VTB Bank (Armenia) suggests using accumulation accounts for uninterrupted accumulation of funds

VTB Bank (Armenia) provides the customers with an opportunity to continuously accumulate free cash and manage them, the press office of the Bank reports.  

The Bank offers the customers to open an accumulation account at the interest rate of up to 8% p.a. and to make receipt and debit transactions without any restrictions or loss of interest.

An accumulation account is a demand deposit that enables the customers to continuously accumulate funds and receive interests without losing the opportunity to make banking operations (unlike the time deposits that have a specific period of placement and admit no (partial or complete) use of funds, retaining the accumulated interest).     

The peculiarity of the accumulation account is that the account can be replenished without any restrictions by small amounts that will help the customers accumulate funds for specific purposes. All the remittance and writing-off operations will be available in monthly account statements. The accumulation accounts are opened in terms of Armenian dram free of charge. The customers carry out the first accumulation when opening an account worth at least 10,000 AMD.

An interest of up to 8% is monthly paid to the customers depending on the average daily balance on their accumulation accounts. The more funds are placed on the account, the higher the interest rate is. The interest is added to the account balance every month.        

In addition, under the Bank's campaign, which will be in effect until 31 August 2015, the highest interest rate (8%) is set regardless of the account balance, with no monthly commission levied for the account maintenance.     

When opening an accumulation account in VTB Bank (Armenia), the customers are provided with free internet banking service that will enable them to accumulate the funds round the clock without paying any visit to the Bank. The accumulation account can also be replenished via more than 1,200 TelCell terminals in Yerevan and in the provinces.    

To recall, VTB Bank (Armenia) is owned fully by Russian VTB Bank. It runs 67 branches across Armenia, more than any other local bank. The bank is traditionally on the list of the banking system leaders of Armenia by its key indices.