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Demand Deposits

Demand deposit



Choose “Demand” deposit offered by the Bank! Interest rate of the deposit is accrued to the daily balance. Besides, you can benefit free plastic cards MasterCard Standard, MasterCard Gold.   


  • Interest rate
    up to 1 %
  • Maturity
    Not defined
  • Minimum amount
    30 000 AMD
  • Maximum amount
    Not defined


The page was updated 12.02.2019 16:56

Demand deposit

Information guide

1. Rates for demand deposits for individuals:

Maturity

Annual simple interest rate

AMD

USD

EUR

RUB

On-demand

1.0%

0.25%

0.15%

0.6%

1. Annual interest rate and the general terms and conditions for deposits exceeding AMD 50 (fifty) million, USD 100 (one hundred) thousand or EUR 100 (one hundred) thousand or RUB 8.5 million shall be agreed and set out additionally.
2. Minimum deposit amount is AMD 30.000 (thirty thousand) or equivalent USD, EUR or RUB, which is to be followed to receive interest specified in clause 1 of this bulletin.
3. During the term of the deposit agreement the depositor may replenish the amount of the deposit on which interest rate determined by the deposit agreement shall apply.
4. Interest accrued to the deposit amount is paid on monthly basis or at the maturity, as specified in the agreement.
5. Upon the request of the depositor the interest amount accrued on the deposit placed in foreign currency may be paid in the currency of the deposit, except those cases stipulated by the CBA. In case of deposit in foreign currency, if the client  hasn’t requested the receipt of the interest amount in the given currency, such interest shall be paid in Armenian drams on the basis of exchange rate applicable by the Bank on the given date.
6. Interest rate is applied towards daily balance on deposit except as otherwise specified in the agreement.
7. Both the depositor and any other third party have the right to replenish the amount of the deposit except as otherwise specified in the deposit agreement.
8. Interest due pursuant to this agreement is accumulated from the following date of placing the Deposit and until the day preceding the withdrawal of the deposit at the maturity or otherwise.
9. The Bank has the right to change interest rates for the demand deposits and funds available on the banking account unilaterally by placing 1 day prior notice on the official website of the Bank.
10. Acting as a tax agent to the Depositor, the Bank has the right to calculate and charge tax on income (10%) from the payment of interests.
11. The Parties settle any disputes around the deposit agreement by means of negotiations or in accordance with RA legislation.
12. Extracts from deposit accounts are provided to the Depositor at least on monthly basis with thirty day periodicity unless other periodicity is stipulated by the agreement or the law.
13. Tariffs for copies of extracts and payment documents, and other information are stipulated according to the validity period of the made transaction, according to the tariffs for provision of extracts of current accounts. (according to the «Tariffs for services rendered to the clients of “ID Bank CJSC”)
14. The Annual Percentage Yield (APY), calculated without tax on income, in case of simple annual interest rate 1% - APY=1,0%.

 

where:
APY – Annual percentage yield,
A –  is the initial deposit principal amount,
ո – is the consecutive number of the deposit related cash flow,
N – is the last number of the deposit related cash flows (including cash flows at the moment the deposit was placed), after which the deposit agreement expires.
Kո – flows of deposit principal and/or capitalized interest and mandatory fees, if there are any, at the moment of deposit placement and/or during its term,
Dո – is the number of days elapsed from the time the deposit was placed untill each n-th deposit-related cash flow inclusively. When cash flows occur on the deposit start date, D1=0.

15. How to calculate APY

Date of deposit  11.12.2017

Amount of deposit AMD 100,000

Annual interest rate  1.00%

Maturity  365 days

Tax on income  10%

Calculated interest  100,000 x 1.00% : 365 x 364 = 997.26

Income tax amount 997.26 x 10% = 99.73

Interest income received by the depositor  897.53 AMD


ATTENTION! THE INTEREST ACCRUED TO THE DEPOSITED AMOUNT IS CALCULATED ON THE BASIS OF NOMINAL INTEREST RATE. THE ANNUAL PERCENTAGE YIELD (APY) SHOWS THE INCOME YOU COULD EARN IF YOU RE-DEPOSITED THE INTEREST.

The page was updated 18.06.2019 15:10
       The following documents should be submitted to the Bank for execution of Demand deposit:

  • ID document,

  • Public service number /reference on non-receiving the PSN
The page was updated 20.11.2017 10:33
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.