Child deposit

1. The type of child deposit – term.
2. The interests on the deposit accrue from the moment the deposit is placed with the Bank till the day preceding its recovery to the Depositor.
3. The interest shall be capitalized once a year (on January 10th) and be accrued to the deposit amount. The interest amount continues to accrue towards the total deposit amount from the day of entering amounts.
4. The interests are calculated based on the balance of the placed deposit amount, as well as based on the added amounts and capitalized interests to the deposit balance during the agreement term period. The calculation is made based on the actual number of days in a year: 365 days, and 366 days for a leap year.
5. The deposit can be accrued at any time and with any amount up to the 60th day prior to the expiry date of the deposit.
6. In case of requiring the deposit or a part thereof before the term mentioned in the agreement, accrued interests are paid to the customer, except for the period between the last accrual date and the deposit requirement date, for which interests are calculated at 0%. 
7. Should the deposit not be demanded after the expiry of the Deposit term, interest on it shall accrue at the rates set for the monetary funds available on bank accounts, until the deposit is actually demanded. 
8. The Bank shall provide the Depositor (Investor) with a statement on their deposit account at the periodicity specified in the Agreement, but not less than once a month, through the method of communication specified in the Deposit Agreement or in the Depositor’s application, except for cases when during the reporting period the account has not been debited or credited. Moreover, the Bank shall provide a statement on the account within 5 days upon such request by the Depositor, at the tariffs set by the Bank. 
   The statement of the deposit account is provided free of charge.
9. Based on long-term cooperation between the Bank and a customer, the volume of the customer’s transactions and other reasonable grounds, the Bank may apply other tariffs and terms which are defined by other documents and/or additional agreements, contracts. 
10. The deposit cannot be replenished by third parties.
    - The authorities of other persons to use and manage the deposit shall be approved, provided such authorities are issued by a notarized power of attorney or by the Depositor at the Bank in the presence of the Bank’s officer, and confirmed and signed by a written power of attorney. 
11.  In case of contract disputes, the Depositor applies to the Bank in written form and receives a reply to the application within 10 business days. In case of disagreement, the Depositor has the right to apply to the court or the Financial System Mediator. 
12. There is no limit for the placement of the minimum initial amount of the child deposit. 
13. 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.

14. 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.ATTENTION.

15. “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 - https://www.fininfo.am/avand

To place a deposit, the Depositor and the minor shall submit the below mentioned documents:

• Identification document of the Depositor (or his/her representative) and the minor child,
• Document containing the public services number (PSN) of the Depositor (or his/her representative) and the minor child (for foreign citizens, if available), or
• Certificate confirming the absence of a public services number,
• Opening of a bank account in the Depositor’s name in the relevant currency (if the Depositor does not already have a bank account in the relevant currency). The opening and maintenance of the bank account are carried out in accordance with the General Terms and Conditions for the Provision of Banking Services and the Information Summary “Opening, Maintenance of Accounts and Other Services” (available at https://www.aeb.am/uploads/hashiv_bacum_spasarkum_ampopagir.pdf). If, at the time of placing this deposit, the customer does not have a bank account in the relevant currency at the respective branch, the account opening fee shall be waived.
• 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)՚