Cumulative deposit account is opened free of charge and is not subject to any service charges for the whole duration of the deposit term.
Deposits placed by individuals are subject to repayment at the first request of the depositor.
Your deposit is guaranteed by the Deposit Guarantee Fund in accordance with the RA Law on Guarantee of Compensation for the Banking Deposits of Physical Persons. The law stipulates the below limits for deposit guarantees:
- If you have a deposit only in AMD within the same bank: AMD 10 million
- If you have a deposit only in foreign currency within the same bank: AMD 5 million
- If you have deposits both in AMD and in foreign currency within the same bank and if the deposit in AMD is more than AMD 5 million: AMD 10 million (only the deposit in AMD is guaranteed)
- If you have deposits both in AMD and in foreign currency within the same bank and if the deposit in AMD is less than AMD 5 million: AMD 5 million (the deposit in AMD is fully guaranteed and deposit in foreign currency is guaranteed in the amount of the difference between AMD 5 million and the guaranteed deposit in AMD)
Dispute settlement
The disputes or disagreements arising from the cumulative term deposit agreement are settled in accordance with the RA legislation.
If the property claim related to a dispute does not exceed AMD 10 million or its equivalent in other currency, the dispute can be settled through the Financial System Mediator.
The Bank has waived its right to appeal the decisions of the Financial System Mediator, if the property claim requested by you does not exceed AMD 250,000 or its equivalent in other currency and the amount of the transaction does not exceed AMD 500,000 or its equivalent in other currency.
Third parties can credit funds to Cumulative deposit account on the name of the deposit holder in scope of Cumulative Term deposit agreement terms.
Last updated on: 15.02.21, 07:12