Accumulative deposit

Accumulative deposit

Start realizing your big and distant goals and dreams with small steps. Make an Accumulative deposit and start saving even with small amounts. Replenishing and getting interest on it is more flexible than ever.
Maturity period (month) / Interest rate (%)
Maturity period (month)
Interest rate (%)
9-11
8.5%
12-14
9%
15-23
9.25%
24-30
9.25%
31-36
9.25%
Minimum amount
50 000

The Bank sets individual terms and conditions for deposits exceeding gross 200 000 000 AMD and/or equivalent foreign currency invested by the same customer or group of customers.
In the Branches and Central Office
  • When investing in an AMD deposit account for one year or more period, 0.25 points lower interest rate is applied compared to the presented interest rate. 
  • When investing in an USD deposit account for one year or more period, 0.15 points lower interest rate is applied compared to the presented interest rate. 
  • When investing in a Euro deposit account the interest rate for digital solutions set for the respective currencies is applied.

Deposit replenishment

"Accumulative" deposit can be replenished during the entire validity period of the deposit, except for the expiration day of the contractual term of the deposit.

No minimum amount of replenishment of the "Accumulative" deposit is defined.

The maximum allowable monthly limit for replenishment of the "Accumulative" deposit for each calendar month is set as 2,000,000 AMD, 4,000 USD, 4,000 Euro, according to the currency of the deposit.

ATTENTION: IN CASE OF A REPLENISHMENT EXCEEDING THE MAXIMUM MONTHLY LIMIT OF THE CUMULATIVE DEPOSIT, THE AMOUNT EXCEEDING THE ALLOWABLE LIMIT WILL BE TRANSFERRED TO THE CUSTOMER’S CURRENT BANK ACCOUNT OF THE SAME CURRENCY

Deposit withdrawal

In case of withdrawal of funds available on "Accumulative" deposit account earlier than stipulated by the Deposit Agreement, a recalculation will be applied for the interest based on the "Demand" deposit yearly percent established in the Bank at the given moment.

Interest repayment frequency 

When making a "cumulative" deposit, interest can be paid quarterly

  • For deposits in AMD- with 0.3 points less of the annual interest rate,
  • For deposits in US dollars and Euros- with 0.2 points less of the annual interest rate
  • Paid interest is not capitalized.
According to the RA Law "On Income Tax", when paying the Depositor the accrued interest the Bank acts as a tax agent of the Depositor and charges the income tax as defined by the aforementioned law and transfers the sum to the state budget.

COMMUNICATION WITH THE BANK

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


ATTENTION

IN CASE OF DEPOSITS IN THE BANK'S BRANCHES AND CENTRAL OFFICE AND/OR THOSE WITH OTHER INTEREST PAYMENT PERIODICITY, THE ANNUAL INTEREST RATE OF THE DEPOSIT MAY DIFFER.

 

ATTENTION

INTEREST ON FUNDS IN YOUR ACCOUNT IS CALCULATED BASED ON THE NOMINAL INTEREST RATE. AND THE ANNUAL INTEREST YIELD SHOWS HOW MUCH INCOME YOU WILL RECEIVE BY MAKING MANDATORY PAYMENTS RELATED TO THE DEPOSIT AND RECEIVING THE INTEREST EARNED AT A DEFINED PERIODICITY. THE FORMULA DEFINED BY REGULATION 8/02 OF THE CBA OF RA "CALCULATION OF THE ANNUAL INTEREST YIELD OF BANK DEPOSITS" IS ACCEPTED AS A BASIS FOR THE CALCULATION OF THE ANNUAL INTEREST YIELD OF THE DEPOSIT.


Deposit interest calculation example

Deposit interest calculation example

Deposit amount- 1,000,000 AMD

Maturity term- 12 months (365 days)

Annual simple interest rate- 9.00%

The deposit was replenished on the 90th day with 500,000 AMD

Interest payment- at the end of the maturity term

Taxation- 10% of the income

Quantity of months to replenish the deposit 12 (months)

 

Interest amount calculation

1,000,000 AMD * 9.00% * 365 (days) – 10% income tax = 81,000 AMD

                              365

500,000 AMD * 9.00% * 276 (days) – 10% income tax = 30,625 AMD

                             365

Total interest amount- 81,000+30,625=111,625 AMD

Annual percentage yield- 9.00 %.




*RA Civil Code article 907 paragraph 1 defines that  interest for the dates of deposit investment/replenishment, repayment or withdrawal from the depositors account based on any other grounds is not calculated

Other terms

Updated as of 18.03.2024 14:22