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May I terminate the deposit agreement and withdraw my deposit any time?


Can I terminate the deposit agreement and withdraw my deposit any time?

If you have made a time deposit, you are free to terminate it and get your amount back at any time. However, note that, depending on the deposit type, the interest will be recalculated at another interest rate. 

If you wish to withdraw the funds in cash, you should file a relevant application with the head office one day before the preferred day of cash withdrawal if the amount requested exceeds AMD 30 million, USD 100,000, and EUR 30,000, or AMD 1 million equivalent in the case of other currencies. 

The following cash withdrawal limits are applied in the case of cash withdrawal in Yerevan-based branches of Ameriabank: AMD 20 million, USD 25,000, and EUR 15,000; in the case of withdrawal in the branches beyond Yerevan, the following limits are applied: AMD 10 million, USD 20,000, and EUR 10,000. If you want to withdraw money at the bank's regional branches, any amount exceeding the specified limits may be provided in cash within up to 5 business days upon the submission of your withdrawal request.

The bank shall return the deposit amount or a part thereof to you upon your request. If you decide to request the deposit amount before the due date, we will recalculate the amount based on your application and will return the remaining deposit amount. In this case, we will pay interest at a 0.1% annual rate instead of the rate defined by the deposit agreement. If the interest that should have been charged back after recalculation has been already paid, we will withdraw it from the principal amount of the deposit after the deduction of interest calculated at the 0.1% annual rate. This condition is applicable unless otherwise defined by the terms of the deposit and/or deposit agreement.


How are the interest and the annual percentage yield calculated?

How is the interest calculated if I terminate the agreement before maturity?

How can I withdraw money from my existing deposit?

 

 

How are the interest and the annual percentage yield calculated?

The interest is calculated based on the nominal rate. The annual percentage yield shows how much you will earn if you make all the required payments with regard to your deposit and obtain interest at a specified frequency.
The annual percentage yield is calculated by the following formula:

 

Formula

https://user-images.strikinglycdn.com/res/hrscywv4p/image/upload/c_limit,fl_lossy,h_9000,w_1200,f_auto,q_auto/1269887/536881_663467.png 

where

i        is the narrowly defined effective rate (NDER)

Kn    is the n number of cash flows from the Bank's perspective

N      is the number of cash flows related to that particular financial instrument

A      is the initial amount attracted or provided

Dn    is the period of receiving the n-th cash flows expressed in the days elapsed from the day of the first flow (the day of the first flow is the day of attracting or providing the amounts)

The Bank calculates interest using 365 (365 days in a year) as the denominator.
The interest accrual starts on the day the deposit is credited to the bank account and ends one day before the deposit maturity date.
We will not, at our sole initiative and discretion, decrease the interest rate defined by the application agreement during the term of the deposit.

 

 

How is the interest calculated if I terminate the agreement before maturity??

If you decide to withdraw your deposit in full before maturity, we will recalculate the accrued interest at the rate applicable to the selected deposit for the actual number of days elapsed as of the termination date.
If the early withdrawal request is made within the first 30 days of the term of the deposit, we will recalculate the amount at an annual rate of 0.1%.
If in the case of early withdrawal of deposit, no term is applicable to that particular period, the underlying value in the recalculation of interest will be equal to “0” (zero).
In this case, the “payment of interest upfront at the beginning of the term” option is not applicable.

 

 

How can I add money to my existing deposit?

You can add money to your deposit at any time during the term of the deposit, except for the last 3 months.
The maximum allowed increase is 30% of the initial deposit amount.
Other people may add money to your deposit if they provide all the required information in relation to the deposit account.
If you select the deposit with a top-up option, the “payment of interest upfront at the beginning of the term” option is not applicable.
You may increase the deposit amount by up to AMD 10 million regardless of the initially deposited amount. In the case of a deposit with the accumulation option, the deposit top-up, partial withdrawal, and/or termination options are not applicable. You may have only one existing deposit with the accumulation option.
The terms and conditions for deposits exceeding AMD 2 billion or equivalent in foreign currency are determined in accordance with applicable internal regulations of the Bank.

 

How can I add money to my existing deposit?

How can I withdraw money from my existing deposit?

Who can manage the deposit in case of the depositor’s death and how can they do it?

 

How can I add money to my existing deposit?

You can add money to your deposit at any time during the term of the deposit, except for the last 3 months.
The maximum allowed increase is 30% of the initial deposit amount.
Other people may add money to your deposit if they provide all the required information in relation to the deposit account.
If you select the deposit with a top-up option, the “payment of interest upfront at the beginning of the term” option is not applicable.
You may increase the deposit amount by up to AMD 10 million regardless of the initially deposited amount. In the case of a deposit with the accumulation option, the deposit top-up, partial withdrawal, and/or termination options are not applicable. You may have only one existing deposit with the accumulation option.
The terms and conditions for deposits exceeding AMD 2 billion or equivalent in foreign currency are determined in accordance with applicable internal regulations of the Bank.

How can I withdraw money from my existing deposit?

The client can partially withdraw the deposited amount throughout the term except the first 3 months. Maximum allowed withdrawal is 30% of initial deposit amount. Interest accrued to the repaid amount shall not be recalculated. If you withdraw a part of the deposit amount, we will provide you a deposit account statement. You will be required to confirm the receipt of the statement and actual decrease of the deposited amount with your signature. In this case, the option of “payment of interest upfront at the beginning of the term” is not applicable.

If the deposit with an accumulation option is renewed automatically, it will be considered a new deposit, and after the renewal the top-up restrictions shall apply in the same manner as they would apply to a new deposit. Funds transferred by third parties can be deposited in the name of the depositor provided the required details of deposit account are specified. 

Who can manage the deposit in the case of the depositor’s death and how can they do it??

In the case of the depositor’s death, accrual of interest will continue until the expiry of the deposit agreement, after which we will transfer the deposit and accrued interest to the depositor’s account. In such case, these funds will be transferred to the heirs of the depositor provided the proper registration of the title to the inherited funds in accordance with the law and presentation of the documentary evidence of this fact to the Bank.

How are the deposit-related disputes and disagreements resolved?

 

How are the deposit-related disputes and disagreements resolved?

Disagreements and disputes arising out of or in connection with the deposit application-agreement are settled through negotiations between the parties. If the parties fail to reach agreement, the settlement is reached in the order defined under the laws and regulations of the Republic of Armenia.

Disagreements and disputes arising out of a property claim for an amount within AMD ten million or foreign currency equivalent may be settled through the Financial System Mediator.

Please note that the Bank has waived its right to dispute the decisions of the Financial System Mediator under the following conditions:

The Bank is entitled to terminate the waiver agreement at any time.

The waiver agreement was signed for a one year term. The Bank has waived its right to dispute the decisions of the Financial System Mediator only if the property claim does not exceed AMD 250,000 and the amount of transaction does not exceed AMD 500,000.

Updated 26.10.2022 10:52