|Target group||Physical persons having current or card account in the Bank|
|Opening and maintenance fee||Free|
|Currency||AMD, USD, EUR|
|Minimum amount to be replenished||Not specified|
|Minimum amount of transactions with the account||Not specified|
|Crediting of cash on the account||According to bank account tariffs and general conditions|
|Types of available operations||Account replenishment|
|Transfer from other accounts and online|
|Through bank transfers|
|Transfer to the current or card accounts of the Bank customer|
|Transfer from saving account to other accounts of the same customer||Free|
|Annual nominal interest rate||AMD 5%|
|ՏHow to calculate interests||If nothing else is anticipated by the agreement, the interest is calculated with regard to the daily balance of the account|
|No interest will be calculated on the daily balance if the account of that date is less than AMD 50.000, USD 100 or EUR 100|
Termless Saving account is opened.
The saving account may be closed without the application of the Account holder, if no transactions have been carried out through the account over one year, and the balance of which is zero.
The rights and obligations of the Parties with regard to opening, maintenance and service of saving accounts shall be established by appropriate agreement.
Interest accumulated on the saving account shall be accrued on monthly basis.
Interest accrued on saving account denominated in foreign currency is paid in the same currency in which the saving account was opened.
If the interest on funds deposited in foreign currency is paid in Armenian dram, then the calculation is carried out according to the purchase exchange rate set by the bank as of the given date.
Interest due on saving account will be accumulated from the day following the date of acceptance of the funds on the Account and until the day preceding the day of return of the funds to the customer or withdrawal on other grounds.
Acting as a tax agent, the Bank shall have the right to calculate and charge tax on income (10%) from the payment of interests to the funds on Saving account
Interest due on the saving account is calculated on the basis of nominal interest rate, and the annual percentage yield shows the payable revenues, in case you re-deposited the interest received on your deposit.
Annual percentage yield (APY) less tax on income, calculated at 5% annual interest rate, is APY=5.12%:
APY is the Annual percentage yield,
A – is the deposit principal amount,
ո – is the consecutive number of the deposit related cash flow,
N – is the last number of the deposit related to cash flows (including cash flows at the time the deposit was put), after which the deposit agreement expires
Kո – flows of mandatory fees, if invested deposit and/or capitalized interest are available 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.
How to calculate annual percentage yield
Deposit start date 01.08.2018
Principal amount 100,000 AMD
Annual interest rate 5.00%
Maturity 365 days
Size of the tax on income 10%
Calculated interest amount 100,000 x 5.00% : 365 x 364 = 4986.3
Tax on income 4986.3 x 10% = 498.6
Interest income received by the customer 4487.7 AMD
Withdrawal of the funds from the account of the customer is made no later than the banking day following the day when the customer presented the payment instruction to the Bank.
Bank- Client system allows making BANKMAIL and SWIFT transfers from the saving account.
Funds shall be credited on the account of the Customer no later than the banking day following the day when payment document has been presented to the Bank.
Extracts from saving accounts are provided to the Account holder at least within thirty day periodicity, by the method chosen by the customer:
- Through e-mail
- Post mail
The Bank has no obligation to provide the account holder extracts from the account, unless the given account was debited or credited within the reporting period.
Tariffs for providing duplicates of payment documents and extracts with regard to account management are established according to “Tariffs” applicable by the Bank.
Any provisions not specified herein shall be regulated by the tariffs for services rendered by “ID Bank” CJSC.
The Bank has the right to unilaterally change the simple interest rates for the funds available on Saving account by giving 15 days prior notice to the Account holder․
- Any claim arisen between the Parties can be submitted to the Financial System Mediator (to be resolved in a manner as described in the RA Law on Financial System Mediator), or financial Arbitrage (in the manner prescribed by the RA Law on Financial Arbitrage).
- The right of the account holder to manage the bank account and funds available on it may be restricted by court decision, based on the application presented by the bodies of mandatory enforcement of judicial acts or tax authorities.
- Forfeiture of funds from the account without the instruction of the account holder may be performed on the basis of application presented by the bodies of mandatory enforcement of judicial acts or tax authorities․
- For each working day the Bank sets foreign exchange rates, applicable by the Bank during work hours. Customers using distant services of the Bank on non-working days (including Saturdays and Sundays) shall make currency exchange according to the rates available on the official website of the Bank.
- Return of funds available on the saving account is guaranteed according to the RA Law “On “Guarantee of Remuneration of Bank Deposits of Physical Entities”.
Remuneration of the bank deposits of physical persons is guaranteed by the “Deposit Guarantee Fund of Armenia” in the amounts due for remuneration, particularly:
|Remuneration of “ID Bank” CJSC deposits of physical persons is guaranteed by the “Deposit Guarantee Fund of Armenia” in the amounts due for remuneration, particularly|
|Currency||If you hold only a dram denominated bank deposit||If you hold only a foreign currency denominated bank deposit||If you hold dram and foreign currency denominated bank deposits|
|If the dram deposit amount exceeding five million Armenian drams||If the dram deposit amount doesn’t exceed five million Armenian drams|
|Maximum amount of guaranteed deposit||10 million Armenian dram||5 million Armenian dram||10 million Armenian drams (only the dram denominated deposit will be guaranteed)||5 million Armenian drams (dram denominated bank deposit will be guaranteed entirely, and the foreign currency denominated bank deposit - for the difference between five million Armenian drams and the remunerated dram denominated bank deposit)|