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ARKA / Converse Bank introduces new accumulative long-term deposit in cashless gold


Armenian Converse Bank said today it has introduced a new accumulative long-term deposit in cashless gold called Voske Manook (Golden Child). The deposit is opened for under-age children by a legal representative in Drams. The cost of the deposit is determined by the price of one gram of 999.9 standard gold on the day of account opening. The deposit term is from 5 to 16 years with no annual interest rate.

When the deposit term expires the depositor can get either the amount equivalent to the gold accumulated throughout the term at a price effective on that day or a standardized gold bar.

The Converse Bank has introduced also two other deposits- Prosperous Future and Pension. The first is for young people wishing to put aside funds for their future. The minimum amount of this deposit is 50,000 Drams. The monthly payment must not be over 100,000 Drams.

The second deposit is for senior citizens who receive monthly old-aged or retirement pensions but want to accumulate a certain amount of sum within one year. The minimum amount of this deposit is 10,000 Drams. Its term is 12 months at 13% interest rate.

Ninety-five percent in Converse Bank is owned an Argentinean Armenian businessman Eduardo Eurnekian and the remaining five percent by Armenian Orthodox Church. The bank has 25 branches in 13 towns. ($1- 384.56 Drams).


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