¹ An additional fee of AMD 50,000 is set if the client is identified remotely, without physically visiting the Bank for opening an account, issuing or reissuing a card. In the case of providing several cards or accounts with remote identification to the customer on the same day, one additional payment is applied.

In addition to what is specified in these tariffs, additional service commissions may be applied by the servicing bank for cash withdrawal transactions.

² As part of additional services, payment card insurance is provided with an insurance amount of AMD 200000 for a period of 1 year.

³ In case or in the process of insolvency of the Bank's self-service devices (terminals) or inaccessibility of the service for replenishment of accounts and cards at the Bank via those terminals, as well as for the Bank branches (CSD) not furnished with such devices, the tariff is set 0 (zero) AMD.

⁴ Annual simple (nominal) interest rate is the tariff based annual interest rate, according to which the Bank calculates the interest payable to the Client.

                                Example: 1000 AMD * 5% = 50 AMD for 365 days

The annual percentage yield (APY) is the percentage that a person will receive as a result of a simple interest rate over the 365-day period of 1,000 drams and the interest capitalization and payment frequency.

The annual percentage yield of the deposit is the amount received from the calculation of interest payable at annual interest rate.

The procedure for calculation of annual percentage yield is defined by Regulation 8/02 of the Central Bank of Armenia "On calculation of annual percentage yield of bank deposits".

The Bank shall pay the interest to the Client's account quarterly. According to the RA law "On income tax”, the Bank acts as the tax agent of the depositor through collecting and transferring to the state budget the amount of payable income tax.

⁵ Cashback is provided as follows:

1)     Cashback is provided to cardholders who have purchased goods or services. Otherwise the Bank is entitled to recalculate the amount paid/payable.

2)     As to the Cashback service, utility payments made via the Internet or ATM, card-to-card transfers, e-wallet replenishment, insurance, bookmaker (betting) and other game sites payments, intrabank and interbank transfers from the card account to the RA or foreign banks and all transactions as a result of which the cardholder carries out transfers without purchasing a real product or service, are not considered as non-cash payments.

3)     Utility payments via the Internet or ATM, Card-to-card transfers, E-wallet replenishment, Insurance payment, Bookmaker (betting) and other game sites payments, and other types of transactions are identified based on the information provided by the settlement system.

4)     In case of a refund transaction initiated by the service officer for the purpose of canceling or adjusting the previously made non-cash payment, the turnover of non-cash transactions is reduced in the amount of such transactions while calculating the current refund amount.

5)     The amounts refunded within the Cashback service are subject to taxation in accordance with the RA law “On income tax”, where the Bank acts as the tax agent of the cardholder through collecting and transferring to the state budget the amount of payable income tax.

6)     Cashback payments are made on a monthly basis not later than the 7th working day after the end of the current month. No cashback is paid to the client in case of closing the card and the card account within the given month.

7) Cashback monthly service fee for may not exceed the amount to be calculated for the credit limit set for the client’s given card. Cashback is not paid for turnover exceeding the monthly credit limit of the given card.

⁶ Only one payment ring is provided with one card. When ordering a payment ring for an active card, it is necessary to submit a card re-issue application.

⁷ Documents and/or information with an expired maintenance term in accordance with the legislation of the Republic of Armenia shall not be provided to the Bank's clients.

⁸ In the event that no certificate is submitted on the client's net salary (other equivalent payments), the amount of the net salary (other equivalent payments) is determined by monitoring the client's salary receipts for the last four months. In this case, the net salary is considered the minimum of the salaries received in the last four months, and if during one of the said four months the client has not received a salary or other equivalent payments, that month does not included in the monitoring, and the previous month is considered the fourth month.

In case the amount of the client's salary has changed and the maximum credit limit, at the client's request, should be calculated on the basis of a higher net salary, the net salary is considered the net salary indicated in the salary certificate issued by the client's employer.

The maximum limit available for the Bank employees is 10-fold the net salary.

⁹  Interest calculation example:

Credit line limit – 5.000.000 AMD

Used credit line - 1.825.000 AMD

Annual interest rate – 20%

Number of days of the year – 365 days

The daily accumulated interest will amount to 1000 AMD (1.825.000*20% /365=1000 AMD)

Calculation of annual percentage rate:

The annual percentage rate is calculated by the following formula:

where;

i - annual percentage rate (APR)

A – initial credit line amount (issued to the client by the Bank)

n – current number of credit line payment

N – last number of credit line payment

Kn – amount of n^th payment,

Dn – number of days showing how much time passed since receiving the credit line till the regular n^th payment

i - the annual percentage can be calculated if other details of the equity are known from the Credit Line Agreement or otherwise

The annual percentage rate shall be calculated at the moment of signing the Credit Line Agreement, provided that the Credit Line Agreement will be in effect within the period specified in the offer for signing a Credit line agreement via debit card or Credit card issuance, service, credit line and/or pledge mixed agreement, and the parties shall be obliged to the fulfill the obligations under the Credit Line Agreement in a timely manner.

The grace period (if any) is not included in the annual percentage rate calculation.

The number of days in the year is the number of actual calendar days of the given year.

The calculated annual percentage rate is rounded to at least one hundredth and multiplied by 100 to get the percentage value.

Annual percentage rate calculation does not include:

·         fee for issuance of additional payment card and annual service fee for card account;

·         interest, penalties and charges for breach of loan repayment liability and exceeding payment limit;

·         commission fees for withdrawal and crediting of funds;

·         fees for provision of various types of documents;

·         currency exchange fees.

¹⁰ The condition mentioned in this clause is applicable only if defined by the loan contract. Compliance with the specified conditions is checked two months prior to the credit line maturity.

¹¹ The conditions of credit cards issued in foreign currency are applicable up to loans granted until 30.05.2024, and the provision of loans has been suspended.

¹² Messages are immediately available on devices connected to the internet; otherwise, the messages can be received after the device is connected to the internet — in the case of Viber, no later than within 24 hours, and in the case of a Push notification, at any time.

Warning:

In case of non-timely payment of interest and loan amounts by the Client, the corresponding information will be provided to the Central Bank Credit Registry and ACRA Credit Reporting CJSC.

Decision-making and credit line provision terms:

In case of non-timely payment of interest and loan amounts by the Client, the corresponding information will be provided to the Central Bank Credit Registry and ACRA Credit Reporting CJSC.

Upon receipt of the required documents and prior approval, the final decision on the credit line is made and the Client is notified within 5 working days.

Based on the final decision, the credit line is provided within a maximum of 3 working days.