Frequently Asked Questions

Deposits

Is it safe to place a deposit?

Evocabank was established in 1990, and is operating for around 29 years. The bank has won many international awards during its activity, and is an honest and reliable partner for all its customers.
In addition, according to the RA Law on Guarantee of Compensation for the Banking Deposits of Physical Persons , all the deposits placed in Evocabank are guaranteed by the Deposit Guarantee Fund.
You can find additional information on Deposit Guarantee Fund here.

What is Deposit Guarantee Fund?

The Deposit Guarantee Fund (hereinafter Fund) is a non-profit legal entity, the main purpose of which is to ensure the stability and reliability of the banking system of the RA by guarantying the compensation of bank deposits of individuals and individual entrepreneurs.
The Fund has been founded by the Central Bank of the Republic of Armenia.

Is it possible to use the deposit amount prior to contract term?

Early withdrawal of funds is considered as termination of the deposit agreement; accrued interest is being recalculated in accordance with the Bank’s terms and conditions of deposit placement.

What is the income tax and how much tax do I need to pay in case of placing a deposit?

According to the law of RA, starting from April 1, 1995, the banks and other financial/credit institutions are obliged to calculate and withhold income tax from accrued interests of deposits placed by physical individuals and individual entrepreneurs. The income tax is withhold from the accrued interest and comprises 10% of the interest.