Deposit Karas
Terms and Condition of Deposit
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Currency |
AMD, USD |
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Type |
Increasable* and partially reducible |
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Min deposit |
AMD 10,000 / USD 100 |
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Max deposit (including replenishments) |
AMD 100,000,000 / USD 200,000 |
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Expiry |
6 months, 1 year, 18 months, 2 years |
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Interest payment |
At expiry |
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Interest capitalization |
The interests accrued yearly are recorded on the deposit balance |
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Max withdrawal of deposit |
The total sum of withdrawals cannot exceed 60% of the total sum of replenishments (including the initial deposit) |
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* The Deposit cannot be replenished in 3 months before the expiry of the Agreement. |
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Annual simple interest and percentage yield
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Currency |
Expiry |
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6 months |
1 year |
18 months |
2 years |
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AMD |
Annual simple interest rate |
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7.75% |
9.00% |
9.00% |
9.00% |
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Annual percentage yield |
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7.90% |
9.00% |
9.07% |
9.00% |
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USD |
Annual simple interest rate |
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2.00% |
3.00% |
3.15% |
3.40% |
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Annual percentage yield |
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2.01% |
3.00% |
3.16% |
3.40% |
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Partial withdrawal of deposit
The depositor can make partial withdrawals throughout the effective period of the deposit. In that case the interest amount calculated, accrued and/or paid at the date of withdrawal is recalculated on below terms:
The depositor can make partial withdrawals throughout the effective period of the deposit. In that case the interest amount calculated, accrued and/or paid at the date of withdrawal is recalculated on below terms:
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Period between the date of opening (extension) of the deposit and the withdrawal of the amount |
The recalculation is made at the lowest interest rate existing for the deposit and at the date of withdrawal at the expiry set in the schedule and published on the Bank’s site |
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up to 6 months |
The Bank’s interest rate for demand deposit: 0.1% |
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above 6 months to 1 year |
KARAS interest rate for 6-month period and in respective currency |
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above 1 year to 18 months |
KARAS interest rate for 1-year period and in respective currency |
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above 18 months |
KARAS interest rate for 18-month period and in respective currency |
Upon partial withdrawals the recalculation is made in the sequence of sums entered, starting from the initial deposit as of the effective date of the agreement.
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NOTE |
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Income tax is charged from payable interests at 10%. |
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A commission is charged upon cash return of noncash deposit at 0.25% for AMD and at 3% for USD*. |
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* The Bank may set a more favorable commission for clients. |
Calculation example
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Initial deposit |
AMD 500,000 |
|
Opening day |
01/04/2026 |
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Expiry |
18 months (by 01/10/2027) |
|
Annual interest rate |
9.00% |
|
Payment of interests |
At expiry |
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Interest capitalization |
01/04/2027 |
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Income tax |
10% of interest income |
|
Replenishment |
AMD 10,000 monthly |
The deposit interest amount is calculated in the following way:
Daily interest income before replenishment
500,000 (deposited sum) x 9.25/100 (annual interest rate) / 365 (number of days in a year) = 126.71
Daily interest rate after the first replenishment
510,000 (deposit balance) x 9.25/100 (annual interest rate) / 365 (number of days in a year) = 129.25
Daily interest rate after the twelfth replenishment
666,179.80 (deposit balance) x 9.25/100 (annual interest rate) / 365 (number of days in a year) = 168.83
The daily interest income increases after each sequential replenishment.
Pre-tax accrued interest: AMD 83,540.70
After-tax accrued interest: AMD 75,186.63
Total added sum/total replenishment: AMD 170,000
Total deposit amount (initial deposit + added sums/replenishment + after-tax interests) - AMD 745,186.63
Deposit calculator - https://conversebank.am/hy/karascalc
Calculated amounts are rounded up to one hundredth.
Annual percentage yield /APY/
The interest sums accrued on the funds on your account are calculated based on the simple interest rate, and the annual interest yield shows the income you would earn if you redeposited the interests generated from the deposit.
The annual percentage yield is calculated based on the following formula set under the Central Bank of the Republic of Armenia Regulation 8/02 “Calculation of the 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. The depositor can be more than one person according to the agreement, in that case the agreement is signed by all and the deposit is managed and used with the right of joint ownership.
3. If depositors are more than one person the Deposit and accrued interests are paid to all depositors proportionally, or to one of them on the basis of a notarized power of attorney signed by the others.
4. Any person can enter sums to the deposit account if the account details are available while withdrawals are made only by the client or by a person authorized by him.
5. The depositor can open the deposit in the name of a third person according to the legislation of RA and internal normative acts of the Bank.
6. The deposit can be opened online (without the possibility of making a deposit in favor of a third party) via Online Banking system Internet Banking and Converse Mobile application.
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 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.
3. The interest amount is calculated on a daily basis against the account balance.
4. Where the time deposit is opened with a foreign currency, the interests are paid to the depositor with AMD at the respective buy rate set by the Bank at the date of payment for the respective currency or, at the depositor’s discretion, with the currency of the deposit.
5. 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.
6. 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
- If the time deposit is returned on the depositor’s demand before expiry, based on the depositor’s application, the interests are recalculated and the recalculation is made at the demand deposit rate applied by the Bank (currently 0.1%).
- When the depositor dissolves the FX time deposit agreement on the condition of directly concluding a time deposit agreement with AMD on similar terms, the interests are not recalculated.
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.
In addition, during the term of the contract, through electronic communication or by your choice, in another way (for example, postal communication, in the Bank's territory - in person, etc.), the Bank will provide you with the changes and amendments in legal acts and other circumstances having direct impact on the general terms of service and other fees, the order of communication, rights arising from the contract, obligations or responsibilities.
Tariffs for issuance of statements and references
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Handover of statements1 in the Bank (VAT included) |
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ü Issuance of statement in periods set under the RA laws and/or the agreement, in the manner preferred by the customer: AMD 0 ü At the customer’s choice, issuance of additional electronic statement in periods set under the RA laws and/or the agreement in the manner and for the period preferred by the customer (once for each period): 0 ü In addition to the aforementioned periods: - For less than 3 years: AMD 1,000 - For longer than 3 years: AMD 3,000 (if held with the Bank) |
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Statements to be disclosed to other organizations1 (VAT included) |
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For accounts opened in 1 month2 |
AMD 5,000 |
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For accounts opened earlier |
AMD 3,000 |
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Based on online application in Internet Bank |
AMD 3,000 |
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1 For 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. |
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Copies of documents, transaction grounds and other information (VAT included) |
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For up to 1 month old |
AMD 1,800 per document |
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For up to 1 year old |
AMD 3,000 per document |
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For longer than 1 year old |
AMD 12,000 per document |
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Post delivery of statement (VAT included) |
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In country and cross country |
AMD 0 |
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International |
In cases under the law and the agreement, the delivery service provider’s tariff In other cases, the delivery service provider’s tariff + AMD 1,500 |
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Outsourced delivery service (VAT included) |
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In country and cross country |
AMD 3,000 |
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International |
Delivery service provider’s tariff + AMD 5,000 |
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Attention! |
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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 has the right to unilaterally change the amount of interest set under the deposit agreement, which the legal entity has deposited after the expiration of a certain period or upon reaching the circumstances stipulated in the agreement, by notifying the depositor legal entity within seven days after the change. The change in the amount of interest rate comes into force on the 31st calendar day after notifying the depositor-legal entity in written form. In case the customer does not agree to the new terms, the agreement is terminated, and Bank pays the customer the deposit amount and the accrued interests. |
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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. |
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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. |
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Based on the Foreign Account Tax Compliance Act (FATCA) Agreement concluded with the USA government, the Bank can collect additional information to clear out your status of a US taxpayer. |
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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. |
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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. |
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NOTE |
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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. |
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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 (https://conversebank.am/en/), by making the information available in the Bank’s premises, by sending email and/or by other methods offered by the Bank and selected by the Customer, which shall be deemed the proper notification of the Customer. |
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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. |
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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. |
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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. |
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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
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For Individual customers (other than sole proprietor) |
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ID document |
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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 |
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 notarized translation into Armenian 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/avand.
Notice on Guaranteed Deposit Terms and Conditions
Deposit Guarantee Fund of Armenia is the guarantor of your deposit.
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Deposit currency structure |
Max guaranteed deposit |
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If you have only AMD deposit with the same bank |
AMD 16 M |
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If you have only FX deposit with the same bank |
AMD 7 M |
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If you have AMD and FX deposits with the same bank |
If AMD deposit is above AMD 7 M |
AMD 16 M (only AMD deposit is guaranteed) |
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If AMD deposit is below AMD 7 M |
AMD 7 M (AMD deposit is guaranteed totally and FX deposit – to the amount of the difference between AMD 7 M and reimbursable AMD deposit) |
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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 250,000 AMD (two hundred fifty thousand) or the equivalent FX, and the amount of the transaction not surpassing 500,000 AMD (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 [email protected]
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
Updated 01.04.2026