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Demand deposit

Demand deposit



Choose “Demand” deposit offered by the Bank! Interest rate of the deposit is accrued to the daily balance.    


  • Interest rate
    up to 1 %
  • Maturity
    Not defined
  • Minimum amount
    100 000 AMD or equal foreign currency
  • Maximum amount
    Not defined


The page was updated 31.05.2018 10:53

Business-Demand deposit

Information guide

Approved by resolution N 151-L of the
Management Board of “ID Bank” CJSC
as of April 1, 2021
Applied since April 27, 2021

 
The terms mentioned in the bulletin may have been  amended.
If you are looking through the bulletin on the website of the Bank, please pay attention to the action date of the information bulletin.
If you are looking  through  the bulletin at the premises of the Bank or in a paper  form, please visit  the Bank’s website  www.idbank.am  for detailed information (paying attention to the  action date of the information bulletin), apply to any branch of the Bank or contact  the  Bank’s  Call center  at  010 59 33 33 or  060 27 33 33.

INFORMATION BULLETIN
OF “BUSINESS DEMAND” DEPOSIT
(for legal entities and private entrepreneurs)


1. Define the annual interest rates for “ID Bank” CJSC demand deposits attracted from legal entities (including private entrepreneurs): 

Term Simple annual interest rate
AMD USD EUR Rubles
On demand 1% 0.25% 0% 1%

2. Minimum amount of the deposit is AMD 100.000 (one hundred thousand) or equivalent in USD, EUR or RUB, which must be met in order to receive the interest mentioned in paragraph 1 of this bulletin.
3. During the term of the agreement, the depositor can add and subtract the amount of the deposit and the  interest defined by the agreement is calculated on the daily balance of the deposit unless otherwise specified by the agreement.
4. Interest accrued on the deposit is paid on monthly basis or within the period defined by the agreement.
5. The Depositor can be a physical entity holding a current, card, savings or special bank account with the Bank who has entered into or wants to enter into a Bank deposit agreement with the Bank.
6. Interest accrued on the bank deposit amount is accrued for the calendar days within the period  from  the date of acceptance of the Deposit until returning it to the depositor or  until the day which precedes the day of writing off the depositor's account on other grounds.
7. At the moment of signing the deposit agreement upon the request of the depositor the interest accrued on the deposit during the term of the deposit agreement may be added (capitalized) to the amount of the deposit at the frequency of payment of interest if provided by the agreement.
8. The Bank has the right to unilaterally change the interest rates for the demand deposits and funds available on the banking account by publishing them on the official website of the Bank 15 (fifteen) days before they come into force.
9. Disputes arising within the scopes of the deposit agreement are settled through negotiations between the parties as well as in the order defined by RA legislation.
10. The Client has the right to communicate with the Bank through a preferred means of communication: e-mail or regular post. The electronic means of communication is the most comfortable. It is available in 24/7 regime and is free of the risk of losing information in paper as well as ensures confidentiality.
11. The tariffs for provision of copies of deposit account statements and payment documents as well as other information are defined according to expiry dates of concluded transactions, in the amounts of tariffs for provision of current account statements (according to the “Tariffs for bank accounts, transfers and other services rendered by “ID Bank” CJSC”).
12. Statements from deposit accounts are provided at the frequency specified by the client or in the deposit contract, which should not exceed one month.
13. In case of deposits attracted from private entrepreneurs the following provisions apply in addition to the abovementioned:
1) Refundability of deposits is guaranteed by the RA Law on “Guarantee of Remuneration of Bank Deposits of Physical Entities”.
2) Remuneration of bank deposits of physical entities is guaranteed by “Deposit guarantee fund of Armenia” in the deposit amounts subject to remuneration, particularly:

Remuneration of bank deposits of physical entities is guaranteed by “Deposit guarantee fund of Armenia” in the deposit amounts subject to remuneration, particularly:
Currency structure of deposit If you hold only a bank deposit in AMD in the same bank If you hold only bank deposit in a foreign currency in the same bank If you hold bank deposits both AMD and foreign currency in the same bank
If the deposit in AMD exceeds 7 million AMD If the deposit in AMD is less than 7 million AMD
Maximum amount of guaranteed deposit 16 million AMD 7 million AMD 16 million AMD (only the deposit in ADM is guaranteed) 7 million AMD (the bank deposit in AMD will be guaranteed in full, and the bank deposit in a foreign currency will be guaranteed in the amount of difference between 7 million AMD and the bank deposit in AMD subject to reimbursement)

3) The Bank reserves the right of a tax agent to calculate and pay income tax (10%) from interest received against deposit as defined by law.
4) The Depositor has the right to submit claims arising within the scopes of the deposit transactions to the Financial System Mediator (in an order defined by RA law on “Financial System Mediator”) located at Elite Plaza” Business Center, 7th floor, 15 Khorenatsi str., Yerevan 0010, Armenia, tel. (+374 60) 70-11-11. Fax (+374 10) 58-24-21, e-mail: info@fsm.am (or, in case of an arbitration agreement between the Bank and the client, to the corresponding arbitration tribunal) or to the RA Central Bank.
5) The Bank is obliged to provide the depositor with a final response within 10 (ten) business days after receipt of complaint-claim. In case of disagreement with the Bank’s final written response or failure to receive any response from the Bank within 10 (ten) business days after receipt of the complaint–claim by the Bank, the depositor reserves the right to submit its claim to the Financial System Mediator within 6 months. Moreover, in case  the amount of the property claim does not exceed 500,000 (five hundred thousand) AMD or equivalent in foreign currency, the decisions of the financial system cannot be challenged by the Bank.
14. ATTENTION – INTEREST ON FUNDS AVAILABLE ON  YOUR ACCOUNT IS CALCULATED BASED ON THE NOMINAL INTEREST RATE. AND THE ANNUAL PERCENTAGE YIELD INDICATES THE INCOME OF THE CLIENT TO BE RECEIVED AS A RESULT OF MAKING MANDATORY DEPOSIT PAYMENTS AND RECEIVING THE EARNED INTEREST AMOUNTS AT DEFINED INTERVALS. THE ORDER OF CALCULATION OF ANNUAL PERCENTAGE YIELD is available: Annual Percentage Yield Calculation. 
15. The annual percentage yield of “Business Demand” deposit is available: Annual percentage yield of “Business Demand” deposit, moreover, the annual yield (APY) of the deposit can change depending on the days of the deposit term. The calculation is performed according to the following formula:
  where:
APY is the annual percentage yield,
A is the initial deposit amount,
ո is the serial number of cash flow against deposit,
N – the last number of cash flows against the deposit (including cash flow at the moment of opening the deposit) after which the deposit agreement term is considered to be expired.
Kո – flows of capitalized interest amounts at the moment of opening a deposit and/or deposit opened during the term of the deposit, as well as mandatory payments if any.
Dո – the number of days between the date of opening a deposit and each n-th deposit-related cash flow inclusive.
16. The following documents must be submitted to the Bank to place a deposit:
Identification document of the person acting in the name of the legal entity
Identity document in case of P/E depositor 
17. For the purpose of proper study of the client as defined by RA law on “Combating money laundering and terrorism financing” the Bank may require additional documents or information based on “Know Your Client” principle.
18. According to the agreement with the USA, based on the Foreign Account Tax Compliance Act (FATCA), the Bank may collect additional information for the purpose of identification of the fact of the client being a US taxpayer.
19. Account Holder's rights to manage the bank account and funds therein can be limited by a court decision based on applications submitted by judicial acts compulsory enforcement authorities or tax authorities.
20. Confiscation of funds from the account without the Account Holder’s instruction can be performed by a court decision based on applications submitted by judicial acts compulsory enforcement authorities or tax authorities.  

ATTENTION! THE BANK IS CONTROLLED BY THE RA CENTRAL BANK

The page was updated 22.06.2021 12:59
The following documents should be submitted to the Bank for execution of Demand deposit:

  • The person authorized by the Account holder – legal entity must present the following documents for opening (re-opening) account

  • Copy of document on state registration of the account holder

  • Taxpayer identification number or other equal number (for non-resident account holders), if any

  • Copy of document on appointment of person entitled to represent the legal entity without power of attorney (not presented if agreed by the Central Depositary),

  • Copy of identification document of the person representing the legal entity (passport or ID)

  • Original or copy of the document confirming authorities of the person representing the legal entity on the basis of Power of attorney.

The page was updated 29.11.2017 14:05
Attention: The Bank does not bear any responsibility for the inaccuracy of information on the linked web sites, nor does it accept any responsibility for the advertisements therein or possible consequences arising out of use of information provided on the linked web-sites. In case of any discrepancies in the website materials in Armenian, Russian and English languages, the Armenian version is prevailing.