VTB (Armenia) launches children's deposits
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YEREVAN, 31 May. /ARKA/. VTB (Armenia) retail customers from 1 June can open a deposit in national currency in the name of a child, which will be available to him/her from the age of 18, the bank's press service reports.
The deposit can be opened by the child's legal representatives - parents and guardians, as well as close relatives. The deposit is available from AMD 50 thousand to AMD 50 million for the term from 2 to 18 years.
During the first 3 years of the deposit the interest rate will be 9% (annual yield - 8.99%). Thereafter, every 3 years it will be revised by the bank in accordance with the current key rate in the country and market conditions.
The deposit can be replenished for any amount. Interest payment is made with annual capitalisation, which ensures maximum profitability, or by crediting the account.
Depositors who made a deposit ‘Detstvo’ from 1 to 15 June will receive a gift certificate from the bank. To open a deposit, it is necessary to provide a passport and a birth certificate of the child in whose name the deposit is opened.
Children's deposit is another opportunity to accumulate funds for the future child. In the future, they will become a starting financial support for the realisation of important goals, such as paying for education or buying a home. For example, if at the birth of a child you deposit 100 thousand drams at the rate of 9% per annum and replenish the deposit monthly by 10 thousand drams with annual capitalisation, the deposit amount may reach 5.1 million drams by the child's adulthood,’ commented Taras Kladchenko, Deputy General Director of VTB (Armenia).
Opening deposits for VTB (Armenia) customers is available through remote channels, video banking and branches. Deposits can be replenished through the bank's digital services, TelCell and EasyPay payment terminals, as well as at Haypost post offices.
Savings of individuals are guaranteed by the Deposit Compensation Guarantee Fund, limits are set depending on the deposit amount. Income tax on interest on deposits is 10 per cent per annum.
The activities of VTB Bank (Armenia) are regulated by the Central Bank of the Republic of Armenia. -0-
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