Classic deposit

1. Classic deposit type- term deposit.
2. The deposit is placed with the tenor of minimum 20 days and maximum 1095 days.
3. Accrued interests aren’t capitalized and are paid to the depositor once a month, quarterly or at the end of deposit agreement period.
4. Interests are calculated based on the balance of placed deposit amount.
5. Interest amounts shall accrue from the day the Deposit is placed with the Bank to the day preceding the date of its repayment to the Depositor.
6. Should the Depositor request repayment of the Deposit or a part thereof before the term of the Deposit expires, instead of the interest amounts set by this Agreement interest on the Deposit or a part thereof is calculated at 0% annual interest rate, and should the interest amounts be already paid, the Deposit shall be deemed repaid in the amount of interests accrued and paid to the Depositor.
7. Should the deposit or any part thereof be demanded during the prolonged period of the Classic deposit Agreement, the interest envisaged by the Agreement shall be paid for previous period(s) and for the given period interest for the deposit or any part thereof shall be calculated and paid as per the provisions of article 6.
8. Should the Depositor fail to receive interests accrued on the Deposit no further interest shall accrue thereon.
9. In case the deposit is not demanded on the date the term of the deposit expires (unless other term for the repayment of the deposit has been set by mutual agreement of the Parties) the Deposit repayment term, at the Depositor’s choice, is automatically prolonged for the previous period (continually, but no more than 3 times) under the terms existing in the Bank for the given deposit type at the moment of prolongation. Should the bank terminate the given deposit type, the deposit repayment term isn’t automatically prolonged and until it is actually demanded the interests on the deposit are calculated at the rate set by the bank for the monetary funds available on acting bank accounts.
10. The Depositor can add additional amounts to the deposit (on which interests set forth by the Agreement shall accrue) in the following cases:
    - Should the deposit be placed for 274 days or longer (or be prolonged for the same period), the deposit may be supplemented by the 180th day preceding the expiry of the (prolonged) term of the deposit and only with amounts not to exceed the deposit balance existing at the moment of placement (prolongation).
    - No amounts can be added to the Deposit in case the deposit is placement for a term less than 274 days and in case of prolongation the amounts shall be added only on prolongation day and shall not exceed the Deposit balance.
11. The Bank cannot unilaterally decrease the interest specified in the Agreement provided that the deposit is repaid within the term set forth by the Agreement.
12. Should the Depositor request repayment of a part of the Deposit after adding amounts to the Deposit, then shall be primarily repaid amounts added to the Deposit in reverse timing order, and the demand interests set by the Agreement shall accrue from the day following the date of adding them to the Deposit to the day preceding the date of its prepayment to the Depositor.
13. The bank shall provide the depositor (Investor) with a statement on their deposit account at the periodicity specified in the Agreement, no later than once a month, through the method of communication specified in the Deposit Agreement or in the Depositor’s application with the exception of cases when over the accounting period the account has not been debited or credited, moreover, to provide a statement on the account within 5 days after such request by the depositor at the tariffs set by the bank.
14. The deposit cannot be supplemented by third entities.
    - The authorities of other persons to use and manage the deposit shall be approved should such authorities be issued by a notarized power of attorney or by a written power of attorney made and signed by the depositor in the presence of the Bank’s officer.
15. In case of contract disputes the depositor shall apply to the Bank in written form and will receive reply to such request within 10 business days. In case of disagreement with reply, the depositor has the right to apply to the court or to the Financial System Mediator.
16. The bank acts as a tax agent for individual clients. Interest paid on deposits is subject to taxation according to the provisions of Section 7 of the RA Tax Code
17. The deposits are guaranteed according to RA Law “Guaranteeing the Recovery of Deposits of Individuals”

• In case of deposits in Armenian drams, the deposit is guaranteed for AMD 16 mln.
• In case of deposits in foreign currency, the deposit is guaranteed for AMD 7.0 mln.
• In case of bank deposits both in Armenian drams and in foreign currency: if AMD bank deposit exceeds AMD 7.0 mln, only the AMD bank deposit is guaranteed up to AMD 16 mln.
• In case of bank deposits both in Armenian drams and in foreign currency: if AMD bank deposit is smaller than AMD 7.0 mln, the AMD deposit is guaranteed in full and the foreign currency is guaranteed for the balance of AMD 7.0 mln and recovered AMD bank deposit.

19. On the purpose of due diligence of the customer envisaged by RA law on “On combating money laundering and terrorism financing”, the Bank may request additional documents or other information from the consumer based on <<Know your customer>> principle, as well as ask the consumer additional questions during oral communication (in case of such a requirement).

20. In compliance with the agreement signed with USA, to find out whether you are a US tax payer, financial institutions may collect additional information about the agreements, contracts, cooperation, membership signed by financial institutions, which may have a direct impact on the consumers (e.g. Foreign Account Tax Compliance Act (FATCA))

21. “YOU ARE ELIGIBLE TO COMMUNICATE WITH FINANCIAL INSTITUTION BY THE MEANS OF COMMUNICATION YOU PREFER – THROUGH POSTAL SERVICES OR ELECTRONICALLY. THE RECEIPT OF INFORMATION ELECTRONICALLY IS THE MOST CONVENIENT. IT IS AVAILABLE ROUND-THE-CLOCK (24/7), FREE OF THE RISK OF LOSS OF PAPER INFORMATION AND ENSURES THE CONFIDENTIALITY”.

22. YOUR FINANCIAL INFORMANT” IS AN ELECTRONIC SYSTEM WHICH COMPARES THE SEARCH OF SERVICES OFFERED TO INDIVIDUALS AND FACILITATES THE SELECTION OF THE MOST EFFECTIVE OPTION FOR YOU”. https://www.fininfo.am/avand

23. To place a deposit with the Bank the Depositor shall submit the below mentioned documents:

• Identification document.
• Document including the public service number (for the RA citizens).
• Based on circumstances additional documents and information may be required.