YEREVAN, April 26. /ARKA/. VTB (Armenia) said today it was raising the interest rate on “Progressive” deposits placed in Armenian drams by 1 percentage point.
The highest interest rate on the deposit is 10% per annum, when placing it for 12 months. The offer is one of the most advantageous in the savings market of the country, VTB (Armenia) said in a press release.
The term of the deposit “Progressive” ranges from 1 to 24 months. The highest annual interest rate is 9.97% when opening a deposit account for 12 months. The smallest deposit amount is 30,000 drams.
The client may choose the method of interest accrual – either at the end or beginning of the deposit term, or monthly. The product has a top-up option. If you close the deposit account prematurely after 181 days, the interest is partially retained and is recalculated at 2% of the set rate. The deposit “Progressive” also provides the possibility of obtaining a secured loan up to 95% of the deposit amount.
“This year against the background of high key rate the population tends to increase their savings. The bulk of deposited funds are in the national currency, and clients are increasingly choosing mid-term deposits of 6-12 months with the most favorable profitability. In the first quarter of this year, their share reached 40% of the total portfolio of dram deposits. We expect this trend to continue in the second half of the year as well,” said Deputy CEO and Chairman of VTB (Armenia) Taras Kladchenko.
Customers of VTB (Armenia) can open deposit accounts through remote channels, video banking and branches. Deposits can be replenished through the bank’s digital services, payment terminals TelCell and EasyPay, as well as in HayPost postal offices.
Savings of individuals are guaranteed by the Deposit Guarantee Fund, the limits are determined depending on the amount of placed funds. Income tax on interest on deposits is 10% per annum.
VTB Bank (Armenia) is regulated by the Central Bank of Armenia. ($1 – 387.33 AMD) -0-
