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?
The interest is calculated on the basis of the nominal interest rate. The annual percentage yield shows how much you will earn if you make all the required payments with regard to your deposit and get interest at specified frequency.
The annual percentage yield is calculated by the following formula:
i is the narrowly defined effective rate (NDER)
Kn is 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 nth cash flows expressed in the days elapsed from the day of the first flow (the day of first flow being the day of attracting or issuing the amounts)
The Bank calculates interest using 365 as the denominator (365 days in a year).
The interest accrual starts on the day the deposit is credited to the bank account and ends one day before the deposit repayment date.
We will not, at our sole initiative and discretion, decrease the interest rate defined by the application-agreement during the deposit term.
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 an early withdraw request is made within the first 30 days of the term, we will recalculate the amount at an annual rate of 0.1%.
If in case of early withdrawal of deposit, no term is applicable to that particular period, the underlying value in recalculation of interest will be equal to “0” (zero).
In this case, the option of “payment of interest upfront at the beginning of the term” is not applicable.
You can add money to your deposit any time during the deposit term except for the last 3 months.
Maximum allowed increase is 30% of initial deposit amount.
Other people may add money to your deposit if they indicate all the required information in relation to the deposit account.
If you select the deposit with a top-up option, the feature of interest payment upfront at the beginning of the term is not applicable.
You may increase the deposit amount by up to AMD 10 million regardless of initially deposited amount. In case of deposit with accumulation option, the deposit top-up, partial withdrawal and/or termination features are not applicable. You may have only one existing deposit with accumulation option.
Terms and conditions for deposits over AMD 2 billion or foreign currency equivalent are determined in accordance with applicable internal regulations of the Bank.