Flexible deposit

1.  Deposit type - term deposit.

2. The deposit is placed with a term of 733 days.

3.  Accrued interests aren’t compunded and are paid to the depositor monthly.

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 amounts accrue starting from the day the Deposit is placed at the Bank to the day preceding maturity date and repayment to the Depositor

6.  In case of paying foreign deposit  interests 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 required threshold set by this bulletin 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 case if the deposit or a part thereof is requested prior to the deposit maturity period:

• In case the number of the days of the Deposit or a part thereof placed at the bank is less than 90 days, instead of the interest payments defined by Clause 2.1 of the deposit agreement, interests are subject to accrual on the said amount in the amount of 0%. Any interest calculated and actually paid to the Depositor in excess of this amount shall be considered as part of the returned Deposit.
• If the number of days during which the requested deposit or part thereof has been placed in the Bank is 90 days or more, then the interest specified in Clause 2.1 of the deposit agreement shall be calculated and paid to the Depositor from the date of placement until the day preceding its payment.

10.  The Depositor may add additional amounts to the Deposit up to the 90th (included) day preceding the deposit maturity date (to which interests defined under Clause 2.1 of the agreement are accrued), but not exceeding the maximum threshold defined for the Deposit.

11.  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 summary.

12. The Bank cannot unilaterally reduce the interest rate defined by the Agreement during the validity of the Agreement.

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

14. At the periodity defined by the Deposit agreement that cannot excceding a 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. The deposit account statement is provided free of charge.”

15. The deposit cannot be replenished by third parties.

The authority of other persons to use or manage the Deposit of an individual Depositor (including an individual entrepreneur) shall be recognized if such authority is granted by a power of attorney certified by a notary (or persons equated thereto), or by a written power of attorney drawn and signed personally by the Depositor at the Bank and with the certification of an authorized person.

16.  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.

17.  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).

18. 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).

19. The bank acts as a tax agent for individual clients, where the interest paid for placed deposits is subject to taxation according to the procedure and  sizes defined by RA Tax Code.

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

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 TAXPAYER 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.

ATTENTION. “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