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 Visa Classic, Visa Electron, Visa Gold, Cirrus/Maestro, 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 28.05.2018 18:39

Demand deposit

Information guide

1. Rates for demand deposits for individuals:

Maturity

Nominal annual interest rate

AMD

USD

EUR

RUB

demand

1.0%

0.25%

0.15%

0.6%

2. 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.
3. Minimum deposit amount is AMD 30.000 (thirty thousand) or equal USD, EUR or RUB, which is to be followed to receive interest specified in clause 1 of this guide.
4. 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.
5. Interest accrued to the deposit amount is paid on monthly basis or at the maturity, as specified in the agreement.
6. Interest rate is applied towards daily balance on deposit unless otherwise specified in the agreement.
7. Both the depositor and any other third parties willing to replenish the amount of the deposit shall have the right to do so unless otherwise provided by the deposit agreement.
8. Interest due pursuant to this agreement shall be accumulated from the day following the date of acceptance of the Deposit and until the day preceding to the day of withdrawal of the deposit at the maturity or otherwise.
9. The Bank shall have the right to unilaterally change the interest rates for the demand deposits and funds available on the banking account by placing 15 (fifteen) days prior notice addressed to the depositor.
10. Acting as a tax agent to the Depositor, the Bank shall have the right to calculate and  charge tax on income (10%) from the payment of interests.
11. The Parties shall settle any disputes hereunder by negotiations or in accordance with applicable 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. Copies of extracts and payment documents, and other documents are provided to the Depositor against the fees established by "ID Bank" CJSC.
14. The Annual Percentage Yield (APY), calculated without tax on profit, in the terms 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 of the deposit related cash flows (including cash flowsat the time the deposit was put), after which the deposit agreement expires,

Kո - flows of deposit principal and/or capitalized interest and mandatory fees, if any, at the deposit start date and/or during its term,

Dո - is the number of days elapsed from the time the deposit was made till each n-th deposit-related cash flow inclusively. When cash flows occur on the deposit start date, D1=0.

15. Examples of calculation of APY:

Amount of deposit: 100 000 AMD

Annual interest rate: 1,0%

Term of deposit: 365 days,

Value of tax on income: 10%

Calculated interest:                 

100.000 x 1,0% : 365 x 364 = 997.26

Tax on income:                                      

997.26 x 10% = 99,73

Tax on income:             

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 31.05.2018 09:01
       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.