Simple Deposit

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ABOUT DEPOSIT Terms & Conditions ADDITIONAL DOCUMENTS

The interest rates are indicated for deposits made via InecoOnline and IneoMobile systems.

Maturity period (month) / Interest rate (%)

Maturity period (month)

Interest rate (%)

1-2

5.5%

3-5

6-8

9-11

8.5%

12-14

9.25%

15-23

9.5%

24-30

9.5%

31-36

9.5%

Minimum amount

100 000

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/Rub deposit account the interest rate for digital solutions set for the respective currencies is applied.

Deposit replenishment

Is not allowed

Deposit withdrawal

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

Interest repayment frequency

When investing in deposit for a period of 3 (three) months and more, the interests can be paid monthly, with 0.5 points less of the annual interest rate.
When investing in deposit for a period of 15 (fifteen) months and more, the interests can be paid annually, with 0.25 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

INTERESTS FOR FUNDS ON YOUR ACCOUNT ARE CALCULATED BASED ON THE NOMINAL INTEREST RATE, WHEREAS THE ANNUAL PERCENTAGE RATE INDICATES HOW MUCH YOUR INCOME WOULD BE IN CASE OF PAYING INTERESTS AND OTHER FEES UNDER THE SPECIFIED TIMELINE AND TERM. THE CALCULATION OF THE ANNUAL PERCENTAGE RATE OF THE DEPOSIT IS MADE BASED ON THE FORMULA DEFINED BY REGULATION 8/02 OF RA CBA "CALCULATION OF THE ANNUAL INTEREST INCOME OF BANK DEPOSITS"

ATTENTION
THE INTEREST FOR THE AMOUNT ON YOUR ACCOUNT IS CALCULATED BASED ON THE NOMINAL INTEREST RATE, WHILE THE ANNUAL INTEREST YIELD DENOTES THE AMOUNT YOU WILL RECEIVE IF YOU RE-INVEST THE ACCRUED INTEREST IN A DEPOSIT ACCOUNT.

YOUR FINANCIAL DIRECTORY

“YOUR FINANCIAL DIRECTORY” www.fininfօ.am, IS AN ELECTRONIC SEARCH AND COMPARISON SYSTEM FOR SERVICES OFFERED TO CUSTOMERS TO EASE THE PROCESS OF MAKING THE MOST EFFECTIVE OPTION FOR YOU.

The interest rate for "Child deposit" is set equal to that for the "Simple" deposit, i.e. only for reprocessing and extension of existing "Child deposits".

The interest rate for "Demand" deposit may be revised by the Bank due to changes in market interest rates. Interests paid or accrued before the interest rate changes shall not be recalculated.

Deposit interest calculation example

Deposit amount: AMD 1 000 000

Maturity period: 12 months (365 days)
Annual simple interest rate: 9.25 %

Interest repayments: at the end of the maturity term

Taxation: 10 % of the income

1 000 000 AMD X 9.25% X 364*(days)

----------------------------------------------------- - 10% income tax = 83 250 AMD

365

Total: 83 250 AMD

Annual percentage yield: 9.25%

_{* 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

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.

Privileges of the Depositor

1․ Opening a current account is free for the RA resident customers in case of making a term deposit in the Bank. In case of early termination (full or partial) of the Deposit agreement within 30 days after making the deposit, the Bank may charge the Customer the fee for account opening and/or for cash deposit into account defined under the relevant tariffs of “Bank Account Standard Tariff Plan for Individuals” or “Bank Account Current Tariff Plan for Individuals”. The Bank may perform a recalculation of interests, which may lead to a decrease in the annual interest yield.

2․ Within the framework of Standard tariff plan, for the entire period of validity of the card, without applying card account annual service fee, the Customer shall be provided with the following:

one ArCa Classic card in the currency preferred by the Customer, if the total amount of the Customer's term deposits and/or purchased bonds (issued by the Bank) at the time of ordering the card was up to 500,000 AMD or equivalent foreign currency,
one card of Classic or Standard class in the currency preferred by the Customer, if the total amount of the Customer's term deposits and/or purchased bonds (issued by the Bank) at the time of ordering the card was from 500,001 to 10,000,000 AMD or an equivalent foreign currency,
one card of Gold class in the currency the Customer prefers (without assistance insurance), if the total amount of the Customer's term deposits and/or purchased bonds (issued by the Bank) at the time of ordering the card was at least 10,000,000 AMD or equivalent foreign currency.

Updated as of 01.10.2024 10:29