For Children Time Deposit

Provide Your children with carefree future today!

This deposit account is the premise of Your child’s favourable future. Thanks to this Deposit you will be able to provide for your child’s future needs related to education, accommodation, and other.
In a blink of an eye you find your child turned 18; and it will then be possible to make all his or her dreams come true on account of the money you saved.

Terms of the Deposit:

 

  • This Deposit account is determined for natural persons only.
  • The currency – AMD, USD.
  • The minimal amount of the Deposit – AMD 10,000 or USD 30 
  • The deposit account can be opened by the name of those, who have not reached the age of 18.
  • Duration of Deposit – 1-18years.
  • The annual simple interest rate of the Deposit or annual interest profitability – by AMD – 12.5%, by USD – 5.5% 
  • The interest income towards the means, available in the customer’s account is being calculated on the basis of nominal interest rate. And the annual interest profitability shows how much the customer’s income will be, if he puts once more the interest incomes, received for his deposit in the deposit account. 
  • The Bank calculates the interest income on the deposit account at the end of each year – paying in the calculated interest income in the deposit account.
  • You have the opportunity to increase the Deposit amount during the Deposit effective period.
  • The money means, received from the third persons also can be entered in the deposit account of the deposit holder, by corresponding necessary notices about his deposit account.
  • After the end of the date of deposit agreement or after appearing of the conditions, foreseen by the agreement, in the case of not demanding the amount of money of the time deposit, the amount of money is being transferred to your current account by the conditions of deposit that have to be called for if no other thing is being foreseen by the agreement.
  • You will be provided with a nice bank book. 
  • The interest income is being calculated daily on the available balance of the account.
  • The Bank calculates the interest rate on the amount of the Deposit from the next day the Deposit enters the Bank up to the returning of the Deposit to the customer or one day prior to the day the Deposit is withdrawn by other means from the depositor’s account. 
  • ACBA-CREDIT AGRICOLE BANK guarantees that the information about Deposit put in the Bank by You is CONFIDENTIAL.
  • Provision of account statements (including a copy thereof) - free of charge
  • Issuing copies of documents:

       - for up to three-month limitation period - AMD 1,000 (including VAT)

       - for 3 to 12 months limitation period - AMD 2,000 (including VAT)

       - for 1 to 3 years limitation period - AMD 5,000 (including VAT)

       - for limitation period of 3 years and more - AMD 10,000 (including VAT)

  • Providing information:

       - response to audit enquiry - AMD 5,000 (including VAT)

       - providing other references - AMD 3,000 (including VAT)

  • The Bank can not unilaterally decrease the amount of the interest rates of the deposit, decided by the agreement of the Bank deposit, that the customer entered by the condition of receiving it back at the end of the defined period of time, or after the appearance of the conditions, foreseen by the agreement, if no other thing is being foreseen by the Law.
  • Bank has not determined any tarriffs or other conditions decreasing the annual interest profitability for the present Deposit account.
  • In case of demanding the AMD deposit ahead of the determined effective period, during 1 banking day the sum of Deposit as well as the unpaid interest income of 1% calculated for the days preceding the cessation of the Deposit will be paid to customer.
  • In case of demanding the corrency deposit ahead of the determined effective period, during 1 banking day the sum of Deposit as well as the unpaid interest income of 0.1% calculated for the days preceding the cessation of the Deposit will be paid to customer.
  • The interest income, received during the duration of Deposit agreement, is taxable by 10%, in compliance with the RA Legislation in force.
  • The calculated interest income for the currency Deposits is paid in AMD – by the day’s average exchange rate, annonced by the Central Bank of the RA.
  • The Bank has the right to change the amount of interest income paid for call deposits, as well as monetary resources available in the bank accounts, if there is no other contradictory stipulation in the agreement.
  • The disputes and disagreements, arising out of the Deposit agreement are being resolved by means of negotiations. In case of not coming to an agreement in the result of negotiations the disputes and disagreements are resolved by order defined by the Armenian Legislation.

 

For example`
Your child is 3 years old. The day the child becomes mature, he will own AMD 9,336,039, if you open today a deposit account of AMD 50,000, increasing the deposit amount monthly by AMD 25,000.

 

Deposit amount 
(AMD)
Monthly payments amount* 
(AMD)
The sum that Your child will have
5 years later 10 years later 15 years later
10,000 10,000 788,502 2,105,688 4,306,968
50,000 25,000 2,013,095 5,334,117 10,884,216
250,000 100,000 8,136,050 21,476,241 43,770,415

 

In the mentioned example each monthly payments are made starting from the 2nd month.

 

In ACBA- CREDIT AGRICOLE BANK the reimbursement of bank deposits of natural persons is guaranteed by the ’’Fund, guaranteeing the reimbursement of the deposits’’ by the amount subject to the reimbursement. Particularly
- in case of only AMD deposits- 4 million AMD
- in case of only currency deposit – 2 million AMD
- in case of AMD (more than 2 million) and currency deposits – up to 4 million AMD
- in case of AMD (less than 2 million) and currency deposits – the AMD deposit – wholly and currency deposit – 2 million AMD and by the amount of difference of reimbursed AMD deposit.