Araratbank changes interest rates for Time Deposits

23.10.2009 10:57
Araratbank changes interest rates for Time Deposits

YEREVAN, October 23. /ARKA/. Armenian Araratbank has reconsidered its Time Deposit terms and now offers its clients to deposit money at 11% interest in drams and 9% in U.S. dollars.

The bank said on its official site that 7.5% interest rate is set for 45- to-90-day deposits in drams and 2.5% for those in dollars.

According to the information 91-to-180-day deposits will be attracted under 8.5% and 4.5% interest rates.

The bank offers 9% interest for 181-to-270-day dram deposits and 6% for dollar deposits, 10.5% and 8% for 271-to-365-day deposits and 11 and 9% for 366-to-546-day deposits.

Interest rate on 546-day and over deposits will be set up on a contractual basis, just as for AMD 20-million (or equal amount in foreign currencies) and greater deposits.

Clients can choose among monthly and quarterly pays, or take their interests by contract expiration date.

Araratbank, the heir of Armsvyaz, was established on September 2, 1991.

On October 31, 1996, the bank got his license.

Euroepan bank for Reconstruction and Development holds 25% of the bank’s shares and 74.1% belong to Bersegh Beglaryan, owner of Flash Company.

On January 30, 2009, Araratbank joined NASDAQ OMX Armenia Stock Exchange. -0---

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