up to 1 %
30 000 AMD
Approved by resolution N 178-L of the
Management Board of “ID Bank” CJSC
as of 14 May, 2020
Applied since 25 May, 2020
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 “DEMAND” DEPOSIT
1. Define the annual interest rates for “ID Bank” CJSC demand deposits attracted from physical entities as follows:
Annual simple interest rate
1. Terms and conditions of annual interest rate and service for deposits exceeding AMD 50,000,000 (fifty million), USD 100,000 (one hundred thousand), EUR 100,000 (one hundred thousand) RUB 8.500.000 (eight million and five hundred thousand) are defined upon additional agreement.
2. Minimum amount of the deposit is AMD 30.000 (thirty 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 deposit agreement the depositor can replenish the deposit amount against which interests defined by the deposit agreement apply as well.
4. Interest accrued on the deposit is paid on monthly basis or at the end of term according to the agreement.
5. Irrespective of the currency of the deposit a bank account in AMD is opened․
6. Upon the request of the depositor the interest amount accrued on the deposit in foreign currency may be paid in the currency of the deposit, except for cases stipulated by RA Central Bank. In case of foreign currency deposits, unless the client requested receipt of interest amount in the given currency, such interest is paid in AMD at the foreign currency exchange purchase rate of the given currency defined by the Bank at the moment of payment.
7. The Interest is calculated on the daily balance of the deposit unless otherwise specified by the agreement.
8. Funds received from third parties can also be deposited to the deposit account in the name of the depositor by providing the necessary information on the deposit account unless otherwise specified by the agreement.
9. 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
10. 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.
11. Refundability of deposits is guaranteed by the RA Law on “Guarantee of Remuneration of Bank Deposits of Physical Entities”.
|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 in AMD and in foreign currency in the same bank|
|If the deposit in AMD exceeds 5 million AMD||If the deposit in AMD is less than 5 million AMD|
|Maximum amount of guaranteed deposit||10 million AMD||5 million AMD||10 million AMD (only the deposit in AMD is guaranteed)||5 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 five million AMD and the bank deposit in AMD subject to reimbursement)|
12. 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.
13. Disputes arising within the scopes of the deposit agreement are settled through negotiations between the parties. 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: email@example.com (or, in case of an arbitration agreement between the Bank and the client, to the corresponding arbitration tribunal) or to the RA Central Bank.
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. Remote service by the Bank is provided throughthe IDBanking online system. The order and tariffs on rendering remote service are presented in “Public terms on remote banking services”.
15. 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.
16. Deposit account statements are provided to the client at least once a month at a 30-day interval unless other term is defined by the agreement or by law.
17. The depositor will be charged a commission fee according to the tariffs defined by the Bank in case of cash withdrawal of those funds that were credited to the depositor’s bank account in non-cash form according to the “Tariffs for bank accounts, transfers and other services rendered by “ID Bank” CJSC”.
18. 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”).
19. 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.
20. The annual percentage yield of “Demand” deposit is available: Annual percentage yield of “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:
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 included. In case cash flows occur at the moment of opening a deposit, D1=0.
21. Example of annual percentage yield calculation:
|Deposit opening date: 11.12.2017|
|Deposit amount: 100,000 AMD|
|Annual interest rate: 1.00%|
|Deposit term: 365 days|
|Income tax: 10%|
|Calculated interest amount: 100,000 x 1.00% : 365 x 364 = 997.26|
|Income tax: 997.26 x 10% = 99.73|
|Interest income received by the depositor: 897.53 AMD|
22. The following documents must be submitted to the Bank to place a deposit:
- Identification document
- Public Services Number or a reference on not having received a PSN.
23. 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.
24. 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.:
25. 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.
26. 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
Public service number /reference on non-receiving the PSN