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- Dynamic (Cumulative) Deposits are attracted in AMD, USD and EUR.
- A dynamic deposit is cumulative, which means the Customer may add funds, except during the last three months preceding the maturity date.
- Funds received from third parties cannot be deposited into the deposit account.
- Interest against the Dynamic deposit shall be paid quarterly through a transfer to the Customer’s card account with the Bank.
- Customer aged 21 or above will receive a debit card (Mastercard Standard / Gold) with overdraft facility with the same maturity date as the deposit. The Overdraft is offered only AMD, with a tenor of up to 1 year and in the amount of up to 83.3% of the Deposit when fixed in AMD, and in the amount of up to 66.7% of the Deposit when fixed in a different currency.
- The Annual percentage rate is the Customer’s total cost related to
the Overdraft facility, which includes interest amounts and Customer’s
other payments (if any) borne in respect of receiving the Overdraft. The
Annual percentage rate might change with the change of Annual interest
rate, or utilization of the Overdraft facility – cash or non-cash.
- Interest for utilized Overdraft shall be paid to a card account on the same day of each month (agreed with them in advance), regardless the date of Overdraft utilization. If there is a corresponding obligation, the interest accrued on the Overdraft will be repaid at the expense of the interest paid on the card account accrued for Dynamic Deposit.
- In case of termination of the Dynamic Deposit, the Bank's current tariffs could be applied to the debit card.
- The Annual interest rate over the Overdraft shall be calculated on a daily basis.
- Dynamic deposit is subject to repayment upon the first request of
the Customer. No partial repayment of the Deposit shall be processed.
Upon premature repayment of the dynamic deposit, recalculation of all
interests shall be made based on the effective interest rate set for Easy Savings Account.
As a result of
recalculation, if more interest is paid to the Customer, the overpaid
interest is deducted from the refundable deposit amount, and the deposit
amount is refunded to the Customer afterwards.
- The term of Dynamic deposit shall be extended at the Customer’s written consent or instruction. If the extension date is a non-business day, the extension shall take place on the next business day.
- An encashment fee shall be charged for the withdrawal of deposits in cash as per Tariffs set by the Bank, except for deposits that have been invested in cash.
- During the effect of the deposit agreement the interest rate shall not be unilaterally decreased by the Bank.
- Interest is accrued on a deposit account based on a 365-day (three hundred sixty-five day) calendar year. The accrued interest is credited to the card account of the depositor. The interests of a deposit in Armenian drams shall be paid in Armenian drams. In case of foreign currency deposits, the interests shall be paid in Armenian drams or in foreign currency at Customer’s choice, making necessary currency conversion into AMD at the exchange rate established by the Bank.
- All disputes between the Bank and the client are subject to regulation in the courts of the Republic of Armenia. The claims/requests of the client with respect to the servicing of the Dynamic deposit agreement can also be submitted to the financial mediator in accordance with the procedure established by the Law on Financial Mediator of the Republic of Armenia. The Bank may refuse to dispute the resolutions of the financial mediator if the property claim to the Bank does not exceed AMD 250 000 or its equivalent in any foreign currency and the amount of the transaction does not exceed AMD 500 000 or its equivalent in any foreign currency. It means that the Bank will not be able to dispute the resolution of the financial mediator, which satisfies the above-mentioned requirements.
- The Bank acts as the tax agent of an individual depositor while paying the accrued interest according to the TAX Code of the Republic of Armenia, charges income tax in the amount of 10% of income (paid interest) and transfers it to the state budget of the Republic of Armenia.
- Interest is calculated from the day of investment till the previous day of maturity.
| Currency | Amount | 12 months | 18 months | 24 months |
|---|---|---|---|---|
|
AMD
|
1,000,000 - 90,000,000
|
9.25%
|
9.25%
|
9.50%
|
|
USD
|
2,000 - 180,000
|
4%
|
4%
|
4.25%
|
|
EUR
|
2,000 - 150,000
|
1.25%
|
1.5%
|
2.25%
|
Interest is calculated based on the daily closing balance of the account.
In case of early termination, the recalculation of all interest shall be made based on the effective interest rate set for Easy Savings Account.
Easy save account rates
|
Currency |
Interest rate
|
|
AMD |
4.00% |
|
USD |
0.75% |
|
EUR |
0.10% |
The annual percentage yield of the dynamic deposit is as follows:
|
Currency |
Interest rate
|
|
AMD |
9.58%-9.84% |
|
USD | 4.06%-4.32% |
|
EUR | 1.26%-2.27% |
The interest on the funds in your account is calculated on the basis of the nominal interest rate. The Annual Percentage Yield (APY), meanwhile, shows how much income you would earn if the interest were to be compounded to your deposit.
| Title | Tariffs* |
|---|---|
|
Statements of account charges
|
|
|
Monthly
|
free
|
|
Duplicate up to 6 months**
|
3,000
|
|
Duplicate over 6 month**
|
6,000
|
|
Certificate of balance related to accounts or loans**
|
3,000
|
|
Validation of Internal proxy**
|
5,000
|
|
Instructions by Telex, Fax and E-mail (yearly)
|
20,000
|
|
Bank confirmation of information for audit purposes**
|
10,000
|
|
Cash deposit into accounts (AMD/USD/EUR)
|
0%
|
|
Cash deposit of EUR 500 on an account
|
1%
|
|
Cash withdrawal from account against cash credits (deposits) for AMD/USD/EUR
|
0%
|
|
USD cash withdrawal from account against non cash credits
|
1.5%
|
|
EUR cash withdrawal from account against non cash credits
|
1.5%
|
|
AMD cash withdrawal from account against non cash credit
|
0.2%
|
|
Exchange of worn out Foreign Currencies quoted by the bank
|
3%
|
|
Cash deposit of USD 5, 10, 20, 50 banknotes issued before 2004 and USD 100 banknotes issued before 2009***
|
1%
|
|
Withdrawal of USD 5, 10, 20, 50 banknotes issued before 2004 and USD 100 banknotes issued before 2009
|
0%
|
*Tariffs are presented in AMD
**VAT inclusive
***No fee will be charged when depositing a total of up to USD 1000 per day in said banknotes.
Note: GBP banknotes issued earlier than 1 January 2016 will not be accepted by the Bank.
- Overdraft is only processed at Byblos Bank Armenia branches.
- Overdraft is disbursed through a non-cash transfer into the client’s card account.
- Overdraft provision is executed within a maximum period of 3 working days from the date of signing the loan contracts by the client at the branch if mandatory documents are provided.
- The repayment of the overdraft facility shall be done in monthly installments. Interest accrued at the date of repayment shall be repaid first, followed by the principal. In case there are penalties, those will be paid first.
- Penalty interest for delay in Overdraft payments is 24%.
- The main factors affecting the decision to approve or reject a loan are as follows:
a - credit history
b - valid justification for the loan purpose
c - accuracy of the information, provided by the borrower
d - solvency of the client (financial position)
e -creditworthiness of the client (personal qualities, absence of any legal impediment).
- Byblos Bank Armenia will make a decision on the overdraft application and provide it to the Customer within 7 working days.
In case of payment delay, the Bank will update the Borrower’s profile in the Central Bank of Armenia Credit Register and Credit Bureaus, which can lead to a negative impact on the Borrower’s credit history and cause difficulties in the process of obtaining loans in the future.
According to the law of the RA on Combating Money Laundering and Terrorism Financing and for the proper investigation of the clients' profile, the Bank can obtain additional documents or other information as per the Know Your Customer principle, as well as ask additional questions during communication (if need be).
According to an agreement with the United States of America regarding the Foreign Account Tax Compliance Act (FATCA), the Bank may request or gather additional information in order to identify the Borrower’s status as a U.S. taxpayer.
Information about loans are also available on the website of Your Financial Informant (www.fininfo.am), which is an electronic platform that helps compare services offered to individuals and facilitates the selection of the most efficient option for you.
After signing the contract, you may communicate with the Bank by post or e-mail. The most convenient way for communication is the e-mail, which is available 24/7: the risk of information loss is eliminated, and secrecy is ensured.
All fees and charges will be debited from the Cardholder’s card account in AMD. In case of foreign currency card account, the Bank is entitled to exchange the amount due to AMD at the rate established by the Bank on the day of the conversion. In case the currency of the card transaction differs from the currency of the card account, the Bank shall be entitled to convert the transaction amount into the card account currency at the rate mentioned in the tariffs.
| Deposit Currency | Overdraft Interest Rate* |
|---|---|
|
AMD
|
Interest Rate +3%
|
|
Other
|
Interest Rate +5%
|
|
|
|
*The Overdraft interest rate cannot be lower than 11%
Loan interests are accrued according to the nominal interest
rate, while the
Annual Percentage Rate (APR) shows how much the loan will cost you in case you
make all payments in due time.
Restrictions on the account holder to handle the balance of the account, as well as the debiting of the account without the instruction of the account holder is possible under a court resolution with the decision of the Judicial acts compulsory enactment service or tax authorities.
According to the law of the RA on Combating Money Laundering and Terrorism Financing and for the proper investigation of the clients' profile, the Bank can obtain additional documents or other information as per the Know Your Customer principle, as well as ask additional questions during communication (if need be).
According to an agreement with the United States of America regarding the Foreign Account Tax Compliance Act (FATCA), the Bank may request or gather additional information in order to identify the Borrower’s status as a USA taxpayer.
Information about deposits is also available on the website of Your Financial Informant (www.fininfo.am), which is an electronic platform that helps compare services offered to individuals and facilitates the selection of the most efficient option for you.
Dear Depositor,
The guarantor of your deposits is the Deposit Guarantee Fund (hereinafter referred to as the Fund).
The address of the Fund: 0010, Yerevan, 15 M. Khorenatsi str, Elite Plaza business complex, office 2-A5
Tel: +374 10 58 35 14
Website: www.adgf.am
All the definitions within this Notice are in compliance with the definitions of the Law of Republic of Armenia “On Guarantee of Compensation for the Bank Deposits of Individuals” (hereinafter referred to as the Law).
Your guaranteed deposit is subject to compensation in the following events:
- If the Bank is recognized as insolvent in accordance with the legislation of the Republic of Armenia, and the fact of incapacity to repay the deposits within the terms defined by the agreement and the law is approved by the Board of the Central Bank of the Republic of Armenia (hereinafter referred to as the Central Bank); or
- If the Bank is recognized as bankrupt (hereinafter the Insolvent Bank) in accordance with the procedure defined by the legislation of Republic of Armenia.
Limits of guaranteed deposits are as follows:
|
The currency structure of the deposit |
If you only have an AMD deposit in the same bank |
If you only have a foreign currency deposit only in the same bank |
If you have both AMD and foreign currency deposits in the same bank |
If you have both AMD and foreign currency deposits in the same bank |
|
If the deposit is more than AMD 7 million |
If the deposit is less than AMD 7 million |
|||
|
The maximum amount of the deposit guarantee |
AMD 16 million |
AMD 7 million |
AMD 16 million (only the deposit in Armenian drams is guaranteed) |
AMD 7 million (the deposit in Armenian drams is fully guaranteed, while the deposit in foreign currency is guaranteed in the amount of the difference between 7 million Armenian drams and the guaranteed deposit in Armenian drams) |
All your deposits in Armenian drams fixed at the same Bank are considered to be a single deposit in Armenian drams, except for unguaranteed banking deposits, and all your deposits in foreign currency at the same Bank are considered to be a single deposit in foreign currency, except for unguaranteed banking deposits.
If you have a separate banking deposit in an insolvent bank and at the same time you are the owner of a joint banking deposit at the same bank, you are guaranteed for the sum of your separate banking deposit and your portion of the joint banking deposit - in accordance to the procedure and the amount stipulated by law.
If you have an obligation towards the insolvent bank, the compensated amount is calculated based on the positive difference between your banking deposit and the obligation - in accordance with the procedure and the amount stipulated by law.
The joint banking deposit of two or more depositors is considered separate deposit of each depositor in the portion defined by the agreement. If the portions of the depositors of the joint banking deposit are not defined in the agreement, the joint deposit is equally divided between the depositors.
The banking deposit is compensated only in Armenian drams. The dram equivalence of banking deposit in foreign currency is determined by the currency market average exchange rate published by the Central Bank on the day the compensation event has occurred.
Your banking deposit is not compensated if on the date of compensation occurrence the deposit is less than 1000 Armenian drams.
Your banking deposit is unguaranteed if:
a) you and (or) a family member are the manager of the bank,
b) you and (or) a family member hold significant share in the bank,
c) you, as an owner (co-owner) of a deposit, waive your right to the respective portion of the deposit,
d) your deposit has been qualified as proceeds generated from criminal activity unless you prove to the contrary,
e) your deposit has been placed with the respective bank at an interest rate exceeding 1.5 times the interest rate stipulated by the public agreement of the bank for similar deposits,
f) your deposit is placed with a branch of the respective bank established outside the Republic of Armenia.
Within three days following the day of compensation event the Fund publishes the announcement on the compensation event. Within thirty days following the day of compensation event the Fund through the insolvent bank or any other bank starts the process of compensation of your deposits. The process starts upon the posting of the additional announcement on compensation by the Fund through the means of Mass Media. You may file a written claim no later than within one year period following the day of compensation event. If you don’t file a written claim within the mentioned period the Fund will not compensate your guaranteed deposit. The Fund must pay the compensations claimed by the depositors within three months following the filing of the written claim except in cases stipulated by law.
After the compensation of the guaranteed deposit your monetary claim against the insolvent bank is deemed to be satisfied in proportion of the repaid amount. Any outstanding amount in excess of the maximum repayment limit is deemed to be the liability of the insolvent bank to you.
For smooth processing of the compensation of your deposit it is recommended to immediately inform the bank about any changes in the personal information (ID/passport details, details of Social Card, address, telephone number, etc.) provided to the bank.
