Monday, November 4 2019 11:03

ArmInfo.VTB Bank (Armenia) proposes to use the Interest- Bearing Account service with a rate of 1.5-9.5% per annum to all those customers who wish to maintain and,  most importantly, increase their dram savings. As ArmInfo was  explained in the press service of the bank, the client's  Interest-Bearing Account allows them to replenish and withdraw funds  from their account at any time and without any restrictions. This  account is a kind of piggy bank that has an unlimited duration and  combines the security of the deposit and the flexibility of a bank  account.

According to the source, the yield on the Interest-bearing Account is  1.51-9.92% per annum at a rate of 9.5%. Unlike a term deposit, by  opening an Interest-Bearing Account with VTB Bank (Armenia), a client  has the opportunity to withdraw funds or replenish a Savings account  at a convenient time, an unlimited number of times, without losing  any interest accrued.

You can open an Interest-Bearing Account not only in 72 branches of  VTB Bank (Armenia), but also remotely using the Video Bank service.  Replenishment of the Interest-Bearing Account is also easy and  convenient: through about 4000 payment terminals of the country,  Mobile / Internet Bank, as well as Video Bank services.

The main conditions of the Interest-Bearing Account of VTB Bank  (Armenia): account opening - free of charge; monthly account  maintenance - free of charge, if during the calendar month the daily  cash balance on the Interest-Bearing Account was 10 thousand drams or  more, otherwise, the commission for servicing the account is 390  drams; replenishment and withdrawal of funds from the account:  without restrictions; lack of a minimum and maximum contribution  amount; interest payment - monthly with capitalization; monthly  interest is calculated on the amount of the minimum cash balance of  the Interest-Bearing Account for the last three months (including the  current month) and capitalized on the actual balance of the account.   The larger the amount in the Interest-Bearing Account and the longer  it remains in the account, the higher the accrued interest. The rates  on the Interest-Bearing Account are 1.5-9.5% per annum in drams,  depending on the term and amount.

For a more comfortable use of the service, VTB Bank (Armenia) offers  its customers to replenish their savings accounts automatically  through the service of the Periodic Payment Order. When opening a  Interest-Bearing Account, the client is prompted to immediately issue  a Periodic Payment Order, thereby instructing the Bank with a  specific periodicity (monthly, quarterly, etc.) to automatically  replenish his/her Interest-Bearing Account.

More detailed information on the conditions for opening a  Interest-Bearing Account can be obtained at the branches of VTB Bank  (Armenia), on the Bank's official website www.vtb.am or at the Bank's  Contact Center at 87-87.

According to the Financial Rating of the Banks of Armenia as of June  30, 2019 prepared by ArmInfo IC, VTB Bank (Armenia) is one of the  leading banks both in the total portfolio of term deposits and in  term deposits of individuals. So, as of July 1, 2019, the volume of  term deposits in VTB Bank (Armenia) amounted to AMD 116.7 billion  with an annual growth of 30.5%. Of these, 93.5 billion drams are  deposits of individuals, and the bank managed to increase this  portfolio by 33% in annual terms. In the total liabilities of the  bank, the share of time deposits accounts for more than 47%, and the  share of time deposits of individuals in the total portfolio of time  deposits exceeds 80%. (The calculated exchange rate of the dram as of  June 30, 2019 is 477.11 dr / $ 1).  It should be noted that VTB Bank  (Armenia) CJSC became a member of VTB International Financial Group  in April 2004. Currently, the second largest VTB Bank PJSC in Russia  owns 100% of the shares of VTB Bank (Armenia). The Bank traditionally  ranks among the leaders of the banking system of the Republic of  Armenia in terms of key indicators. In terms of coverage of the  branch network, VTB Bank (Armenia) maintains leadership - both in  their total number and in regional divisions.