Standart Time Deposits
Information Bulletin of Standart Time Deposits
General conditions
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INFORMATION BULLETIN | |||||
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Standard Time Deposits | |||||
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Deposit period |
Interest Payment |
AMD
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USD EUR
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RUR
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From 50 000 to 50 million |
From 100 to 10.000 |
From 10.001 to 100 000 |
From 50 000 to 50 million | ||
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From 30 to 90 days |
At the end of the term |
4.0 |
2.0 |
2.0 |
2.0 |
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Monthly |
3.0 |
2.0 |
2.0 |
2.0 | |
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From 91 to 182 days |
At the end of the term |
6,5 |
3.0 |
3.0 |
3.0 |
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Monthly |
6.0 |
3.0 |
3.0 |
3.0 | |
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From 183 to 270 days |
At the end of the term |
7,0 |
4.0 |
4.0 |
4.0 |
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Monthly |
6,5 |
4.0 |
4.0 |
4.0 | |
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From 271 to 364 days |
At the end of the term |
7.5 |
5.0 |
5.0 |
5.0 |
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Monthly |
7.0 |
5.0 |
5.0 |
5.0 | |
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From 365 to 550 days |
At the end of the term |
8,0 |
6.0 |
6.0 |
6.0 |
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Monthly |
7.5 |
6.0 |
6.0 |
6.0 | |
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Interest payment is made to the depositor’s banking or card account by the depositor’s request: at the end of the term or monthly. | |||||
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In case of deposits placed for over 365 days period and to the sum exceeding 50 million AMD or equivalent in foreign currency, the interest rate is approved by the decision of the Executive Board of “Unibank” CJSC on an individual basis. | |||||
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1 |
Tariffs and fines 1. In case of preterm annulment of the deposit contract on the depositor’s initiative: a/ from the sum available on the depositor’s banking account paid interest is charged in case monthly interest payment is stipulated by the deposit contract, b/ interest, accrued on the deposit amount and transferred to the depositor’s banking account, are not paid in case the deposit contract stipulates interest payment at the end of the term . 2. In case of preterm annulment of the deposit contract interest is accrued to the actual daily remainder of the deposit amount. For the remainder on the banking accounts of resident physical persons in foreign currency, annual interest rate 0.01% is valid, and in AMD – 0.1% for the real period of placement in the bank. The bank is entitled to change the interest rate being accrued to the sum on the banking account in accordance with the tariffs and rates approved by the Board of Unibank CJSC. 3. In case of discharge or preterm annulment of the deposit contract, status of the deposit is not changed to the “client”, in other words, the depositor has valid deposits, annual payment for account service and minimum remainder of the banking account are not charged from the depositor. 4. In case of discharge or preterm annulment of the deposit contract, status of the deposit is changed to the “client”, in other words, the depositor has not valid deposits and do not want to close the account in the Bank, annual payment for account service and minimum remainder of the banking account are charged from the depositor, valid at that moment in the Bank. | ||||
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2 |
Information about interest rates
1 Annual interest rate - interest rate determined by the deposit contract in annual segment, according to which are accrued interest rates paid to the depositor.
Interest calculation formula for the present deposit product:
DT * Y / 365 * Дней – 10% ((income tax),
where
DT – sum of placed deposit
Y – annual interest rate
Days – number of days for which the deposit is placed, taking into consideration paragraph 1 of article 907of Civil Code of Republic of Armenia, according to which deposit interest is not accrued on the day of placement and recall of the deposit.
Example 1
Deposit term - 365 days
Deposit sum - 50 000 AMD
Annual interest rate - 8%
50 000 * 8 /100 / 365 * 363 -10% = 3 580.2 AMD
2. Annual interest income (APY) – annual interest income on deposit in case of making compulsory payments by the investor as well as at capitalization of interest. APY= (1+r/n)n -1 Where
APY- annual interest income
r- annual interest rate
n- frequency of capitalization sum of interest rate during the year
If interest is paid monthly n =12 , then
APY= (1+0.08/12)12 -1,
APY=0.082999*100=8.29%
If interest is paid at the end of term n =1 , then
APY= (1+0.08/1)1 -1,
APY=0.08*100=8%
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Additional information
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Additional information
1. According to point 2 of the law of RA “About currency exchange regulations and currency controls” interest payment on financial opertions is made in AMD. Interest is accrued daily. If the deposit is placed in foreign currency, the interest is paid according to the settlement rate fixed by the CBA on the day of payment. 2. Interest accrued to the deposit is subject to taxation (income tax) at the rate of 10%, according to the legislation of RA. The depositor is paid the sum less the tax. 3. If the deposit contract term coincides with holiday and/or week-end, the term is the subsequent working day. 4. The deposits placed in the bank are guaranteed by the Deposit Guarantee Fund, in accordance with the legislation of RA. The procedure of guaranteed deposits calculation is fixed by the central bank of RA. The guaranteed deposits limits are as follows:
All the deposits in AMD placed in the same bank are considered to be one deposit, all the deposits in foreign currency are also considered to be one deposit. The joint deposit is a separate deposit in proportion to the share fixed in the contract. 5. For opening the deposit account it is obligatory to have banking account. For placing the deposit in foreign currency, besides opening banking account in foreign currency, it is obligatory to open banking account in AMD for accruing deposit interest according to the legislation of RA. Account service fee is charged in accordance with the tariffs and rates of the bank and is stipulated by point 2.4 of the service contract. 6. Please get any further information contact hot line at 59 55 55. |
Information about the client’s rights protection
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Information about the client’s rights protection
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Updated: 27/02/12 10:10
