Deposit Interest Rates in Armenian Banks – Updated Table for February 2026

As of February 2026, deposit interest rates in Armenian banks fall within the following ranges:

1. 6.5% to 10.25% annually in AMD
2. 1.9% to 5% in US dollars
3. 0.5% to 2.5% in euros

At first glance, most offers appear clustered within relatively narrow ranges, creating the impression of broadly similar conditions across the market.

To ensure an accurate comparison, the AFM team standardized all deposit rates using a single benchmark scenario: a principal amount of 10,000,000 AMD (or the equivalent in USD or EUR), a one-year placement term, and a standard fixed-term deposit product without promotional offers or temporary campaigns.

This methodology allows us to capture the true market rate environment and assess bank offerings without distortions caused by marketing language or short-term promotional incentives.

How AFM Compares Deposit Products

In this review, deposits are not ranked by overall profitability or final yield. Instead, they are compared strictly based on the nominal annual interest rate, using identical baseline parameters.

This approach enables a clear snapshot of prevailing market rates and how interest levels are distributed across banks – without factoring in individual tax treatment, potential fees, or product-specific features that may significantly affect the actual return for a particular depositor.

To ensure comparability, the same scenario is applied to all banks:

1. Principal amount: 10,000,000 AMD or equivalent in USD/EUR
2. Term: 1 year
3. Product type: Standard fixed-term deposit
4. Filter: No promotions, bonuses, or limited-time campaigns
5. Data validity: February 2026

This framework ensures consistency and neutrality when evaluating deposit rates across the Armenian banking sector.

Current Interest Rates on AMD Deposits

Replenishable deposit products offered by Fast Bank with advertised rates of up to 10.5% are excluded from this comparison. These products do not provide a single fixed rate applied to the entire principal for the full term.

The actual yield on such deposits depends on the timing and volume of additional contributions, as well as on the specific conditions required to qualify for the maximum rate. For this reason, they cannot be accurately compared with standard fixed-term deposits, where the full amount is placed at once and accrues interest at a fixed rate for the entire duration.

Top AMD Deposit Offers

Key Observations in the AMD Market

The effective upper range of the market for standard fixed-term AMD deposits currently stands at 10-10.25% annually.

While a 10% rate is available at multiple banks, the minimum entry amount varies significantly – in some cases by several multiples.

Almost all of the highest rates require interest to be paid at maturity.

Market Range and Average Rate

As of February 2026, interest rates on fixed-term AMD deposits range between 6.5% and 10.25% annually.

The average rate across the listed offers is approximately 8.8-8.9%, indicating tight competition in the upper segment of the market and the absence of significant yield outliers.

Interest Rates on USD Deposits

Benchmark scenario: equivalent of 10,000,000 AMD, term – 1 year.

Top USD Deposit Offers

Key Takeaways for USD Deposits

The highest fixed annual rate available for a one-year USD deposit is 5%.

Banks offering monthly interest payouts typically provide slightly lower rates but ensure a steady cash flow throughout the term.

The market remains relatively tight, with only a modest gap between the top and mid-range offers.

Market Range and Average Rate

As of February 2026, interest rates on USD deposits range between 1.9% and 5% annually.

The average rate across all available offers is approximately 3.4-3.5%.

Rates above 4.5% represent the upper tier of the market and are offered by a limited number of banks.

Interest Rates on EUR Deposits

Benchmark scenario: equivalent of 10,000,000 AMD, term – 1 year.

Top EUR Deposit Offers

Market Overview for EUR Deposits

The current market leader offers 2.5% annually with monthly interest payments.

Most banks maintain rates within a relatively narrow 2–2.25% range.

For some offers, banks do not publicly disclose details regarding interest payout structure or minimum deposit amount, which limits the ability to conduct a fully detailed comparison.

Market Range and Average Rate

As of February 2026, interest rates on EUR deposits range between 0.5% and 2.5% annually.

The average rate across the market is approximately 1.5–1.6%, reflecting the traditionally conservative nature of euro-denominated deposits and their limited yield potential.

One-Year Deposit Market Snapshot

At the beginning of 2026, the fixed-term deposit market in Armenia appears balanced across all major currencies.

Interest rates are concentrated within relatively narrow ranges, with no significant distortions or isolated outliers that materially exceed the broader market level.

This suggests that, among standard fixed-term deposits, there are currently no exceptionally high-yield offers capable of delivering a clear advantage solely through a higher nominal rate.

In this environment, the interest rate alone is no longer the decisive factor. Final decisions are increasingly shaped by a combination of elements: minimum deposit thresholds, interest payout structure, replenishment options, early withdrawal conditions, and alignment with the depositor’s specific financial objectives.

Conclusion

As of February 2026, the Armenian deposit market presents a stable and predictable landscape, without sharp distortions or unusually high-yield outliers.

In AMD, the upper segment of the fixed-term deposit market is concentrated within the 9.50–10.25% annual range, while the average market rate stands at approximately 8.8–8.9%. The highest rates are offered by a limited number of banks and typically require interest to be paid at maturity.

In USD, rates fall within a 4.25–5% corridor, with an average of around 4.5% in the upper tier of the market. The gap between top and mid-range offers is minimal, and the decision often comes down to the payout structure – lump-sum at maturity versus monthly income.

In EUR, yields are significantly lower. Rates range between 2% and 2.5%, with the upper segment averaging around 2.2%. Euro-denominated deposits remain a conservative wealth preservation instrument rather than a vehicle for yield maximization.

The key takeaway from this comparison is that the interest rate alone is no longer the decisive factor. When rates converge within narrow ranges, overall benefit is increasingly shaped by minimum deposit thresholds, interest payout structure, replenishment options, early withdrawal conditions, and alignment with specific financial objectives.

This is precisely why meaningful comparison requires a unified benchmark – the same principal amount, term, and product type. The AFM platform applies this standardized framework, presenting bank offers in a comparable format so that decisions can be based on real conditions rather than marketing language.