Hot Line +37410 511 211

Gtnvats Yeraz

Deposit "Gtnvats yeraz" temporarily suspended until 01.03.2023

 Contact the Bank

For additional information, please

  • Visit the Bank’s website https://www.conversebank.am
  • Visit the Customer Service Office at the Head Office or any branch of the Bank
  • Call +374 10 511211
  • WhatsApp +374 95 511211
  • Skype: conversebank-callcenter
Deposit currency AMD

Deposit type

With the option of adding and partial withdrawals

Depositor

Intended for pensioners, people getting social (military/or old-age) benefits

Min deposit

10,000 AMD

Monthly max accumulated amount

Five times of the amount deposited initially

Deposit maturity

1 year

Interest payment

Monthly calculated interests are accrued on deposit balance or are paid to the client in the way preferred by the latter

Max amount of partial withdrawals

After withdrawals the deposit balance should not be less than the minimum amount set by the deposit type

* The beginning of the period is set as the date of signing the agreement

Annual simple interest and percentage yield 

Simple interest rate

9.75%

Percentage yield

10.20%

Attention

 Income tax is taxable from interest payments
at 10% for deposits opened in Armenia
at 5% for deposits opened in Artsakh

For cash redemption of deposit opened non-cash, commission is charged at
0.25%

Savings account opening tariffs for depositors if deposit is opened at branch

1 account in deposit currency

opening

0 AMD

Annual service

0 AMD

 Other terms: based on account opening and servicing rules of the Bank

Calculation example

Initial deposit

100,000 AMD

Opening day

13/12/2021

Maturity

1 year (until 13/12/2022)

Annual interest rate

9.75%

Payment of interests

monthly calculated interests are accrued on deposit balance

Income tax

10% from interest income

Adding

10,000 AMD monthly

On below terms

The deposit interest amount is calculated in the following manner:

Daily interest income before adding
100,000 (deposited initial sum) x 9.75/100 (annual interest rate) / 365 (number of days in a year) = 26.71
Daily interest rate after the 1st adding and capitalization
110,745.27 (deposit balance) x 9.75/100 (annual interest rate) / 365 (number of days in a year) = 29.58
Daily interest rate after the 2nd adding and capitalization
121,570.63 (deposit balance) x 9.75/100 (annual interest rate) / 365 (number of days in a year) = 32.47

The interest income is accrued on deposit balance on a monthly basis.
The daily interest income increases after each sequential adding and capitalization of interests.

Pre-tax accrued interest: 15,654.11
After-tax accrued interest: 14,088.70
Total added sum: 110,000
Total deposit amount (deposited sum + added sums + after-tax interests + after-tax bonus): AMD 224,088.70

 

  ATTENTION

 

Annual percentage yield

The interest against the funds on your account are calculated based on the nominal interest rate, and the annual interest yield shows the income you would earn if you redeposited the interests generated against the deposit.
The annual percentage yield is calculated based on the following formula set under the CBA Regulation 8/02 “Calculation of Annual Percentage Yield of Bank Deposits”

APY=(1+r/ո)ո-1

Where:

  • APY – annual percentage yield
  • r – annual simple rate
  • ո – number of capitalizations of interest in 1 year

 

General Terms for Opening of Deposit

1. Time deposit agreement is concluded between the Bank and the Depositor.
2. During the operation period of the deposit, the depositor may add to the deposit account five times the initial amount each month without frequency restriction.
3. Any person can enter sums to the deposit account if the account details are available.
4. The depositor has no right to make a deposit in the name of a third person.

Calculation and Payment of Interests

1. The interests are calculated against the actual balance of the deposit from the day of opening of the deposit until the day preceding the day of its return to the depositor or withdrawal from the depositor’s account on other grounds.
2. The depositor has no right to make any transaction with the deposit account except for adding and redemption.
3. The Bank calculates the interests at a simple interest rate, taking 365 days in a year or 366 days in a leap year as a divisor.
4. The interest amount is calculated on a daily basis against the account balance.
5. The interests of the time deposit are paid to the depositor with AMD.
6. The interests calculated against the deposit, unless the depositor has received in the period set in the deposit agreement, are paid by the Bank to the depositor on the latter’s demand.
7. Unless the depositor demand the redemption of the deposit and the payment of the calculated interest after expiry, the agreement is deemed renewed on the terms and conditions of time deposits applied by the Bank at that point, unless otherwise required in the customer’s deposit agreement or based on the customer’s written instruction.

Additional information

1. Time deposit accounts are opened and serviced free of charge.
2. The deposit account is closed once the deposit agreement expires.
3. No current banking transactions can be executed on the deposit account other than opening and redemption of the deposit.
4. The deposit is opened at branches from the savings account with the currency of the deposit; in the absence thereof, the deposit is opened free of opening and service charge.
5. The interests accrued on the deposit and the funds credited to the deposit account are paid to the depositor free of any commission.
6. The information about the deposit opened with the Bank is deemed bank secrecy and the Bank guarantees its confidentiality.

Early Termination of Deposit Agreement

1. Where the time deposit is returned (terminated) on the depositor’s demand completely or partially before expiry date the interests are recalculated at 6% annual rate.

Communication with the Bank

You can communicate with Converse Bank CJSC either by mail or by email, whichever you prefer. Electronic correspondence is the most convenient, it is 24/7 accessible, is free of any risk of loss of paper-based information and ensures confidentiality.

Tariffs for issuance of statements and references
 

Handover of statement1 at the Bank (VAT included)

  • Issuance of statement to customer in periods set under the RA laws and/or the agreement: AMD 0
  • Issuance of electronic statement to customer in periods set under the RA laws and/or the agreement: additional issuance at the customer’s discretion by the method and for the period preferred thereby (1 statement per period): AMD 0
  • In addition to the periods set above:

- for up to 3-year period: AMD 1,000
- for 3-year and longer period: AMD 3,000 (if stored by the Bank)

References to be submitted to various institutions1 (VAT included)

For deposits opened in 1 month2

5,000 AMD

For deposits opened earlier

3,000 AMD

Based on online application in the Bank’s site

3,000 AMD

1For the simultaneous issuance of a reference and a statement to the same customer, the charge is applied only to the reference if such charge is set.
2 In the presence of several accounts, the date of opening of the earliest account is considered, irrespective of being included in the reference.

Copies of Documents, Transaction Grounds and Other Information (VAT included)

For up to 1-month period

1,800 AMD per document

For up to 1-year period

3,000 AMD per document

For over 1-year period

12,000 AMD per document

Postal Delivery of Statement (VAT included)

In Armenia and Artsakh

0 AMD

International

Delivery service provider’s rate in cases under the law and the agreement
In other cases, Delivery service provider’s rate + 1,500 AMD

Delivery of Statements by Registered Mail (VAT included)

In Armenia and Artsakh

3,000 AMD

International

Delivery service provider’s rate + 3,000 AMD

ATTENTION

The Bank cannot unilaterally decrease the interest rate set under the deposit agreement for the deposit, which the individual has opened on the condition to receive it back at the expiration of a specific period or upon the occurrence of circumstances set under the agreement.

The Bank can revise and amend Tariffs and Rates for additional services by giving a notice to the customers in the manner set under the agreement: by posting a message on the Bank’s website (www.conversebank.am), by making the information available in the Bank’s premises, by post delivery and by other methods offered by the Bank and selected by the Customer, which shall be deemed the proper notification of the Customer.

For the purpose of the Customer’s due diligence in compliance with the RA Law on Combating Money Laundering and Financing of Terrorism, the Bank can demand additional documents or other information from the consumer and as well ask additional questions to the customer on “Know your customer” principle.

Based on the Foreign Account Tax Compliance Act (FATCA) Agreement concluded with the USA, the Bank can collect additional information to clear out your status of a US taxpayer.

The Customer’s rights to dispose the account and the cash on the latter can be restricted by the court decision based on the claims filed by the Enforcement Service or tax authorities or any other competent authority specified in the law.

The funds can be confiscated from the account without the Customer’s instruction by the court decision based on the claims filed by the Enforcement Service or tax authorities.  They are reflected in the customer’s bank account statements, which the Bank issues to the Customer in the manner agreed between the Bank and the Customer.

List of Required Documents

  • An ID card
  • Public Service Number (PSN) or reference to the absence of PSN (only for RA residents and/or citizens); is not needed if the customer discloses an ID card bearing the PSN
  • A document proving the retirement (for those who get old-age benefits no documents are needed)


In addition to the aforementioned documents, the Customer has to disclose the proofs of origin of the amount and/or a declaration on the origin of the financial resources if the deposited sum, as well as the total sum of the previous deposits and the currently deposited sum are in excess of AMD 5 M or the equivalent FX.
The aforementioned documents are not required from the Bank’s accountholder customers, whose legal files contain the relevant documents and proofs of the origin of the financial resources.
Unless the documents are disclosed in Armenian, English or Russian, the apostille or notarized translation into the particular languages is needed.


Your Financial Adviser

“Your Financial Adviser” is an electronic system for search and comparison and selection of the most efficient option of services offered to individuals: https://www.fininfo.am/finhelper/index.php?type=deposit


Notice on Guaranteed Deposit Terms and Conditions

Deposit Guarantee Fund of Armenia is the guarantor of your deposit.

The currency structure of the deposit

Maximum amount of deposit guarantee

If you have only an AMD-denominated deposit in the same bank

16 million AMD

If you have only a foreign currency-denominated deposit in the same bank

7 million AMD

If you have both AMD-denominated and foreign currency-denominated deposit in the same bank

If the AMD-denominated deposit is more than 7 million AMD

16 million AMD (only AMD deposit is guaranteed)

If the AMD-denominated deposit is less than 7 million AMD

7 million AMD ( ­AMD- denominated­ deposit is guaranteed in full, and the foreign currency-denominated deposit is guaranteed in the amount of difference between 7 million AMD and the difference between the amount of deposits subject to refund)

Location: 15 Khorenatsi, Yerevan (Elite Plaza business center)
Tel. +374 10 583514

Settlement of Disputes

Any dispute between the Customer and the Bank, unless settled through negotiations, is resolved in compliance with the RA laws both judicially and through the Financial System Mediator (for individuals).

Notice on Financial System Mediator

Please be advised that based on the RA Law on Financial System Mediator, the disputes relating to a property claim for up to AMD 10 M or equivalent FX amount arising with regard to the services rendered to you by Converse Bank CJSC can be settled through the Financial System Mediator.
Based on the agreement concluded between the Bank and the Financial System Mediator, the Bank abandons the right to dispute the resolutions of the Financial System Mediator only for property claims not surpassing AMD 250,000 (two hundred fifty thousand) or the equivalent FX, and the amount of the transaction not surpassing AMD 500,000 (five hundred thousand) or equivalent FX.

Location: 15 M. Khorenatsi, 0010 Yerevan
Floor 7, Elite Plaza business Center
Tel. (+ 37460) 70 11 11
Fax (+ 37410) 58 24 21
Email info@fsm.am

Contact the Bank

For additional information, please

  • Visit the Bank’s website https://www.conversebank.am
  • Visit the Customer Service Office at the Head Office or any branch of the Bank
  • Call +374 10 511211
  • Viber +374 95 511211
  • Skype: conversebank-callcenter