SAVING ACCOUNT

Savings accounts are opened in Armenian drams, US dollars and euros.

• Interest is paid only for the days when the account balance is equal to or exceeds AMD 200,000 / USD 500 / EUR 500.
• Interest is paid only for the days when the account balance is equal to or exceeds AMD 200,000 / USD 500 / EUR 500.
• Interest is accrued on a daily basis, provided that the minimum balance required for applying the interest rate is maintained.
• Interest is paid monthly on the first business day of the month following the given month.
• In case of account closure, the interest accrued during the given calendar month is not subject to payment.

Attention: The interest on the funds in your account is calculated based on the nominal interest rate, while the annual percentage yield shows how much income you will receive as a result of making the mandatory payments related to the deposit and receiving the earned interest at the specified frequency. You can find the procedure for calculating the annual percentage yield at the following link: Procedure for calculating the annual percentage yield.

The savings account is serviced free of charge if:

• The minimum threshold of the average daily account balance is maintained in accordance with the conditions presented below*:
• For members of Rural Mutual Assistance Regional Unions - AMD 5,000 or equivalent in foreign currency
• residents – AMD 20,000 or equivalent in foreign currency
• non-residents – AMD 50,000 or equivalent in foreign currency

_{*The average daily balance threshold applies to accounts in all currencies separately, however the customer may meet the threshold requirement for all accounts through at least one current, savings or deposit account.}

If the above conditions are not met, the savings account service fee is AMD 300 per month.

_{* In the presented calculation, the amount is deposited into the Savings account on 02.12.2024 and no withdrawals are made from the account during the calculation period.*}

• Savings account allows following transactions:
• deposit funds into the opened account*,
• make transfers from the account,
• withdraw funds from the account,
• convert the account balance into foreign currency, etc.

_{*except for banknotes with a nominal value of 500 euros}

• The savings account (including via acba digital service) is reopened free of charge.
• In case of savings account closure, the previously calculated service fee is not charged.
• Once the negative balance of the savings account service fee reaches AMD 600, the account servicing debt is automatically frozen and the charging of service fees for subsequent months is discontinued.
• The savings account service fee is charged from the customer’s account on the last banking day of each month.
• The commission fee is charged from the customer’s AMD account. If such an account is not available, it is charged from the customer’s foreign currency account, and the currency conversion is performed at the average exchange rate of foreign currencies published by the Central Bank of Armenia for that day. The calculation is performed for the months from account opening up to the month preceding account closure.
• The savings account agreement is concluded for an indefinite term.

 In Acba bank, the repayment of bank deposits of individuals is guaranteed by the Deposit Guarantee Fund in the amounts of guaranteed deposits, in particular:

List of required documents for opening customer accounts at Acba Bank

Procedure for opening and closing a bank (current) account

You can find detailed information on account service fees here

Savings account information summary.

For the purpose of proper customer due diligence as defined by the RA Law “On Combating Money Laundering and Terrorism Financing”, the Bank may, based on the “Know Your Customer” principle, request additional documents or other information from the customer, as well as ask additional questions during verbal communication.

Based on the Foreign Account Tax Compliance Act (FATCA) and the agreement concluded with the United States, the financial institution may collect additional information in order to determine whether a customer a US taxpayer.

The customer may deposit and withdraw funds to and from the account on each business day during the Bank’s operating hours. In case of depositing or withdrawing funds in currencies other than the account currency, the Bank’s set exchange rates are applied for currency conversion.

The Bank is obliged to credit the funds received to the customer’s Account no later than the day following the receipt of the respective payment document by the Bank, unless a shorter period is stipulated by law or an account agreement.

The Bank is obliged, upon the customer’s instruction, to disburse or transfer funds from the Account no later than the day following the receipt of the respective payment document by the Bank, unless other time limits are stipulated by law, the relevant banking rules or the bank account agreement.

Interest amounts calculated on accounts opened in foreign currency are paid in AMD at the average exchange rate published by the Central Bank of Armenia for that day. At the customer’s request, interest may be paid in the account currency.

The Bank has the right to unilaterally change the amount of interest paid on the funds held in the bank account. In cases where something else is stipulated, a statement would be issued.

The Bank may not unilaterally reduce the interest amount specified in the agreement for a deposit placed with a return-after-term condition, after the expiration of the defined period or the occurrence of circumstances provided in the agreement. In cases where something else is stipulated, a statement would be issued.

The rights of the account holder to dispose of the account and the funds therein may be restricted by a court decision based on an application submitted by the compulsory enforcement bodies of judicial acts or by the tax authorities.

Without the account holder’s instruction, funds may be debited from the Account by court decision based on an application submitted by the compulsory enforcement bodies of judicial acts and by the tax authorities.

The account agreement may be terminated at any time upon the customer’s request.

The court may, at the Bank’s request, terminate the Account agreement in the following cases:

when the amount of funds kept in the customer’s account is less than the minimum amount stipulated by banking rules or the agreement,

if such amount is not restored within one month from the date of the Bank’s notice,

in case of absence of transactions on the given account for one year.

The Bank has the right, at its discretion and without notifying the customer, to suspend or terminate the Account agreement if:

the Bank becomes aware that the individual customer has died or has been declared incapacitated in accordance with the law,

the Bank becomes aware that the individual customer has died or has been declared incapacitated in accordance with the law,

the Bank has reasonable suspicion that the customer is conducting circulation of funds obtained through criminal means,

no transactions have been carried out on the Account within one year from the date of its opening,

in other cases provided for by law or by a separate agreement concluded between the Bank and the customer.

In accordance with this clause, in case of suspension of the Account agreement, the Bank suspends servicing of the customer’s Account until the circumstances of suspension are eliminated, and in case of termination of the Account agreement, the Bank closes the customer’s Account.

there is a balance on the Account,

The Bank is obliged to close the customer’s Account on the same day of receiving the customer’s application, except for the following cases:

The customer has unpaid obligations to the Bank,

The Account balance is pledged and there is no consent of the pledgee to close the Account,

There is a balance left on the account,

Other cases provided for by law and by a separate agreement.

Statements and copies of statements that are not mandatory under RA legislation are provided:

Free of charge - for statements up to 6 months (inclusive)

2,000 AMD (including VAT) - for statements of 6 to 12 months (inclusive)

3,000 AMD (including VAT) - for statements of more than 1 year

Fees for issuing statements:

within the business days following the application for obtaining a statement – AMD 3,000

on the business day of submitting the application for obtaining a statement – AMD 5,000

Your financial informant:

fininfo.am

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