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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

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:

Term

Annual simple interest rate

AMD

USD

EUR

RUB

On demand

1.0%

0.25%

0.15%

0.6%

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: 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.
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:
A=∑_(n=1)^N K_n/(1+APY)^(D_n/365
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 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

The page was updated 22.07.2020 13:53
       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.