Home
Home   Inecoservice   Inecotrade   Contacts   Site Map   Search
About us News Reports Shareholders and Investors Vacancies Partners
Account Servicing
Remittances
Deposits
Loans
Payment Cards
Bonds
Customer rights
Regulation

 
Tariffs
General information

APPROVED BY
EXECUTIVE DIRECTOR OF “INECOBANK” CJSC
BY THE REPORT N05 DATED 10.03.2010

TARIFFS FOR BANK ACCOUNT SERVICES

Bank account Services are rendered by the Bank to resident and non-resident legal entities and individuals (including private entrepreneurs), hereinafter referred as to the Client, who want to make use of the mentioned services in accordance with rules and terms, stipulated by the legislation of the Republic of Armenia and the Bank that comply with the requirements, stipulated by the Bank for receiving the mentioned services.

The accounts are opened in currency for which the Bank publicly stipulates rates, moreover at opening an account in any currency, the accounts in other currencies are opened free of charge. Opening and servicing the accounts in other currencies as well as rendering the services without opening banking account is carried out on agreement base.

TRANSACTION TYPE
TARIFFS
Opening of Bank account
(To be paid/charged at the moment of account opening)		5000 AMD for legal entities and private entrepreneurs
3000 AMD for individuals
The account for the clients using the depository and card services of the Bank is opened free of charge.
Closing of Bank accountFree of charge
Provision of Cheque–book First one is free,
any additional – 2500 AMD

Cheque–book cancellation
1500 AMD
Provision of statements and information (maximum 5 years old)
upon audit request
regarding the credit history
regarding the bank account
information of other form or limitation

10000 AMD
5000 AMD
1000 AMD
contractual
Provision of Account statement from the bank within three days after the transaction date(one copy)
Free of charge
Provision of copy of account statement up to 1 year-old – 1000 AMD
1-3 years-old – 2500 AMD
more than 3 years-old– 5000 AMD
Account Statement delivered by mailwithin Armenia – 1000 AMD
outside Armenia – 2000 AMD + mail delivery fee

Minimum account balance
-------
Accrued interest on account balance in the case of average daily balance
  • up to 5 000 000 AMD
  • 5 000 000 -10 000 000 AMD
  • 10 000 000- 2 000 000 AMD
  • 20 000 000- 50 000 000 AMD
  • 50 000 000 AMD and more


0 %
0.5 % annually
1 % annually
1.5 % annually
2.0 % annually
Average daily balance is calculated based on the total amount of customer’s all Banking accounts for the reporting year and the accrued interests are paid by January 15 of the following year.
ATTENTION: Interests for the account balance are calculated based on the nominal interest rate. The annual interest profitability shows how mach income you would receive if you redeposit your income from the deposit interests. Annual interest profitability calculation method you can find by the following address: http://www.inecobank.am/news_attachments/137_-_8_02_(2).pdf

Example of annual interest profitability calculation If customer has 10.000.000 AMD average daily balance for one year, customer will get 10.000.000 x 1% = 100.000 AMD – 10% income tax = 90.000 AMD.
E-banking:
- Provision of EDS (electronically digital signature);
- additional payment for account services
each EDS – 10,000 AMD
monthly servicing fee – 1500 AMD
Account servicing through other communication means acceptable for the BankLamp Sum 10,000 AMD and
additional 1000 AMD for each payment order
TRANSFERS FROM BANK ACCOUNT
AMD-denominated transfers from Bank account (within the bank)Free of charge

AMD-denominated transfers from Bank account*
Free of charge
AMD-denominated transfers from Bank account (during the same operation day)at the rate of 0.1% of the transferred sum but
not less than 500 AMD and
not more than 5,000 AMD
Account transfer through direct debiting order in AMD (within the bank, payment for the public services)
100 AMD for each transfer
Account transfer through direct debiting order in AMD (interbank, payment for the public services)200 AMD for each transfer
USD-denominated transfers from Bank account (within the bank)Free of charge
Account transfer in USD*



Monthly volume of transfers in case of exceeding 100,000 USD


Monthly volume of transfers in case of exceeding 200,000 USD


As a result of exceeding the mentioned limits the recalculation of the exacted commission is carried out on the last working day of each month. Transfer volumes, made by the minimum and fast tariffs (during the same operation day) are included in turnover; however the commission exacted from them is discounted or recalculated.		at the rate of 0.2% of the transferred sum but
not less than 6000 AMD and
not more than 100,000 AMD

at the rate of 0.15% of the transferred sum but not less than 6000 AMD and
not more than 100.000 AMD

at the rate of 0.1% of the transferred sum but
not less than 6000 AMD and
not more than 100.000 AMD

The tariff includes expenses of receiving the sum by the receiver’s bank 10,000 AMD are additionally exacted. The same refers to the fast transfer.
USD-denominated transfers from Bank account (during the same operation day)at the rate of 0.25% of the transferred sum but
not less than 12,000 AMD and
not more than 120,000 AMD
EUR- denominated transfers from Bank account (within the bank)Free of charge
EUR- denominated transfers from Bank account*(SHA) at the rate of 0.2% of the transferred sum but not less than 10,000 AMD and
not more than 100,000 AMD

(BEN) in case of transfer expenses on the beneficiary’s account -5,000 AMD
Transfers made from the Bank account with EUR (during the same operation day)(SHA) at the rate of 0.25% of the transferred sum but not less than 15000 AMD and
not more than 150,000 AMD

(BEN) in case of transfer expenses on the beneficiary’s account -10,000 AMD
RUB- denominated transfers from Bank account (within the bank)Free of charge
RUB- denominated transfers from Bank account*at the rate of 0.1% of the transferred sum but
not less than 5000 AMD and
not more than 100,000 AMD
RUB- denominated transfers from Bank account (during the same operation day)at the rate of 0.15% of the transferred sum but
not less than 7000 AMD and
not more than 100,000 AMD
Alteration or cancellation of the payment order (before acceptance by the intermediary bank)1500 AMD in case of AMD
30,000 AMD in case of USD or EUR
6000 AMD in case of RUB
Claim regarding the execution of payment order1500 AMD in case of AMD
30,000 AMD in case of USD or EUR
6000 AMD in case of RUB
TRANSFERS WITHOUT OPENING A BANK ACCOUNT
In the territory of the Republic of Armenia (mainly taxes, duties)
The remittances are carried out in AMD during the same operation day (the payment orders presented after 15:00 are made within the next operation day). It is necessary to point out only the identification data of the person in case of remittance (name, number of the social card, address) and to mention the Receiver’s bank account. The tariff includes only the expenses of payment of the sum to the beneficiary’s bank.

less than 100,000 AMD-100AMD
100 001 -1,000,000 AMD – 200 AMD
more than 1,000,001 AMD – 3000 AMD

See the tariffs for AMD encashment
CASH OPERATIONS

Cash deposit to the Bank account		AMD – free
USD – free
EURO – 0.4% of the added sum
RUB – contractual

In case of investing cash for the term deposit, as well as for the purposes of loan repayment or addition to the card accounts, the tariff is 0
Withdrawing cash from the Bank account**
The orders for providing the cash are to be presented to the Bank at least a day before 14:45. No preliminary order is required for sums up to three million drams. The payout of the sums more than three million drams without preliminary order may be rejected or implemented with charge at the rate of 0.5% of the encashed amount.		AMD – 0.2% of the withdrawn amount but
not less than 1000 AMD (500 AMD in branches)
USD – 0.5%
but not less than 3500AMD
EURO – 0.4% but not less than 3500 AMD
RUB – 0.25% but not less than 1500 AMD

Checking and packing of cash		0.1% of the volume but not less than 1000 AMD (not less than 5000 AMD in case of AMD) and not more than 10,000 AMD
Exchange of old notes and USD notes issued before 1990 (except for AMD)3% if the bank considers the notes suitable for exchange



* The transfers, stipulated by these Tariffs are actually carried out within the period of the operation day following the operation day of acceptance of the payment order by the Bank except for transfers during the same operation day (the transferred sum is sent by the Bank to intermediary or beneficiary’s bank).
In addition, all foreign currency payment orders which have been accepted by 13:00 pm are subject to implementation during the current banking day.

** 1.No encashment charges are exacted at the payment back of the Client’s deposit.
2. If the deposit was paid in by transfer the charge also will not be exacted only if the deposit amount remained in the Bank at least within the stipulated minimum period.
3. The encashment of the cash amounts corresponding to the volumes of cash deposited to the foreign currency accounts by the individual Clients in cash is done free of charge.
4. There are no charges for the cash received through POS terminal by a Client – legal entity.

If no operation was carried out by the Client’s account during 1 year continuously, for each next calendar year a 100% charge of the factual balance is stipulated, but not more than 3000 AMD. In such case the charge to be paid on the last working day of June of the next calendar year. The zero-balance accounts with no flow for about 1 year continuously are to be closed. In Terms of this point the account means all accounts of given Client, rendered in the Bank.

Depending on the sizes, terms, frequency of the transactions, characteristics of the Client, other tariffs and terms for provisions of Account services may be stipulated in agreement concluded by the Bank and the Client.


Necessary documents for account opening

For resident and non-resident legal entities.
  • Account opening application/ agreement, signed and sealed by authorized person(s) of the legal entity,
  • State Registration Certificate,
  • Charter or other founding documents,
  • Signature specimen cards of persons authorized to enter into financial transactions on behalf of the Bank, as well as the signing instruction for banking transactions,
  • Seal specimen,
  • Copies of authorized persons` Passport/ other ID documents,
  • Tax payer’s code
For individuals
  • Passport copy,
  • Social card copy.

Opening of marginal accounts for the implementation of transaction in foreign financial markets


The transactions are made via “Inecotrade” program. The program enables the implementation of swap transactions in more than 150 foreign currencies, gold and silver, as well as with forward agreements and options.

Type of transaction

Tariffs
Minimal sum of the starting balance of marginal accountUSD 500 or EUR 400
Difference of purchase and sell prices (spread)Starting from 2 pips
LeverageContractual (1:25-1:100)
The procedure of transferring open positions to the following day Rollover, based on LIBOR/LIBID at that moment

Other transactions connected with the account service and rendering are concluded by the documents of typical forms, determined by the Bank.

The account balance is considered as a guarantee of due and full execution of the Client’s obligations, in connection with account services and/or rendering other banking services provided to the Client by the Bank.

Foreign currency and security transactions 
Tariffs for foreign currency and security transactions 
Trade of foreign currency and securities
Foreign currency tradeaccording to the exchange rate stipulated by the Bank for that day
Change or decline from the foreign currency trade application1%
Foreign currency exchange rate shall be contractual for the amounts exceeding 10 000 USD
Transactions with Securities
Transactions with securities at the expense of the customer- primary market- secondary market- 0.15% of transaction amount (0.15% of auction price)- contractual
Decline from the securities’ trade application5%
Commission for securities’ registry   0
guaranteed or non guaranteed allocation of securities -          contractual


Updated 17.08.2010 at 15:13
 
PRINCIPAL CONDITIONS OF PROVISION OF BANK ACCOUNT SERVICE -
 
To the top of the page