¹As part of the extra services, payment card insurance shall be provided for a term of 1 year with an insurance amount of AMD 200,000.

 

²Apart from the said fee, an extra fee of AMD 50,000 shall be established whenever the opening of account, the card re-issue and Customer identification is arranged remotely, without the Customer visitng the Bank in person. In the event of issuing several cards to the Customer via remote identification within the same day, one extra fee shall be charged.

 

Except as established in the tariffs herein, extra commissions may be charged by the servicing bank for cash out transactions.

 

³ If and when the self-service devices owned by the Bank are disrupted or the accounts and the card replenishment services being maintained therefrom are unavailable – as well as for those branches of the Bank (CSD), which are not equipped with such self-service devices – AMD 0 (zero) tariff shall be established.

In the event and in the process of the disruption of the self-service devices providing services to the Bank or the unavailability of the accounts and the impossibility of replenishing the cards being maintained in the Bank  

4 “The simple annual (nominal) interest rate” is an interest rate established subject to the tariffs at an annual rate, which shall serve as a basis for the Bank for settling the interest amounts payable to the Customer.

 

E.g. AMD 1,000 * 5% = AMD 50 per 365 days

The annual percentage yield (APY) is the percentage which a person shall receive by applying the simple annual percentage rate for AMD 1,000 over a 365-day period and by way of interest capitalization and payment frequency.

The annual percentage yield of the deposit shall be the amount received from the settlement of the interests payable at the interest rate of the annual profitability yield.

 

The procedure for the settlement of the annual percentage yield is be defined in CBA Regulation 8/02 “On the Calculation of Annual Percentage Yield of Bank Deposits”

 

The interest amount payable to the Bank shall be paid at the expense of the Customer on a quarterly basis. Under the law of the Republic of Armenia “On the Profit Tax”, the Bank shall, upon paying the interests accrued to the Customer, act as the Depositor’s tax agent, charging profit tax in an amount prescribed by the law on interest amount profit and transferring it to the state budget.

 

5 The Cashback service shall be provided subject to the following principle:

1)          The Cashback service shall be provided to cardholders who have purchased goods or services. In the event of a non-observance of the afore-said principle, the Bank shall be entitled to resettle the amount paid/payable
2)     Within the meaning of the Cashback service, utility payments made online or via an 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 resident or foreign banks and all the transactions enabling the cardholder to make transfers without purchasing a real product or service, shall not be deemed non-cash payments.
3)         “Utility payments made online or via ATM”, “card-to-card transfers”, “E-wallet replenishment”, “insurance payment”, “Bookmaker (betting) and other game site payments”, and other types of transactions shall be identified based on the information obtained from the settlement system.
4)         If, for the purpose of revoking or verifying a previous non-cash payment, a refund transaction is initiated by the service officer, the turnover of non-cash transactions shall be reduced in the amount of such transactions in the settlleent of the regular refund.
5)         The amounts refunded within the Cashback service are taxable under the law of the Republic of Armenia “On the Proft Tax”, in the payment whereof the Bank shall act as the cardholder's tax agent, charging the  profit tax in a manner and subject to procedures prescribed by law and transferring it to the State Budget of the Republic of Armenia.

6)         The cashback payments shall be made on a monthly basis no later than on the 7th business day after the end of the successive month. In the event of closing the card and the card accout in the same month, no Cashback shall be paid to the Customer.
7) The monthly fee for the Cashback service for may not surpass the amount to be settled for the credit limit set for the  specific Customer card. For a turnover surpassing the monthly credit limit of the specific card, no cashback shall be processed.

6 Only one payment ring shall be provided per card. Upon ordering a payment ring for a valid card, an application for the the card re-issue shall be submitted.

7 Documents and/or records past the expiry date of storage under the legislation of the Republic of Armenia shall not be provided to the Bank's Customers.

8 Whenever no reference is provided as to the Customer's net salary (other payments equivalent thereto), the amount of the net salary (other payments equivalent thereto) shall be determined by way of analysing the cash-ins, received by the Customer or made in the past four months, for the purpose of paying the Customer’s salary. In that case, the minimum amount of salaries received by Customer in the past four months, shall be deemed the net salary. Moreover, if in any of the four months under consideration, the Customer did not receive any salary or other fees equivalent thereto, the said month shall not be covered in the monitoring, and the previous month shall be deemed as the fourth month.

 
Whenever the amount of the Customer's salary has changed and the maximum credit limit shall, at the Customer's request, be settled on the basis of a higher net salary, the net salary in the employer’s reference specifying the amount of salary shall be deemed as a net salary amount.

For employees of the Bank, the maximum available limit is tenfold the net salary.

 

9 Interest rate settlement sample

Credit line limit – AMD 5,000,000

Used part – AMD 1,825,000

Annual percentage rateof loan – 20%

Number of days per annum – 365 օր

The interest accrued daily will be worth AMD 1,000 (the interest amount will be worth 1,825,000*20% /365=AMD 1,000)

Procedure for the Settlement of Annual percentage rate

The annual percentage rateshall be settled based on the formula below:

Where:

i shall stand for the Annual percentage rate (APR);

A – Credit Line Amount (original Credit Line amount issued by the Bank to the Customer);

n – number in series of the fee paid for the redemption of the Line of Credit;

N – number in series of the fee paid for the latest redemption of the Line of Credit;

Kn – amount of the successive fee (n in series) for the redemption of the Line of Credit;

Dn – period between the date of issuing the Credit Line until the redemption thereof as the successive fee (n in series) (expressed in the number of days)

i – actual annual percentage rate that may be settled provided the other values in the equaton are known from the agreement or otherwise.

The actual Annual percentage rate shall be settled upon entry into the agreement, the assumption being that the Credit Line Agreement shall be valid within the timeframe specified in the application-offer for the concusion of a Credit Line Agreement with a Settlement Card or issuance and maintenance of a credit card and conclusion of a mixed credit line and (or) pledge agreement, and the Parties shall, appropriately and within the agreed timeframes, discharge their liabilities under the Credit Line agreement.

The grace redemption period (if any) shall not be considered in the actual annual percentage resettlement.

The accepted base number of days in the year shall be the actual number of calendar days per annum.

The settled actual annual percentage rate shall be rounded at least to a hundredth and be multiplied by 100 to obtain the percentage value.

The actual annual percentage rate settlement shall not cover:

·         The fee for extra payment card re-issue and the annual maintenance fee for the card account;

·         The settled interests and forfeit penalties (penalties and fines) for breaching a credit liability and surpassing the payment limit;

·         Commissions for cash-out and cash-in transactions;

·         Fees for the issuance of different document types;

·         Commissions for currency conversion.

 

10 The term herein is foreseen only if prescribed by the agreement.

Compliance with the specified terms shall be checked two months prior to the expiry of the line of credit.

 

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 the event of the Customer’s failure to make timely redemptions of the interest amounts and loans, the information thereon shall be provided to the Credit Registry of the Central Bank of Armenia (CBA) and ACRA Credit Reporting CJSC.

 

Decision-making and Credit Line Issuance Timeframes

After submission of the necessary documents and a prelimary approval, the final decision on the line of credit shall be made and the Customer shall be given a notice within a 5-day period.

The line of credit shall be issued within 3 business days after a final decision-making.