Cumulative term deposit accounts

Choose the cumulative account that’s right for you

Save and grow your money with our short and long term cumulative deposits.

Cumulative term deposit for minors

Ideal when you
want to save money for your child's future

Minimum Terms
3 years

Available in
AMD
USD
EUR

 

Short term cumulative deposit

Ideal when you
want to accommodate your interim financial planning

Minimum Terms
2 years

Available in
AMD
USD
EUR

 

Long term cumulative deposit

Ideal when you
want to build and protect your money for a better future

Minimum Terms
5 years

Available in
AMD
USD
EUR

 

Note: In case of discrepancies between the Armenian and English versions of this page, the Armenian version shall prevail.

Last updated on: 22/09/2015 15:00

 

1. What types of Cumulative deposits HSBC Bank Armenia offers?

We offer three types of cumulative deposits – Long term (term starting from 5 to 80 years),
Minor (term starting from 5 to 25 years) and Short term (term starting from 2 to 5 years).

 
 

2. In which currencies Cumulative deposits are offered?

Deposits are offered in AMD, USD and EUR.

 
 

3. What are the available maturity options for cumulative deposits?

There are two maturity options for cumulative deposits` one-off repayment of entire amount at the end of the deposit period, and repayment with periodic installments (during redemption period).

 
 

4. What are the interest payment options during the Cumulative deposit accumulation phase?

You have two options to choose from:

1. Interest payment to your current/savings account or
2. Compounding of interest to principal amount with periodicity defined by you.

 
 

5. What are the interest payment options during the Cumulative deposit redemption phase?

You have two options to choose from:

1. Interest payment to your current/savings account with periodicity defined by you or
2. Payment at the end of the deposit term.

 
 

Maturity of your cumulative term deposit

You can choose the below two options for maturity of your cumulative term deposit:

One-off repayment

  • You can instruct the Bank to transfer all accumulated savings in a one-off repayment to an account designated by you.

Repayment with periodical instalments

  • You can instruct the bank to repay the accumulated savings in periodical (monthly or quarterly) installments for the duration of a term specified by you. If you choose this option, the same interest rate as applicable for cumulative term deposits at the time of repayments will be applied to the available balance on your deposit allowing you to earn interest also during the redemption period of your deposit.
 
 

Termination of the deposit

If the deposit is withdrawn within the first 12 months after the opening date, 1/100 portion of the accrued interest will be paid.

In case if the deposit is withdrawn after 12 months but before the deposit maturity date, interest will be paid on pro-rated basis based on the following formula:

Time Deposit Formula

where:

PI – payable interest

AI – accrued interest

AT – actual term

IT – initial term

In case if interest has already been paid, interest amount will be recalculated and any applicable difference will be deducted from the deposit principal.