VTB Bank (Armenia) announces improved terms for insuring individual deposits
07.12.2020,
21:11
VTB Bank (Armenia) has informed today its clients about the improved terms and procedure for insuring individual deposits.
YEREVAN, December 7. /ARKA/. VTB Bank (Armenia) has informed today its clients about the improved terms and procedure for insuring individual deposits.
The bank said in line with a set of amendments made to the Armenian Law On Guaranteeing the Reimbursement of Bank Deposits of Individuals, starting from December 2020, the following new and higher limits for insuring deposits of individuals are applied.
Under the new law, the amount of insured deposit in Armenian drams is now 16 million, up from the previous 10 million, and the amount of insured deposits in foreign currency is the equivalent of 7 million drams, up from the previous 5 million drams. If citizens have both dram deposits and in foreign currency and if the dram deposit exceeds 7 million, only the dram deposit of up to 16 million drams is insured.
If citizens have deposits in drams and in foreign currency, but the dram deposit is less than 7 million then the dram deposit is insured in full, while the foreign currency deposit in the amount of the difference between 7 million drams and the refunded bank deposit in drams.
Under the law all dram deposits of one person in one bank are considered as one deposit and all deposits in foreign currency as one deposit.
If a client has deposits in several banks operating on the territory of Armenia, they are insured by each bank separately.
The deposit is guaranteed by the Deposit Insurance Fund .
The bank also reminded of its latest promotion campaign designed for Profitable Investment deposits, saying by signing an agreement on placing this type of deposit in Armenian drams before December 30, 2020 for a period of 365-730 days at the rate of 10% per annum, depositors are given the opportunity to double the interest rate. At the end of the campaign, the annual interest rate on deposits for the 10 winners will double to 20%.
The deposit is placed at the interest rate of 10%, subject to receiving the accrued interest at the end of the deposit term. The maximum deposit limit to which the 20% rate is applied is 10 million drams. In case of early termination of the deposit contract, the interest rate is calculated according to the current standard terms for this type of deposit.
Each depositor may participate in the special campaign with one deposit only. The annual interest rate on 10% deposits is 9.97%, and on 20% deposits is 19.95%. Income tax on interest is 10%.
Detailed information on the insurance of deposits and deposit promotion offers can be obtained on the official website of the Bank at k: https://www.vtb.am/ru/secondary/avandneri-erashkhavorutyun and https://www.vtb.am/ru/about-bank / news-view / vtb-hayastan-banke-erkaradzgowm-e-shahavet-nerdrowm-akts -, at its branches or by calling the Bank's Contact Center at 87-87.
The bank is controlled by the Central Bank of Armenia.
CJSC VTB Bank (Armenia) became a member of the international financial group VTB in April 2004. At present, PJSC VTB Bank, the second largest in Russia, owns 100% of the shares of VTB Bank (Armenia). VTB Bank (Armenia) is among leading banks in temrs of some key indicators. -0
The bank said in line with a set of amendments made to the Armenian Law On Guaranteeing the Reimbursement of Bank Deposits of Individuals, starting from December 2020, the following new and higher limits for insuring deposits of individuals are applied.
Under the new law, the amount of insured deposit in Armenian drams is now 16 million, up from the previous 10 million, and the amount of insured deposits in foreign currency is the equivalent of 7 million drams, up from the previous 5 million drams. If citizens have both dram deposits and in foreign currency and if the dram deposit exceeds 7 million, only the dram deposit of up to 16 million drams is insured.
If citizens have deposits in drams and in foreign currency, but the dram deposit is less than 7 million then the dram deposit is insured in full, while the foreign currency deposit in the amount of the difference between 7 million drams and the refunded bank deposit in drams.
Under the law all dram deposits of one person in one bank are considered as one deposit and all deposits in foreign currency as one deposit.
If a client has deposits in several banks operating on the territory of Armenia, they are insured by each bank separately.
The deposit is guaranteed by the Deposit Insurance Fund .
The bank also reminded of its latest promotion campaign designed for Profitable Investment deposits, saying by signing an agreement on placing this type of deposit in Armenian drams before December 30, 2020 for a period of 365-730 days at the rate of 10% per annum, depositors are given the opportunity to double the interest rate. At the end of the campaign, the annual interest rate on deposits for the 10 winners will double to 20%.
The deposit is placed at the interest rate of 10%, subject to receiving the accrued interest at the end of the deposit term. The maximum deposit limit to which the 20% rate is applied is 10 million drams. In case of early termination of the deposit contract, the interest rate is calculated according to the current standard terms for this type of deposit.
Each depositor may participate in the special campaign with one deposit only. The annual interest rate on 10% deposits is 9.97%, and on 20% deposits is 19.95%. Income tax on interest is 10%.
Detailed information on the insurance of deposits and deposit promotion offers can be obtained on the official website of the Bank at k: https://www.vtb.am/ru/secondary/avandneri-erashkhavorutyun and https://www.vtb.am/ru/about-bank / news-view / vtb-hayastan-banke-erkaradzgowm-e-shahavet-nerdrowm-akts -, at its branches or by calling the Bank's Contact Center at 87-87.
The bank is controlled by the Central Bank of Armenia.
CJSC VTB Bank (Armenia) became a member of the international financial group VTB in April 2004. At present, PJSC VTB Bank, the second largest in Russia, owns 100% of the shares of VTB Bank (Armenia). VTB Bank (Armenia) is among leading banks in temrs of some key indicators. -0
