Ineco Business Deposit

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About Deposit Terms and Conditions Additional Documents

Maturity period (month) / Interest rate (%)

Maturity period (month)

Interest rate (%)

3-5

6.5%

6-8

7.5%

9-11

8.2%

8.9%

13-24

9.25%

Minimum amount

200 000

Interest Payment Frequency

In case of "Simple" deposit for a period of six months or more, interest may be paid monthly at an interest rate 0.5 points lower than in the corresponding scale.
In case of "Simple" deposit for a period of twelve months or more, interest may be paid quarterly at an interest rate 0.25 points lower than in the corresponding scale.
Interest paid is not capitalized

Deposit replenishment / withdrawal

Not allowed

Deposit termination

In case of withdrawal of funds available on the deposit account earlier than stipulated by the Deposit Agreement, a recalculation will be applied for the accrued interest at 0% interest rate.

Minimum amount of one depositor's gross deposit/s

AMD 200 000
USD 500
EURO 500

The acceptance of each deposit exceeding the total amount of 200,000,000/USD AMD 500,000 USD/ 500,000 EUR of the same customer, as well as its interest rate and other terms shall be determined individually by the Bank and shall be defined by the deposit agreement.

ATTENTION
IN CASE OF DEPOSITS WITH OTHER INTEREST PAYMENT FREQUENCY, THE ANNUAL INTEREST YIELD OF THE DEPOSIT MAY VARY.

ATTENTION
INTEREST AMOUNTS ACCRUED ON THE FUNDS IN YOUR ACCOUNT ARE CALCULATED BASED ON THE NOMINAL INTEREST RATE. THE ANNUAL INTEREST YIELD DENOTES HOW MUCH YOUR INCOME WILL BE WHEN MAKING THE MANDATORY DEPOSIT PAYMENTS AND RECEIVING THE INTEREST AMOUNTS EARNED AT A DEFINED PERIODICITY. THE FORMULA DEFINED BY REGULATION 8/02 “ON THE CALCULATION OF ANNUAL PERCENTAGE YIELD OF BANK DEPOSITS” SHALL BE TAKEN AS A BASIS FOR CALCULATING THE ANNUAL INTEREST YIELD OF THE DEPOSIT.

COMMUNICATION WITH THE BANK
YOU HAVE THE RIGHT TO COMMUNICATE WITH INECOBANK CJSC IN A WAY YOU PREFER, BY POST OR ELECTRONICALLY. TO GET INFORMATION ELECTRONICALLY IS THE MOST CONVENIENT WAY. IT IS AVAILABLE 24/7, HAS NO RISK OF PAPER INFORMATION LOSS AND ENSURES CONFIDENTIALITY.

Deposit interest calculation example:

Deposit amount: AMD 1 000 000

Maturity period: 12 months (365 days)
Interest repayment: at the end of the maturity period

Annaul simple interest rate: 8.9%

AMD 1 000 000 X 8.9% X 365*(days)

----------------------------------------------------- = AMD 89,000

Total interest՝ 89,000 AMD

Annual percentage yield: 8.9%

Other terms

Procedure of settlement of disputes arising from the deposit agreement

Disputes and disagreements between the Parties during the validity of the Deposit agreement shall be settled through negotiations. In case of no agreement through negotiations, the disputes shall be settled in accordance with the RA legislation.
The Customer can submit the complaint (except for the complaint-request) and the application to the Bank in person (by handing the letter at the Bank's location), by post (by sending the letter to the address of the Bank's Central office), through the appeal application on the Bank's official website, by phone (by calling the Bank’s Contact Center) or through other remote communication channels of the Bank (by e-mail, InecoOnline/Mobile systems, through social networks, etc). The complaint-request is submitted to the Bank in writing, in person, by mail or through the appeal application posted on the Bank's official website.
The Bank makes a decision on the complaint (to satisfy, partially satisfy, reject) within 10 working days.
The Customer has the right to submit the complaint-requests arising between the Bank and the Customer to the Financial System Mediator.

Annual deposit interest yield calculation

N
∑

n=1

K_n

__________________
(1+APY) D9/365

Where:

A - initial deposit amount
ո -the serial number of cash flows for the deposit
N -the last number of cash flows for the deposit (including also the cash flow at the time of making the deposit), after which the term of the Deposit agreement is considered to have ended.
Kո-mandatory fee flows for the deposit made and/or capitalized interests, if any, at the time of making the deposit and/or during the term of the deposit.
Dո-is the number that indicates how many days have passed from the date of the deposit to the next n^th cash flow for the deposit inclusively. In case cash flows are at the time of making the deposit, then D1= 0.

Main terms of bank deposit services

To make a deposit, the Customer submits an identity document defined by RA legislation, and the customers that are not account holders submit also other documents defined by the document "List of Documents Required for Account Opening" (posted on the Bank's official website). www.inecobank.am)
For the purpose of customer due diligence defined by the RA Law "On Combating Money Laundering and Terrorism Financing", the Bank may request additional documents or other information from the Customer based on the "Know Your Customer" principle, as well as during oral communication, it may ask additional questions to the Consumer (if there is such a request).:
According to the agreement signed with the USA based on the Foreign Account Tax Compliance Act (FATCA), the Bank may collect additional information to determine whether the Customer is a US taxpayer or not.
When accepting a deposit, it is credited to the deposit account opened for that purpose (hereinafter referred to as the Deposit Account). Deposit accounts are maintained separately from current and other bank accounts and the provisions of the Main terms on Accounts apply to them.
The funds received from third parties may be credited to the Replenishable Deposit Account in the Customer's name with the indication of the latter’s Deposit Account number, unless otherwise specified by the Bank.
Deposits may be made in the name of the third parties specified in the Deposit Agreement, provided that such parties are preliminarily identified in a way sufficient for the Bank. The Bank may refuse to enter into Deposit agreements in favor of third parties if there are grounds to suspect the legality of the transaction or it is not possible to properly identify the third parties. Such third party acquires the rights of a Customer upon submitting the first claim based on those rights to the Bank or informing otherwise the Bank of its intention to use those rights, unless otherwise provided by the Deposit Agreement.
Interest on the bank deposit is accrued for the calendar days of the period from the date of actual deposit until the day preceding the day of its refund to the Customer or its withdrawal from the Depositor's Account on other grounds.
Interest is calculated on the total amount of the Deposit account, for the entire period of the Deposit Agreement, on a daily basis. The Bank calculates the daily interest rate in the 1/365 ratio of the established interest rate.
The amount of interest for the deposit determined by the Deposit Agreement, which the Individual Customer has deposited on condition of receiving it back after the expiration of a certain period or upon the ocurrance of the circumstances stipulated in the agreement, the Bank can not reduce it unilaterally, unless otherwise provided by the law. In cases not prohibited by law, the Bank has the right to unilaterally change the interest rate calculated for the deposit, notifying the Customer in an agreed manner. In case of disagreement with the change of the interest rate, the Customer has the right to demand the return of the deposit before the changed interest rate enters into force and to pay the interest accrued on the deposit in the amount as of the moment of return.
When paying the accrued interest to the Customer, the Bank acts as a tax agent of the individual Customer, thus collecting the established taxes in the amount and by the procedure prescribed by law and transferring them to the state budget. The Bank is not obliged to recover the extra amount of taxes collected from the Customer or to return it to the Customer in case of demand of deposit amount ahead of time, and in other similar cases.
In case of no request for return of the deposit on the expiration day of the deposit maturity, the term of the deposit may be extended under the current terms for the same type of deposits available in the Bank by adding (or without adding) to the deposit interest calculated and unpaid at the given moment (in case of currency other than the deposit currency, converting it into the deposit currency at the exchange rate determined by the Bank at the moment). Unless the Bank offers the same type of deposit on the date of expiration of the deposit maturity, the term of the deposit according to this Clause may be extended in accordance with the terms of another deposit established by the Bank.
The Customer has the right to dissolve the Deposit Agreement at any time (demand the deposit or a part thereof earlier than the term stipulated in the Deposit Agreement).
The Bank has the right to unilaterally dissolve the Deposit Agreement by notifying the Customer in an agreed manner, returning the deposit to the latter and paying the interest calculated and unpaid as of the time of return.
The Deposit Agreement may be early dissolved in case of the deposit amount confiscation on demand of competent authorities in accordance with the RA Legislation or otherwise receiving a mandatory demend for the Bank to withdraw the deposit amount from the Deposit Account.
In case of termination of the Deposit Agreement, the funds available on the Deposit Account shall be transferred to the Customer's current account, and in case of deposits opened in favor of a third party, to the latter's current account, if the third party has expressed its intention to use Customer's (as a depositor) rights unless otherwise agreed between the Customer and the Bank or specified by the Bank.

Updated as of 07.07.2026 10:34