Ranking of most lucrative dram deposits at Armenia’s banks

31.10.2018 18:14
Ranking of most lucrative dram deposits at Armenia’s banks

YEREVAN, October 31. /ARKA/. Today many countries, including Armenia, are marking the World Savings Day.

Taking into account the fact that the most popular money-saving instrument is bank deposit, ARKA News Agency is presenting its ranking of the most lucrative interest rates on deposits in Armenia’s banks.

To compose the ranking, ARKA News Agency has used data from commercial banks’ official websites as of late October 2018.

The ranking includes individuals’ time deposits in drams with the highest interest rate and with the depositing time of up to one year (271-365 days).

Amounts of deposits, schedules of payments and opportunities to replenish deposits have not been taken into account in composing the ranking. No deposit products on special offers have been considered.

The analysis of the deposits market shows, that the maximal annual interest rate on deposits in drams is 10% now – it is offered by Armbusinessbank for the deposit ‘Time’.

Artsakhbank is the second bank topping the ranking – it offers 9.75% to depositors.

VTB Bank (Armenia), with its 9.5% for the deposit ‘Beneficial’, came third in the ranking. It is followed by Unibank, Converse Bank and Byblos Bank Armenia, whose interest rate stands at 9%.

Mellat Bank is singled out in the ranking for the lowest interest rate – 3%.

As a whole, interest rates on dram deposits in Armenia’s banks are moving down throughout 2018.

According to the central bank’s latest data, the average interest rate on up-to-12-month deposits in the Armenian national currency was 8.63%, This means that the rate has slid 0.20 percentage points since January.

The interest rates started going down in 2016, when the Central Bank of Armenia decided to ease its monetary policy. In March 2017, the regulator ceased doing that setting the key refinancing rate at 6%, which remains unchanged so far. -0---

 


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