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Can 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 any time. However, note that depending on the deposit type the interest will be recalculated at a different interest rate. 

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

The following cash withdrawal limits are applied in case of cash withdrawal in Yerevan-based branches of Ameriabank: AMD 20 million, USD 25,000 and EUR 15,000, while for the branches outside Yerevan the following limits apply: 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 submission of withdrawal request by you.

The bank must return the deposit amount or its part 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 interest 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 deposit after deduction of interest calculated at 0.1% annual interest rate. This condition is applicable unless otherwise defined by deposit terms 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 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:


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 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.


 

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 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.


 

How can I add money to my existing deposit?

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.


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 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.


 

 

How can I withdraw money from my existing deposit?

You can withdraw money from your deposit any time during the deposit term except for the first 3 months.

Maximum allowed withdrawal is 30% of initial deposit amount. No interest recalculation shall be performed for withdrawn part.

If you withdraw some part of your deposit, we will provide you with a deposit account statement which you need to sign to confirm that you have withdrawn money from the deposit.

If you select the deposit with a partial withdrawal option, the feature of interest payment upfront at the beginning of the term is not applicable.

 

 

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

In case of the depositor’s death, accrual of interest will continue until expiry of the deposit agreement, after which we will transfer the deposit and accrued interest to the depositor’s account. In such case, these amounts will be transferred to the heirs of the depositor upon proper registration of the title to the inherited funds in accordance with the law and submission of the documentary evidence of such 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 02.12.2021 17:52