1. The payment of deposit to the Bank is documented by a written instrument, i.e. bank deposit agreement.

2. The deposit may be made in the name of a third party. Such another person may be a minor. The designated third party may obtain the depositor rights upon completing a respective application-form and presenting their claim to us based on the specified rights. If the designated beneficiary of the deposit is a minor, the latter may claim the deposited amount only when he/she reaches the age of 18. Before that the same rights may be exercised by the minor's legal representative(s). Before we receive the third party claim based on the depositor rights, the deposit may be administered only by the signatory of the Application-Agreement who had made the deposit, subject to the instructions and conditions specified in the Application-Agreement.

3. For the depositor wishing to make a time deposit we will open an account in AMD. If the time deposit is made in foreign currency, we will open an account in the deposit currency as well. In the latter case, no account opening fee is charged.

[1] No account opening fees in case of time deposits or brokerage account opening. Opening an AMD account is required for any kind of banking transactions.

[2] 0% annual interest for credit balance on account.

[3] Turnover on any account of the client (including card accounts) applies to all other accounts of that client (this provision is applicable only in terms of charging commissions). If the client has a card account linked to an active card, no commission is charged. If the account is linked to a closed card, the commission is chargeable. Commissions are charged within two weeks following each calendar half-year.

Where there is no activity on all accounts during the most recent 12 months, the account is restricted for debiting (this is done within two weeks following each calendar quarter for accounts qualifying for restriction at that time) and an account data update is required. Where there is no activity on all accounts during the most recent 12 months and account balances are zero, accounts are closed (this is done within two weeks following each calendar half-year for accounts qualifying for closing at that time). No account management fee is charged from clients having brokerage accounts.

4. The list of documents and information required for opening a bank account and making a deposit is available here:

5. Acting in accordance with the Republic of Armenia Law “On Combating Money Laundering and Terrorism Financing” we may request you to provide additional information and documents for the customer due diligence based on the “Know your customer” principle, as well as ask you additional questions during verbal communication (if required so).

6. Agreements, covenants, cooperation or memberships of the Bank may have direct impact on the consumers (for example, according to the agreement executed with the US under the Foreign Account Tax Compliance Act (FATCA) the financial institution may collect additional information to find out whether you are a US tax payer).

7. The Bank calculates interest using 365 as denominator.

8. Interest is accrued for the calendar days within the period starting on the day the Deposit amount is accepted by the Bank until the day preceding the day when the amount is returned to the depositor or is withdrawn from the depositor's account for another reason.

9. The interest is taxable at 10% pursuant to the tax legislation of Republic of Armenia.

10. Interest may be paid by one of the following schemes as defined in the deposit agreement:

11. Monthly: interest is credited to the depositor’s bank account on monthly basis from the deposit start date. Before payment of interest the Bank withholds the income tax.

11.1 Monthly capitalization of interest: net interest (after tax) is accrued to the deposit principal every month to the start date of the deposit or on the first banking day after that. Interest for each subsequent period is accrued to the sum of the previous month’s interest and the principal. The maturity of deposits with compound interest rates should be at least 60 days.

11.2 Quarterly payment: interest is credited to the depositor’s bank account on quarterly basis on the last day of the quarter. Before payment of interest the Bank withholds the income tax.

11.3 Quarterly capitalization of interest: net interest (after tax) is accrued to the deposit principal every quarter to the start date of the deposit or on the first banking day after that. Interest for each subsequent period is accrued to the sum of the previous quarters’ interest and the principal.

11.4 Annual payment: interest is credited to the depositor’s account on annual basis on the last day of the year. Before payment of interest the Bank withholds the income tax.

11.5 Annual capitalization of interest: net interest (after tax) is accrued to the deposit principal every year to the start date of the deposit or on the first banking day after that. Interest for each subsequent period is accrued to the sum of the previous years’ interest and the principal.

11.6 Payment of interest upfront at the beginning of the term: interest is accrued to the deposit principal upfront on the start day of the deposit. Before payment of interest the Bank withholds the income tax.

11.7 The Bank shall not, at its own initiative and discretion, decrease the interest rate defined by deposit agreement.

12. The deposit agreement may be extended in cases and in the manner provided for by the agreement and terms and conditions of deposits for individuals.

13. The Bank shall repay the deposit, whether fully or partially, forthwith upon request of the depositor. Subject to these terms, if the deposit is requested back before the due date, the Bank shall recalculate and repay the amount based on the depositor’s withdrawal application. This being the case, the Bank shall pay interest at a 0.1% annual interest rate instead of the rate defined by the deposit agreement. If the interest chargeable back after recalculation has already been paid to the client, the difference between such interest and interest at 0.1% annual interest rate is charged to the deposit. This clause is applicable unless otherwise defined by the deposit terms and/or deposit agreement.

14. If the depositor does not request to return the deposit amount upon expiry of the agreement, then based on the option selected by the depositor in the agreement either (i) the agreement is prolonged in the manner defined therein and subject to the interest rates effective in the Bank at that time, or (ii) the deposit is transferred to the depositor’s bank account to be serviced in accordance with the then applicable current bank account rates and fees.

15. In case of the depositor’s decease, accrual of interest will continue until expiry of deposit agreement, after which the Bank transfers the deposit and accrued interest to the depositor’s account. In this case, these amounts shall be transferred to the heirs of the depositor upon submission of properly perfected and executed documents on property rights, evidencing the fact of inheritance.

16. Repayment of deposits is guaranteed by the Deposit Guarantee Fund (location: 15 Khorenatsi St., 0010, Yerevan, Elite Plaza Business Center)in accordance with the Law of the Republic of Armenia “On Guarantee of Remuneration of Bank Deposits of Individuals”. The Law defines the following terms of deposit guarantee:

• For deposits in AMD only, the guarantee coverage is AMD 16.0 million.
• For deposits in foreign currency only, the guarantee coverage is AMD 7.0 million.
• For deposits both in AMD and foreign currency where the AMD-denominated deposit exceeds AMD 7.0 million, the guarantee coverage is up to AMD 16.0 million for AMD-denominated amount only.
• For deposits both in AMD and foreign currency where the AMD-denominated deposit amount is less than AMD 7.0 million, the guarantee coverage is 100% for AMD deposit + difference between AMD 7.0 million and reimbursed amount in AMD for foreign currency deposit.

17. Any disputes and disagreements arising out of or in connection with the deposit application-agreement shall be resolved in accordance with the laws and regulations of the Republic of Armenia.

Disagreements and disputes arising out of a property claim of which the value is within AMD 10,000,000 or foreign currency equivalent may be settled through the Financial System Mediator.

Attention! Individuals are entitled to submit their claims arising out of the transaction between the financial institution and the consumer to the Financial System Mediator. Ameriabank has waived its right to dispute the decisions of the Financial System Mediator which is applicable only in relation to the claims, where the amount of the property claim does not exceed AMD 250,000 or its equivalent in another currency, and the amount of transaction does not exceed AMD 500,000 or its equivalent in another currency.