Deposit Progress
Terms and Condition of Deposit
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Currency |
AMD, USD, EUR |
|
Type |
Non-increasable and partially reducible |
|
Min deposit |
AMD 30,000 / USD 500 / EUR 500 |
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Max deposit* |
AMD 50,000,000 / USD 100,000 / EUR 50,000 |
|
Expiry |
45 days / 3 months / 6 months / 9 months / 12 months / 18 months / 24 months |
|
Interest payment |
At Customer’s discretion either at expiry or monthly |
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Interest capitalization |
The interests accrued through expiry are not recorded on the deposit balance |
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Max withdrawal of deposit |
The deposit balance due to withdrawals cannot be less than the min deposit amount |
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* A contractual interest rate is applied to deposits over AMD 50,000,000, USD 100,000 and EUR 50,000. |
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Annual simple interest rate and percentage yield
|
Simple annual interest rate subject to payment of interests at expiry |
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Currency |
Expiry |
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|
45 days |
3 months |
6 months |
9 months |
12 months |
18 months |
24 months |
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|
AMD |
5.00% |
7.75% |
8.25% |
8.75% |
9.50% |
9.50% |
9.50% |
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|
USD |
0.75% |
1.50% |
2.40% |
3.10% |
3.75% |
3.90% |
4.00% |
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|
EUR |
0.50% |
0.75% |
1.20% |
1.50% |
2.0% |
2.15% |
2.25% |
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|
Annual percentage yield subject to payment of interests at expiry |
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|
Currency |
Expiry |
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|
45 days |
3 months |
6 months |
9 months |
12 months |
18 months |
24 months |
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|
AMD |
5.11% |
7.98% |
8.42% |
8.84% |
9.50% |
9.29% |
9.09% |
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|
USD |
0.75% |
1.51% |
2.41% |
3.11% |
3.75% |
3.86% |
3.92% |
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|
EUR |
0.50% |
0.75% |
1.20% |
1.50% |
2.00% |
2.14% |
2.23% |
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|
Simple annual interest rate subject to monthly payment of interests |
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|
Currency |
Expiry |
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|
3 months |
6 months |
9 months |
12 months |
18 months |
24 months |
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|
AMD |
7.25% |
7.75% |
8.25% |
9.00% |
9.00% |
9.00% |
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|
USD |
1.35% |
2.25% |
2.95% |
3.60% |
3.75% |
3.85% |
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|
EUR |
0.65% |
1.10% |
1.40% |
1.90% |
2.05% |
2.15% |
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Annual percentage yield subject to monthly payment of interests |
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|
Currency |
Expiry |
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|
3 months |
6 months |
9 months |
12 months |
18 months |
24 months |
|||||||
|
AMD |
7.50% |
8.03% |
8.57% |
9.38% |
9.38% |
9.38% |
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|
USD |
1.36% |
2.27% |
2.99% |
3.66% |
3.82% |
3.92% |
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|
EUR |
0.65% |
1.11% |
1.41% |
1.92% |
2.07% |
2.17% |
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Partial withdrawals of deposit amount
During the deposit operation, the depositor may make partial withdrawals of the deposit amount. In that case, the interest accrued as of the date of withdrawal is recalculated under the following conditions:
|
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 |
|
up to 45 days |
The Bank’s interest rate for demand deposit: 0.1% |
|
above 45 days to 3 months |
PROGRESS interest rate for 45-day period and in respective currency |
|
above 3 months to 6 months |
PROGRESS interest rate for 3-month period and in respective currency |
|
above 6 months to 9 months |
PROGRESS interest rate for 6-month period and in respective currency |
|
above 9 months to 12 months |
PROGRESS interest rate for 9-month period and in respective currency |
|
above 12 months to 18 months |
PROGRESS interest rate for 12-month period and in respective currency |
|
above 18 months |
PROGRESS interest rate for 18-month period and in respective currency |
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NOTE |
|
Income tax is charged from payable interests at 10%. |
|
A commission is charged upon cash return of noncash deposit at 0.25% for AMD and at 3% for USD and EUR*. |
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* The Bank may set a more favorable commission for clients. |
Calculation example:
In case of the following conditions:
|
Initial deposit |
AMD 1,000,000 |
|
Opening day |
01/04/2026 |
|
Expiry |
12 months (until 01/04/2027) |
|
Annual interest rate |
9.50% |
|
Payment of interests |
At expiry |
|
Income tax |
10% of interest income |
The deposit interest amount is calculated in the following manner.
Interest income per day
1,000,000 (initial deposit) x 9.50/100 (annual interest rate) / 365 (number of days in a year) ≈ 260.27
Total interest income for 12 months
260.27 x 365 days = 95,000.00
Net interest income for 12 months
95,000.00- 9,500.00 (10% of total interest income; sum subject to income tax) = 85,500.00 (sum payable to depositor at expiry)
Total deposit amount (initial deposit + after-tax interests): AMD 1,085,500.00
Annual percentage yield
The interest on the funds in your account is calculated on the basis of simple interest rate, and the annual interest yield shows the income you would receive as a result of making mandatory payments related to deposit and receiving interest earned on a regular basis.
The calculation of the annual percentage yield on the deposit is made on the basis of 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":
where:
- A - initial deposit amount
- n - the number of cash flows for the deposit
- N - the last number of cash flow for the deposit (including the cash flow at the time of making the deposit), after which the term of the deposit agreement is considered expired.
- Kn - cash flows on deposit made upon making the deposit and/or during the deposit term and/or capitalized interest, and mandatory payments, if any.
- Dn - the number that indicates the quantity of days elapsed since the day of making the deposit up to the next - n-th cash flow for the deposit, inclusively (at the time of making the deposit: D1 = 0)
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 parties 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 other parties.
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 has the right to open the deposit in the name of a third party according to the legislation of RA and internal legal acts established by the Bank.
6. The deposit can be opened online (without the possibility of making a deposit in favor of a third party) via “AS-Internet Bank” system 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 in 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, in 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 demands 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 settlement/current account with the currency of the deposit; in the absence thereof, the deposit is opened free of opening and service/maintenance 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. 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%).
2. When the depositor dissolves the foreign currency/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 the provision of Extracts and References
|
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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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
|
ID document |
|
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.
|
Deposit currency structure |
Max guaranteed deposit |
|
|
If you have only AMD deposit with the same bank |
AMD 16 M |
|
|
If you have only FX deposit with the same bank |
AMD 7 M |
|
|
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) |
|
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 of the foundation: c. Yerevan, Khorenatsi 15 ("Elite Plaza" business center)
Phone: 374 10 583514
Settlement of 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 mediator.
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: [email protected]
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
- WhatsApp: +374 95 511211
Updated 01.04.2026