Top 5 deposit offers in Armenia for non-Residents

What is required for non-residents to open a deposit in Armenia?

We have researched this question and selected the five most advantageous deposit accounts in Armenia available to non-residents.

Let’s imagine you have 2 million AMD and would like to deposit it in a bank for one year. You can do this at any of Armenia’s 17 banks. However, not all of them offer favorable or flexible terms.

AFM is a platform that monitors Armenia’s financial market and provides up-to-date, detailed information about the country’s banking products.

Use our deposit selection tool to filter and find the most suitable and profitable option for your needs.

So, let’s take a look at which banks offer the best conditions for opening a deposit if you are a non-resident.

AMIO Bank – “Profitable” Deposit via AMIO Mobile

Interest rate: 10.25% per annum.

Capitalization: none.

Top-ups, partial or early withdrawals: not allowed.

Fees: 15,000 AMD annual account maintenance fee for non-residents.

Required documents: ID card, social card, proof of income.

Advantages: highest interest rate currently available free Visa or Mastercard.

Disadvantages: can only be opened via the bank’s mobile app, i.e., available to existing clients only.

Your annual income from the deposit:

2,000,000 * 10.25% = 205,000

Tax (10%) = 20,500

Fee = 15,000

Net income: 169,500 AMD

AMIO Bank – “Profitable” Deposit (for New Clients)

Interest rate: 10% per annum.

Capitalization: none.

Top-ups, partial or early withdrawals: not allowed.

Fees: 15,000 AMD annual account maintenance fee for non-residents.

Required documents: ID card, social card, proof of income.

Advantages: available to new clients.

Disadvantages: early termination forfeits interest.

Your annual income from the deposit:

2,000,000 * 10% = 200,000

Tax (10%) = 20,000

Fee = 15,000

Net income: 165,000 AMD

Artsakhbank – “Term Deposits”

Interest rate: 10% per annum.

Capitalization: none.

Top-ups: not allowed.

Partial withdrawals: allowed up to 20%.

Early termination: allowed, but with only 1% interest paid.

Fees: 10,000 AMD account opening + 300 AMD per quarter (1,200 AMD/year) for non-residents.

Required documents: ID card, social card.

Advantages: high interest rate, partial withdrawal allowed.

Disadvantages: no capitalization or top-ups allowed.

Your annual income from the deposit:

2,000,000 * 10% = 200,000

Tax (10%) = 20,000

Fee = 10,000 + 1,200 = 11,200

Net income: 168,800 AMD

Evocabank – “Symphonic” Deposit

Interest rate: 9.75% per annum.

Capitalization: none.

Top-ups: allowed.

Partial withdrawals: not allowed.

Early termination: allowed with partial interest retention.

Fees: 10,000 AMD annual account fee for non-residents + mandatory 0.25% donation from earned interest to the Armenian Symphony Orchestra.

Required documents: ID card, social card, proof of income.

Advantages: ability to top up the deposit.

Disadvantages: part of the income is donated to charity.

Your annual income from the deposit:

2,000,000 * 9.75% = 195,000

Tax (10%) = 19,500

Fee = 10,000

Mandatory donation (0.25%) = 488

Net income: 165,012 AMD

Byblos Bank Armenia – “Term Deposit”

Interest rate: 9.75% per annum.

Capitalization: none.

Top-ups, partial or early withdrawals: тot allowed.

Fees: 5,000 AMD account opening + 200 AMD monthly (2,400 AMD/year) for non-residents.

Required documents: ID card, social card.

Advantages: simple terms.

Disadvantages: minimum deposit amount: $30,000 or equivalent in another currency.

Your annual income from the deposit:

2,000,000 * 9.75% = 195,000

Tax (10%) = 19,500

Fee = 5,000 + 2,400 = 7,400

Net income: 168,100 AMD

Final Ranking by Net Income

Now you are informed about the top 5 deposit accounts in Armenia available to non-residents for a 1-year term.

Use the AFM platform to ensure your financial decisions always work in your favor.