Ավանդ “Ապահով ապագա”
Deposit "Safe future"
MINIMUM AMOUNT
50,000 AMD
150 USD
TERM
6570 days
ANNUAL INTREST RATE
9.25% for AMD
4% for USD
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Purpose |
Term deposit intended for resident and non-resident individuals (minors) under the age of 16 |
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Minimum term |
730 days |
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Maximum term |
6570 days (until the child turns 18) |
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Deposit Currency |
AMD, USD |
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Interest Rate |
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Annual percentage yield |
9.58% AMD, 4.06% USD |
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Interest rate review period |
June 1st of each year, effective on the 7th business day |
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Minimum amount |
50,000 AMD 150 USD |
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Maximum amount |
100,000,000 AMD 250,000 USD |
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Interest payment frequency |
Quarterly capitalization |
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Replenish the deposit |
It is allowed to make withdrawals without any monetary or quantitative restrictions throughout the entire period of the deposit validity. |
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Reduction of deposit amount |
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Termination of the deposit agreement |
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The deposit is made in the name of a child under the age of 18, but the Deposit Agreement is concluded with the person investing the amount. The end of the deposit term is considered the date the child reaches the age of 18. Until the end of the Deposit term, the amount can be managed only by the person investing, and after the end of the term, only by the child who has reached the age of majority. Conversion of the deposit currency is not allowed. |
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ADDITIONAL INFORMATION
Tariffs and fines
1. Term deposit accounts are serviced through bank accounts. If the client does not already have an account with Unibank OJSC, the Bank will open an AMD account for those making term deposits in AMD. For term deposits in foreign currency, the client can choose either a foreign currency account or an AMD account.
2. The annual maintenance fee for each account is 1,200 (one thousand two hundred) AMD for resident individual term depositors, 120,000 (one hundred twenty thousand) AMD for non-residents, and 500 (five hundred) AMD for resident individuals holding foreign currency accounts. Deposit account statements are provided free of charge once a month. A fee of 2,000 AMD is charged for duplicate statements for accounts less than 1-year-old, and 5,000 AMD for accounts over 1-year-old. The Bank reserves the right to close a customer's account unilaterally if the service fees specified in the Bank's tariffs are not paid, if the balance does not increase, or if no transactions have been made for over a year.
3. In case of early termination of the deposit agreement at the request of the depositor:
If the deposit is terminated at the request of the depositor from the date of deposit up to the 365th day inclusive:
a/ the interest already paid is deducted from the deposit amount,
b/ the interest is recalculated at the demand deposit interest rate set by the bank for the actual period of deposit.
If the deposit is terminated starting from the 366th day of deposit, the accrued and/or paid interest is not recalculated.
4. If the depositor does not demand payment of the deposit amount after the expiration of the deposit term, the term deposit is considered extended under the terms of a demand deposit set by the bank.
The bank has the right to change the interest rate calculated on bank account balances in accordance with the rates and tariffs approved by the Board of Directors of “Unibank” OJSC, unless otherwise provided for in the bank account servicing agreement.
5. Funds from third parties may also be deposited into the depositor's account in the depositor's name, with the necessary details about their deposit account provided.
6. The amount of interest on the Deposit specified in the bank deposit agreement is subject to review on June 1 of each year during the term of the deposit. Depositors are notified of the change in accordance with the procedure prescribed by law.
7. Interest on funds in the deposit account is calculated based on the Nominal Interest Rate.
8. The annual percentage yield of a deposit shows how much the annual yield of a deposit will be as a result of the depositor making mandatory payments related to the deposit and adding the interest received to the principal amount (capitalization).
Information on interest rates
1. Annual simple interest rate - the annual interest rate set by the deposit agreement, based on which the bank calculates the interest payable to the depositor.
The formula for calculating interest paid under this type of deposit agreement:
DA * (1 + (A/100 - A/100*10% (Income tax))/4)^Q, where
DA – Deposit Amount
A – Annual Simple Interest
Q – Number of quarters during the deposit term
Example 1
Maturity period- 10 years
Deposit amount- 1,000,000 AMD
Annual simple interest- 9.25%
Interest payment frequency: quarterly capitalization
1,000,000 * (1+(9.25/100-9.25/100*10%))/4) ^ 40 = 2,279,498 AMD
2. Possible calculation of annual interest rate on deposits with regular interest payments
APY= (1+r/n)n - 1, where
APY- Annual percentage yield
r- Annual simple interest rate
n- Frequency of interest capitalization within a year
If the interest payment frequency is at the end of the term:
n =4 , then,
APY= (1+0.0925/4)4 - 1,
APY= 0.0958*100 = 9.58%
Information on the protection of depositor rights
Disputes and disagreements arising from account servicing or the deposit agreement are resolved by mutual agreement. In case of failure to reach an agreement, the rights of the depositor are subject to protection in court, as well as through the financial system mediator. The depositor may protect their rights personally or through an authorized representative.
The bank does not have the right to condition the conclusion of a deposit agreement on the conclusion of an arbitration agreement.
Other information
1. The documents required to make a deposit are:
- passport or identity document,
- public services number (social card) or a certificate of refusal:
2. Interest is accrued on the amount of a term deposit from the date the deposit is received by the Bank until the day preceding the date of its return to the depositor or its withdrawal from the Depositor's deposit account on other grounds. Interest is accrued daily.
3. The interest accrued on the deposit is subject to income tax in accordance with the legislation of the Republic of Armenia, the rate of which is 10%. The depositor is paid the already taxed interest.
4. If the deposit repayment date coincides with a holiday and/or weekend, the deposit repayment date is considered the following business day.
5. Deposits made in the Bank are guaranteed by the Deposit Guarantee Fund for Individuals in accordance with the legislation of the Republic of Armenia. The guaranteed deposit limits are as follows:
a) if the depositor has only a dram bank deposit in an insolvent bank, the amount of the guaranteed deposit is sixteen million Armenian drams;
b) if the depositor has only a foreign currency bank deposit in an insolvent bank, then the amount of the guaranteed deposit is seven million Armenian drams;
c) if the depositor has dram and foreign currency bank deposits in an insolvent bank, and the amount of the dram bank deposit exceeds seven million Armenian drams, then only the dram deposit is guaranteed, up to sixteen million Armenian drams,
d) if the depositor has dram and foreign currency bank deposits in an insolvent bank, and the amount of his dram bank deposit is less than seven million Armenian drams, then the dram bank deposit is guaranteed in full and the foreign currency bank deposit is guaranteed in the amount of the difference between seven million drams and the compensated dram bank deposit.
6. You can get additional information of interest to you by calling the hotline at (+37410) 59 55 55.
For the purpose of due diligence of the customer as defined by the RA Law "On Combating Money Laundering and Financing of Terrorism", the Bank may request additional documents or other information from the consumer based on the "Know your customer" principle, as well as ask additional questions to the consumer during oral communication.
Call Center: +37410 59 55 55
“Your Financial informant”- www.fininfo.am
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