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Manuk

Deposit "Manuk"

Terms and Condition of Deposit

Currency

AMD, USD

Min deposit

10,000 AMD, 100 USD 

Type

Increasable term deposit

Maturity

5 years min
Expires depositor reaches the age of 14-18

Payment of interest

At expiry
Quarterly calculated interests are accrued on deposit balance

Bonus: Actual days of deposit divided by 365, multiplied by average daily balance of deposit, multiplied by 5 percentage points

Annual simple interest and percentage yield

Currency

Simple interest rate

Percentage yield2

AMD

(CBFR1 + 3.27)%, currently 11.86%

12.4%

USD

(CBFR + 3.67)%, currently 4%

4.06%

1 CBFR – Converse Bank CJSC Floating Rate. Is established by the Bank twice a year based on the primary rates, and unless the latter are accessible, based on the secondary rates. Once changed, the simple interest of the agreements is changed no sooner than in a months after notifying the depositor thereon.Primary rates: for AMD – the yield curve of 180-day discount rate government bonds, published by the Central Bank of Armenia on https://www.cba.am; for USD and EUR – "USD 6-month ICE LIBOR" and "EUR 6-month ICE LIBOR" benchmarks accordingly, published by Intercontinental Exchange (ICE) on https://www.theice.com.Secondary rates: for AMD – the CBA set refinancing rate; for USD – Federal Funds rate or the target range - Upper Limit set by the US Federal Reserve Bank; for EUR – the Marginal Lending Facility Rate set by the European Central Bank.Upon inaccessibility to primary rates and application of secondary rates, the secondary rate-based simple interest rate at CBFR is established for deposits so that the amount of the simple interest rate remains unchanged upon the change of the fixed component of the deposit interest rate.The established CBFR rates are published on the Bank’s official site https://conversebank.am/hy/kbht/ and are made available at the Bank. The Bank can revise the floating interest rate of this deposit no more than twice a year. The upper limit of rise or fall of the floating rate is set at +/- 4 percentage points. The CBFR amount can be rounded up to one hundredth.
2 Calculated based on the CBFR rates at the date of update of the information bulletin: 8.59% for AMD and 0.33% for USD.

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% for AMD / 0.40% for USD

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

1 account in deposit currency

Opening

AMD 

Annual service

0 AMD

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

Calculation example

Initial deposit

100,000 AMD

Opening day

13/12/2021

Maturity

5 years (until 13/12/2026)

Annual interest rate

11.86%

Payment of interests

At expiry

Income tax

10% from interest income

Adding

10,000 AMD monthly

The deposit interest amount is calculated in the following manner:

Daily interest income before adding
100,000 (deposited sum) x 11.86/100 (annual interest rate) / 365 (number of days in a year) = 32.49
Daily interest rate after the 1st adding
110,000 (deposit balance) x 11.86/100 (annual interest rate) / 365 (number of days in a year) = 35.74
Daily interest rate after the 2nd adding
120,000 (deposit balance) x 11.86/100 (annual interest rate) / 365 (number of days in a year) = 38.99
Daily interest rate after the 3rd adding and capitalization of interests
132,886.37 (deposit balance) x 11.86/100 (annual interest rate) / 365 (number of days in a year) = 43.18

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

Pre-tax accrued interest: 284,187.71
After-tax accrued interest: 255,768.94
Total added sum: 590,000
Pre-tax deposit bonus: 119,874.51
After-tax deposit bonus: 107,887.06
Total deposit amount (initial deposit + added sums + after-tax interests + after-tax bonus): AMD 1,053,656.00

Deposit calculator - https://conversebank.am/hy/manukcalc

Calculated amounts are rounded up to one hundredth.
 

  ATTENTION

 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.Any individual can open the deposit on behalf of the depositor until the latter’s adulthood, irrespective of the depositor’s age.
3.The person having opened the deposit can make no withdrawals from the deposit before and after the expiry of the agreement, nor can recall the deposit, except when the latter is the legal representative of the depositor under 14 years of age3.
4.The depositor or the latter’s legal representative exercises the right of disposal of the deposit through the expiry of the agreement. The deposit account statements and other binding disclosures are issued only to the depositor or the latter’s legal representative to the address of the depositor or the latter’s representative and in the manner specified by the person opening the deposit in the deposit agreement.|
5.Any sum can be added unlimitedly to the deposit account through the expiry of the deposit.
6.The deposit is returned to the depositor or the latter’s legal representative as required.
7.Any person can enter sums to the deposit account if the account details are available.
3The parents, adoptive parents of the child and the legal guardian (for minors under 14 years of age) or the trustee (for teenagers from 14-18 years of age) can be the legal representatives.

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

1. Where the time deposit is returned on the depositor’s demand before expiry or before the occurrence of circumstances stated in the deposit agreement, the interests are recalculated based on the application, on below terms:

  • Upon termination of the deposit before the end of the 1st year from the day of opening, the recalculation is made at the interest rate applied by the Bank to demand deposit at that point (currently 0.1%).
  • Upon termination of the deposit after the end of the 1st year, the interests are recalculated in the following manner: the interests accrued and paid in 1 year preceding the termination date are recalculated in the manner set in the above paragraph; and the interests calculated and accrued before that (the final day of the year preceding the start of the previous 1 year) are not recalculated.

2. Where 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.

Tariffs for issuance of statements and references

Handover of statements1 at the Bank (VAT included)

  • Issuance of statement to customer in periods set under the RA laws and/or the agreement:  0 AMD
  • 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):  0 AMD
    In addition to the periods set above:
    - for up to 3-year period: 1,000 AMD
    - for 3-year and longer period: 3,000 AMD(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

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.

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 + 1,500AMD

Delivery of Statements by Registered Mail (VAT included)

In Armenia and Artsakh

3,000 AMD

International

Delivery service provider’s rate + 3,000AMD

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
1. Customer’s and depositor’s ID document
2.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 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 of the foundation: c. Yerevan, Khorenatsi 15 ("Elite Plaza" business center)
Phone: 374 10 583514

Procedure for resolving disputes

Any disputes and disagreements between the Customer and the Bank shall be resolved first by mutual negotiation, and should the agreement not be reached by such methods, the disputes and disagreements shall be resolved in accordance with the procedure prescribed by the RA legislation both per court procedure, and through financial system obmudsman.

Notice on Financial System Mediator

Please be informed that according to the RA Law on Financial System Mediator, in case of property claims arising out of services rendered to you by Converse Bank CJSC, disputes and disagreements for not exceeding million AMD or equivalent foreign currency may be resolved through the Financial System Mediator.
According to an agreement between the Bank and the Office of the Financial System Mediator, the Bank waives the right to challenge the Financial System Mediator's decisions only in relation to property claims not exceeding 250,000 (two hundred and fifty thousand) AMD or equivalent currency, and on transaction amounts not exceeding 500,000 (five hundred thousand) AMD or equivalent foreign currency.

Address: 0010 Yerevan, Khorenatsi str. 15,
"Elite Plaza" business center, 7th floor 
Email: info@fsm.am
Telephone: (+37460) 70-11-11
Fax: (+37410) 58-24-21:

Contact with the Bank

For more details and more information you can:

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

Updated 28.05.2022