Tuesday, June 29 2010 13:45
Unibank increases volume of fixed deposits by 50%
ArmInfo. Volume of Unibank's fixed deposits by June 1, 2010, exceeded 69 bln drams, having grown by 50% as compared to the similar period of 2009.
As Unibank's press service told ArmInfo, fixed deposits of individual persons in the bank made up 41.2 bln drams, and fixed deposits of legal entities - 28 bln drams. Active growth of fixed deposits has been conditioned by the growing trust by depositors, as well as by attractive conditions of the bank's deposits meant for different categories of clients, the message says.
Currently, Unibank offers a wide range of deposit products. The bank has recently offered depositors a new fixed deposit "TOP 5" with a floating interest rate. The interest rate on deposit is determined based on the arithmetic mean interest rate of the leading five banks of Armenia. The deposit interest rate is revised on a quarterly basis, i.e. within the deposit period. The interest rate may rise depending on market conditions. Along with it, the bank guarantees a depositor the minimum 9-11% rate (depending on the deposit periods) which does not fall below this figure, even if the leading banks reduce the interest rates.
To recall, Unibank has started to accept a new deposit with replenishment regime since May. Depositors are enabled to replenish the deposit amount, except for the last three months of the deposit period. The amount of replenishments during the deposit period may not exceed the double amount of the initially deposited amount. The annual interest rate on dram deposits makes up 11%, and on dollar deposits - 7%. The minimum deposit amount makes up 100,000 drams or $300, the maximum period - 365 days. Depositors are enabled to receive an overdraft (credit funds) at the rate of 90% of the deposit amount. All depositors are provided with plastic cards and UNIPAY utility payments system card free-of-charge.
Replenishment regime is also valid in case of "U-LUCKY" deposit, however, the amount being replenished may not exceed 6 mln drams or $20,000 during the deposit period. The interest rate on deposit makes up to 10%. Depositors are enabled to draw up an overdraft (credit funds) at the rate of 80% of the initial deposit amount. Moreover, if the overdraft period does not exceed 30 days, the interest rate on credit is zero. Depositors of "Capital +" are given an opportunity of capitalization of interests to the principal deposit amount. Deposit is accepted from 31 to 365 days, the annual interest rate on deposit makes up to 8,5%, and the minimum deposit amount - 30,000 drams.
A multi-currency regime is functioning for the whole period of "Multi-currency" deposit, i.e. a depositor is enabled to change the deposit currency without cancellation of an agreement with the bank. Annual interest rate on this deposit makes up to 9%, the minimum deposit amount - 100,000 drams.
According to the data of Ranking of Armenia's commercial banks, prepared by Agency of Rating Marketing Information (ArmInfo), Unibank in the banking system of Armenia keeps lead by the volume of fixed deposits, where the lion's share falls on deposits of individual persons - 63%, and the rest 37% - on deposits of legal entities.
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