- Interest rates for deposits of AMD 80,000,000 and over or equivalent in foreign currency shall be set by agreement.
- Frequency of interest payments – monthly, quarterly, or at the end of the term, may be chosen by the customer.
- The depositor shall be issued MasterCard Standard free of charge, with no annual service fee and no minimum balance requirement.
** Accrued interest amount is taxable by income tax pursuant to the Armenian Law on Income tax, whereas the BANK shall act as a tax agent for income tax.
If the DEPOSITOR does not claim the DEPOSIT after the maturity date, the BANK shall transfer the DEPOSIT amount to the account opened in the DEPOSITOR’s name and any interests shall accrue thereon at the rates applicable in the BANK. If the DEPOSITOR does not get the interests within the preset term, the BANK shall transfer the DEPOSIT amount to the account opened in the DEPOSITOR’s name and any interests shall accrue thereon at the rates applicable in the BANK.
Interest amounts on term deposits shall be calculated based on nominal (simple) interest rate. Annual interest rate of deposits shows the amount of income to be received by the DEPOSITOR after making mandatory payments under the deposit.
Deposits with ARARATBANK are guaranteed by the"Deposits Compensation Guarantee Fund". Both deposits (accounts) in Armenian drams and in foreign currency of either individuals or entrepreneurs are guaranteed. Maximum guaranteed amount for deposits in Armenian drams is 10 million drams, and 5 million drams for deposits in foreign currency. No actions shall be taken by the depositor to guarantee his deposit. From the moment the amount is deposited it is deemed guaranteed.
Metal accounts are not reimbursed by the Deposit Guarantee Fund.