovered AMD deposit.

18. On the purpose of due diligence of the customer envisaged by RA law on “On combating money laundering and terrorism financing”, the financial institution may request additional documents or other information from the consumer based on > principle, as well as ask the consumer additional questions during oral communication(upon such request)

19. In compliance with the agreement signed with USA, to find out whether you are a US tax payer, financial institutions may collect additional information about the agreements, contracts, cooperation, membership signed by financial institutions, which may have a direct impact on the consumers (e.g. Foreign Account Tax Compliance Act (FATCA))

20. “YOU HAVE THE RIGHT TO COMMUNICATE WITH THE FINANCIAL INSTITUTION IN THE WAY YOU PREFER, BY MAIL OR ELECTRONICALLY. RECEIVING INFORMATION ELECTRONICALLY IS THE MOST CONVENIENT. IT IS AVAILABLE 24/7, IS FREE FROM THE RISK OF LOSING PAPER INFORMATION AND ENSURES PRIVACY”.

21. “YOUR FINANCIAL INFORMANT” IS AN ELECTRONIC SYSTEM WHICH SEARCHES AND COMPARES THE SERVICES OFFERED TO INDIVIDUALS AND FACILITATES THE SELECTION OF THE MOST EFFECTIVE OPTION FOR YOU. > www.fininfo.am/avand

22. To place a deposit, the depositor shall submit the below mentioned documents:

• Identification document,
• Document including the public service number (for the RA citizens),
• Additional documents and information may be required due to various circumstances.