Classic deposit

1 Deposit type - term deposit.

2.    The deposit is placed with a term of a minimum 91 days and maximum 1095 days.

3.    Accrued interests aren’t compounded and are paid to the depositor monthly or at the end of deposit term.

4.    Interest is calculated based on the balance of the placed deposit amount.The calculation is based on the number of days of the year - 365 days and 366 days for leap years.

5.    Interest on the Deposit is accrued from the day the Deposit is accepted by the Bank until the day preceding its repayment to the Depositor.

6.   In case the interest on a foreign currency deposit is paid in AMD under the deposit agreement or in accordance with the Depositor’s application, the conversion is made on the day preceding the interest payment at the average currency exchange rate formed in the currency market and published by the Central Bank of the RA.

7.    No additional interest is accrued on earned interest in case the interest payments are not collected by the Depositor.

8.   The placed deposit balance cannot be less than the minimum threshold applicable under this summary for this deposit type, as well as the placed deposit/balance cannot be greater than the maximum threshold, except for the cases defined by the mutual consent of the deposit agreement parties.

9.   In the event that the Deposit or any part thereof is requested prior to the maturity date specified in the deposit agreement and is returned with the Bank’s consent, interest on the Deposit or the requested part thereof shall be calculated at an annual interest rate of 0% instead of the interest rate specified in Clause 2.1 of the deposit agreement. If the interest specified in Clause 2.1 of the deposit agreement has already been paid to the Depositor, the Deposit shall be deemed returned in the amount of the interest already paid.

10.If the Deposit is not claimed on the maturity date (uunless another repayment term has been agreed upon by the parties), in case of consent in the deposit agreement, the deposit repayment term may be automatically extended for the same period as the previous term (on a continuous basis, but not more than three times), and interest shall accrue on the Deposit at the rates established by the Bank for that type of deposit as of the date of extension.If the given type of deposit has been terminated by the Bank, the deposit repayment term shall not be automatically extended, and until the Deposit is actually claimed, interest shall accrue on the Deposit at the rates established by the Bank for funds held in bank accounts.

11.If the Deposit or any part thereof is requested during the extended term of the agreement, the interest stipulated by the deposit agreement shall be paid for the previous term(s), and for the given term, interest on the Deposit or the respective part thereof shall be calculated and paid in accordance with the Clause 9 of this summary.

12.In the event of a request for early withdrawal of the Deposit or any part thereof after a replenishment of the Deposit, the amounts initially deposited shall be returned first in chronological order, followed by the additional contributions, in accordance with the provisions of Clause 9 of this bulletin.

13.The Bank cannot unilaterally reduce the interest rate defined by the Agreement during the validity period of the Deposit Agreement.

14.If the Deposit is not claimed after its maturity date, and if the Deposit is not extended, interest shall accrue on it until it is actually claimed, at the rate set by the Bank for funds held in bank accounts.

15.At the frequency specified in the Deposit Agreement, which shall not exceed one month, the Bank provides the Depositor with a statement of the deposit account in the manner specified in the deposit agreement or upon the Depositor’s request, except in cases where the account has not been debited or credited during the reporting period. Upon the Depositor’s request, the Bank is obliged to provide an account statement within 5 days at the fees defined by the Bank,moreover,.

·         The statement is provided to legal entity clients in accordance with the tariffs defined for statement provision under the information bulletin of “Account opening, servicing and other services (you may learn them at: https://www.aeb.am/hy/conditions-and-tariffs )

16.The deposit cannot be replenished by third parties.

Authorities of other persons to use or manage the Deposit of a legal entity Depositor shall be accepted if such authority is granted under a written power of attorney executed with the signature of the competent body (authorized person) of the legal entity and the seal of the legal entity (where a seal specimen is included in the card of specimen signatures and seal impressions).

17.The Client may submit questions, suggestions, complaints, or claims to the Bank in writing, to which the Bank shall provide a response within 10 business days.

18.The Client may submit complaints and claims to the Financial System Mediator of the Republic of Armenia in accordance with the procedures, cases, and conditions established by the RA Law “On the Financial System Mediator.” The Bank has waived its right to challenge the decisions of the Financial System Mediator where the amount of the property claim does not exceed AMD 100,000 (one hundred thousand).

19.  If disputes arising between the Client and the Bank are not resolved through negotiations, they may be settled through arbitration or by a competent authority of the Republic of Armenia (RA courts, RA notaries, in the manner and cases prescribed by RA legislation).

20.    The interest paid to the Depositor shall be taxed in accordance with the rates established by the legislation of the Republic of Armenia.

21.    Individually, a different nominal annual interest rate and/or other deposit terms may be established by agreement of the parties

To place a deposit with the bank, the Depositor shall submit:

• • Identification document of the authorized person
  • Opening of a bank account in the relevant currency (if the customer does not already have a bank account in the respective currency). The opening and servicing of the bank account shall be carried out in accordance with the General Terms and Conditions for the Provision of Banking Services and the Information Summary on “Account Opening, Maintenance and Other Services” https://www.aeb.am/uploads/hashiv_bacum_spasarkum_ampopagir.pdf). 
  • Depending on various circumstances, additional documents and information may be required.

   

   

ON THE PURPOSE OF DUE DILIGENCE OF THE CUSTOMER ENVISAGED BY RA LAW ON “ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING”, THE BANK MAY REQUEST ADDITIONAL DOCUMENTS OR OTHER INFORMATION FROM THE CONSUMER BASED ON <<KNOW YOUR CUSTOMER>> PRINCIPLE, AS WELL AS ASK THE CONSUMER ADDITIONAL QUESTIONS DURING ORAL COMMUNICATION.

IN COMPLIANCE WITH THE AGREEMENT SIGNED WITH USA, TO FIND OUT WHETHER THE CUSTOMER IS  A US TAX PAYER, THE BANK MAY COLLECT ADDITIONAL INFORMATION FROM THE CUSTOMER BASED ON FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA).

TO DETERMINE THE CIRCUMSTANCE OF A CUSTOMER BECOMING A TAX RESIDENT OF ANOTHER COUNTRY, THE BANK MAY ALSO COLLECT ADDITIONAL INFORMATION FROM THE CUSTOMER BASED ON UNIFIED REPORTING STANDARD PUBLISHED BY ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD)՚

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.