Children's deposit

For your child's careless future, we suggest investing in a Child’s deposit. Child’s term deposit is accepted from individuals, provided that they are invested in the name of the children.

1. The deposit is accepted from individuals in favor of children under the condition of making a deposit from 2 years until the child turns 18.

2. Both legal representatives of children (parents, guardians) and third parties can act as depositors.

3. Interest payment or capitalization is carried out at annual intervals.

4. The deposit can be replenished (added) starting from a minimum of AMD 40,000 or USD 100. If the total amount of additions exceeds 5,000,000 AMD or 10,000 USD within a month, a decision of the Bank's Board is necessary. During the last 3 (three) months of the validity of the deposit contract, replenishment of the deposit amount is not allowed.

5. Term deposits opened in favor of children are managed by the child's legal representatives or third parties, in cases provided by law, until the child turns 18 years of age.

6. In case of termination of the contract within 2 years from the date of signing, the deposit interest is recalculated at the annual interest rate of AMD 0.5%, USD 0.1%. After 2 years, the interest amounts calculated until the last capitalization (payment) are kept and for the period after the capitalization (payment) interest is recalculated at the annual interest rate of 0.5% in AMD and 0.1% in USD.

7. After 2 years from the date of conclusion of the contract and every subsequent year thereafter, the interest rate of the Deposit is reviewed based on the relevant currency interest rate set for the 366-day term of the "Classic" Deposit in the Bank at the time of the review.

8. Partial deduction of the deposit amount is not allowed.

Additional conditions

1. At the request of the RA citizen depositor, the Bank can issue a payment card without charging an annual service fee.

2. According to the amount of the deposit the types of payment cards provided are as follows:

In case of expiration of the term of the deposit or early termination of Deposit contract by the depositor the service of the payment card issued for the deposit continues to be carried out without charging an annual service fee until the end of the service period of the payment card, except for the Visa Infinite payment cards issued for the deposit. In case of early termination of the Deposit contract by Visa Infinite payment card cardholders or expiration of the Deposit period the Visa Infinite payment card issued for that Deposit is also closed or at the Client’s request it operates according to the tariffs and rates currently in effect in the Bank.

Amount of annual percentage yield of the deposit

The annual percentage yield according to the types of deposits, calculated in accordance with the procedure established by the Central Bank of the Republic of Armenia can be found below:

NIR- nominal interest rate

APY- annual percentage yield

¹ Two years after the signing of the agreement and every next year the deposit interest rate will be reviewed, based on the interest rate of a Classical deposit in relevant currency for a term of 366 days effective as of the revision date. Payment of deposit interest or interest capitalization will be performed on a monthly basis.

You can add money to your deposit amount starting from AMD 40,000 or USD 100. The total of all your additions made within 1 (One) month cannot exceed AMD 5,000,000 or USD 10,000 (in case of exceeding the mentioned amounts the bank's relevant decision is required). During the last 3 months of validity of the deposit agreement you cannot increase your deposit amount.

The deposit amount cannot be partially reduced.

When placing a deposit with the bank, you will be provided with a free payment card without annual service fee, and if wished, it may be reloaded with the interest accrued on the deposit amount:

• Maestro payment card – in case of placing a deposit of up to AMD 10 million, USD 20,000;
• MasterCard Gold payment card – in case of placing a deposit equaling or exceeding AMD 10 million, USD 20,000;