Evoca saving account

Pursuant to the RA law On Guaranteeing the Compensation for Bank Deposits of Individuals, funds held in a settlement, current, time, savings, or other accounts opened with a bank are considered a bank deposit. The deposits guaranteed by the RA law will be reimbursed by  the  Deposit Guarantee Fund. If you have deposited money into an account with an insolvent bank:

• Only in Armenian drams, the guaranteed deposit amount is AMD 16 million;
• Only in a foreign currency, the guaranteed deposit amount is AMD 7million;
• In Armenian drams and a foreign currency and the AMD-denominated deposit is over AMD 7 million, the dram-denominated deposit shall be guaranteed up to the amount of AMD 16 million;
• In Armenian drams and foreign currency and your dram-denominated deposit is less than AMD 7 million, the deposit in Armenian drams shall be guaranteed in full while the deposit in foreign currency shall the guaranteed at the amount of the difference between the AMD 7 million and reimbursed dram-denominated bank deposit.

Note: All your dram-denominated deposits with the same bank shall be considered one deposit, similarly, all FX-denominated deposits - one deposit. If you have made deposits in several Armenia-based banks, they shall be guaranteed separately in each bank up to the maximum legal limit.

• Bank account servicing is regulated by the RA legislation, regulatory acts of the RA Central Bank, and the savings account agreement concluded between the Bank and the customer. The Head Office and branches of the Bank (through the respective customer service departments) provide and maintain accounts for their customers during the operational day from 9:30 AM to 5:00 PM, without a break. For account transactions we charge relevant fees based on the Bank's Fees. Notably, account servicing (maintenance) is free of charge and there is no minimum balance requirement.
• You can perform the following transactions using your savings accounts:
  • Cashless account top-up: transfers exclusively from your other accounts maintained at Evocabank OJSC;
  • Cashless payments: transfers only to your other accounts maintained at Evocabank OJSC;
  • Currency conversions across all your bank accounts (at our buy and sell rates effective at the time of the transaction).
• You can also manage your accounts remotely through our online banking services.
• All account transactions are reflected in account statements. Based on the agreement between the Bank and the customer, statements may be provided in person, by postal service or electronically. We charge a fee for issuance of duplicate statements and/or other account information (certificates) in accordance with our Fees.
• Funds will be credited to or debited from the account on the basis of your payment orders.
• Following the links, you can also review other terms of services, in particular:
  • Interest rates accrued on the balances of your savings accounts, in the Savings Accounts subsection of the «Fees» section. Note: We can change the interest rates payable on funds in the savings account, unless otherwise specified in the bank account agreement;
  • Upon your request: the fees for providing transaction details in the Bank Transfers subsection of «Fees» section.
• The Bank's stamp on a payment order confirms the fact that the payment order has been accepted by the Bank for execution. In cases where any discrepancies are identified during the execution of an accepted payment order, including an insufficient balance in the Customer's account, the Bank has the right not to accept the payment order and consider it void. The Bank shall not be held responsible for any losses incurred by the Customer as a result of such action.

• At any time, you may demand the termination of the savings account agreement and manage, at your discretion, the account balance (transfer funds to your other accounts with Evocabank OJSC). In such cases, based on your instructions, the account balance will be transferred to another account with Evocabank OJSC within 7 (seven) days upon receiving your written application.
• We may unconditionally terminate the savings account agreement if you, as an individual customer of the Bank, failed to perform any account transactions for the last six months, and the account balance is zero.
• Termination of the savings account agreement shall constitute a sufficient basis for closing the account.

• You can open an account in Armenian drams, US dollars, and Euros.
• Savings accounts can be opened solely via remote banking services.
• Accounts will be opened through our website or mobile app based on an electronic application using customer authentication and identification credentials as specified in the Terms and Conditions for comprehensive banking services.
• Before opening an account, the remote service system will familiarize you with the terms and conditions for account opening and maintenance, the fees, as well as the list of required documents, and other related information.
• With consideration of the requirements of the RA Law on Combating Money Laundering and Terrorism Financing, we can request additional documents or conduct additional verification thereof.
• After verifying the authenticity and validity of the submitted documents, we will make a Savings Account Agreement and open an account for you within 1 (one) business day. Apart from the copy of the signed agreement, you will be provided with a notice on the Terms and conditions and procedure for guaranteeing compensation for bank deposits.

• Your rights as an account holder may be restricted by a court decision based on a request of the compulsory enforcement bodies or tax authorities. Without your consent, funds can be seized based on a request by the compulsory enforcement bodies or tax authorities following a court decision. In such cases, we bear no obligation to notify you of the legal sanctions imposed on you, your accounts and funds in the manner prescribed by the RA legislation. We can provide such information only after the relevant sanctions have been applied - either by phone or via other (electronic/postal) means of communication.
• We guarantee the confidentiality of your personal data, account information, and transactions, providing such details only to you or your authorized representative. We disclose banking secrecy to state authorities and their officials exclusively in accordance with the RA Law On Banking Secrecy.
• All disputes and disagreements arising between the Parties shall be resolved through negotiations, and if the Parties are unable to reach agreement, they shall turn to a court or the Financial system mediator.

• You can review the service terms and conditions for savings accounts in the Savings Accounts
• Interest on the funds in your account is calculated based on the NOMINAL INTEREST RATE. While the ANNUAL PERCENTAGE YIELD (APY) shows the income you would receive if you reinvested the interest earned on the deposit back into the deposit. Below is the calculation procedure for the ANNUAL PERCENTAGE YIELD (APY):

Where:

• A – initial deposit,
• ո – sequential number of deposit cash flows,
• N - the final cash flow number of a deposit (including the cash flow at the time the depositing the money), after which the term of the deposit agreement is considered expired.
• Kո- cash flows on the initial deposit and/or interest capitalized during the term of the deposit, as well as mandatory payments, if any.
• Dո- the number of days that have elapsed from the date of the deposit through the date of the next (n-th) cash flow on the deposit. For the cash flows at the time of placing the deposit, D1= 0.

• Pursuant to the RA Law On Guaranteeing the Compensation for Bank Deposits of Individuals, funds held in settlement, current, time, savings, or other accounts opened with a bank are deemed a bank deposit. The deposits guaranteed by the RA law will be reimbursed by the Deposit Guarantee Fund.
• The Bank has the right to unilaterally change the annual nominal interest rates specified in these terms and conditions, notifying the customer via the agreed method of communication at least 15 days before the effectiveness of such changes. As a result of the interest rate change, previously paid or accumulated interest amounts are not subject to recalculation.