- 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.
Deposits with ARARATBANK are guaranteed by the “Deposit Guarantee Fund”. Deposits (accounts) in AMD as well as in foreign currency invested by individuals and private entrepreneurs are guaranteed. Maximum amount of deposits in AMD to be guaranteed is AMD 10 million, and maximum amount of deposits in foreign currency is AMD 5 million. No actions are required from the DEPOSITOR to guarantee their deposits. Deposits are deemed as guaranteed from the moment they are placed.