YEREVAN, October 1. / ARKA /. The Russian-owned VTB Bank (Armenia) said today it has raised deposit interest rates for individual clients and will pay interests immediately after a deposit is placed and formalized. The bank said the highest deposit interest rate of 13.5 percent is set for the deposit in the national currency, the dram, called VTB-Perspective +.

The bank said also the demand remains high for a deposit called VTB-Convertible. It allows clients to avoid losses from adverse currency fluctuations and receive additional income and also provides several opportunities to change the currency of the deposit completely, without terminating the contract. The accrued interests are retained.

"Raising rates on savings deposits  is an objective process, and we understand that customers benefit from fixed high rates on deposits," VTB Bank (Armenia) acting CEO, Yuri Gusev, was quoted as saying in a press release. According to him, VTB Bank (Armenia) responds promptly to the changes dictated by the market, and is trying to meet the demands of its depositors.

Presently the bank offers six types of deposits under most advanced and comfortable terms. In addition, the bank provides depositors with free VISA cards with a credit line in the amount of 90% of the deposit. As of September 30, 2012 the bank’s time deposits stood at 53.6 billion drams, an increase of 50 percent from a year before.

VTB Bank (Armenia) is fully owned by Russian  VTB bank. It runs 69 branches across Armenia, more than any other bank. -0-