VTB Bank (Armenia) Deposits — Compare Interest Rates

To choose the best deposit, it is necessary to conduct an analysis based on several key criteria.

First and foremost, pay attention to the currency: AMD deposits in 2026 provide the highest yield (up to 10.5%), while foreign currency deposits protect against exchange rate fluctuations.

It is important to distinguish between nominal and effective interest rates, as the latter includes capitalization and taxes. Remember that income earned from deposits in Armenia is taxed at a 10% rate. Also, check the interest payment schedule (monthly or at the end of the term) and the possibility of topping up or withdrawing funds from the account.

In 2026, Armenian banks offer the following main types of deposits:

• Time Deposits

  Placed for a fixed term and offer the highest interest rates. This is the best option for generating passive income.

• Demand Deposits

  Funds are available at any time without restrictions, but the interest rate is minimal (about 0.1%).

• Cumulative or Savings Accounts

  Provide high liquidity, allowing you to top up or partially withdraw funds. In 2026, the average interest rate for savings accounts ranges between 3.5%–5% per annum.

All deposits in Armenia are protected by the Deposit Guarantee Fund (ADGF). Not only time deposits are guaranteed, but also balances on current and card accounts. As of 2026, the current limits are:

• 16,000,000 AMD for AMD-only deposits.
• 7,000,000 AMD for foreign currency-only deposits.
• In the case of mixed deposits: if the AMD deposit exceeds 7 million, only the AMD portion is guaranteed up to 16 million AMD.

Deposits are covered automatically from the moment of placement, and no additional costs or actions are required from the depositor.

1. How to compare deposits?

   When comparing deposits, you should not limit yourself to the nominal interest rate alone. It is important to consider the deposit currency, term, frequency of interest payments, and the availability of capitalization. Use AFM’s comparison tools to see offers from different banks (e.g., Byblos Bank Armenia, AMIO Bank, Ameriabank) on a single platform.

2. How to choose the best deposit in 2026?

   The best deposit is the one that fits your goal. If you need maximum income, choose AMD deposits, where interest rates in 2026 reach up to 10%. If you prioritize flexibility, consider savings accounts; furthermore, you can often get higher rates by opening a deposit through digital apps (e.g., AMIO Mobile or MyAmeria).

3. Are deposits placed in Armenian banks guaranteed?

   Yes, in all commercial banks operating in Armenia, deposits of individuals and individual entrepreneurs are guaranteed by the Deposit Guarantee Fund (ADGF). The insurance is provided automatically from the moment the deposit is placed, and no additional costs are required from the customer.

4. What is deposit insurance and what are the guaranteed limits?

   Deposit insurance is the amount paid to the depositor in case of a bank's insolvency. As of 2026, the following limits apply:

   • For AMD deposits only: up to 16 million AMD.
   • For foreign currency deposits only: up to 7 million AMD.
   • For mixed deposits (AMD and foreign currency): if the AMD deposit is more than 7 million, only the AMD deposit is guaranteed up to 16 million AMD.

5. How to calculate the real yield of a deposit?

   The yield of a deposit is calculated based on the effective interest rate, but the 10% income tax withheld from the interest earned must be taken into account. For example, when investing 1 000 000 AMD at a 10% interest rate, you will receive 100 000 AMD in annual interest, from which 10 000 AMD will be withheld as tax, and your net income will be 90 000 AMD.

   Important: When comparing deposits from different banks, you must use the same scenario.

   What this means in practice:

   Only under these conditions can you objectively determine which deposit is truly more profitable. Otherwise, comparing rates like "up to 10.5%" and "9.8%" can be misleading.

   • The same amount: for example, 1 000 000 AMD,
   • The same term: for example, 1 year,
   • The same deposit type: without top-up options, without special promotions,
   • Accounting for 10% tax.

6. Which currency is more profitable for a deposit in 2026?

   As of February 2026, the highest interest rates are offered for AMD deposits – up to 10.5%. The maximum interest rate for USD deposits is 5%, and for EUR deposits, it is 2.5%. The choice of currency depends on your future expenses and your desire to manage exchange rate risks.

7. What is the difference between a time deposit and a savings account?

   A time deposit is placed for a specific term (e.g., 1 year) and usually has a higher and fixed interest rate. A savings account allows you to add or withdraw money at any time, but the interest rate is lower (on average 3.5%-5%) and can be changed by the bank.

8. Can a non-resident place a deposit in Armenia?

   Yes, Armenian banks are open to non-residents. It is necessary to present a passport and a social card (Public Services Number). In some cases, banks may also require documents confirming the source of income.

9. What happens to a deposit if it is withdrawn before the due date?

   When a depositor requests the amount before the end of the contract term, most banks recalculate the interest. Usually, the accrued interest is voided or paid at a very low rate (e.g., 0.1% per annum).

10. What is interest capitalization and how does it affect income?

    Interest capitalization is a process where accrued interest is added to the principal amount of the deposit, and the following month the interest is calculated on the already increased amount. This allows for a higher real yield in the long term.

11. What documents are required to open a deposit in Armenia?

    Armenian banks offer deposits to both residents and non-residents. If you are a resident, you will need to provide your identification card and social security card to the bank.

    If you are a non-resident, in addition to your identification, the bank may require a document confirming your income source, as well as registration or other documents.