Depositing AMD 1 Million: Comparing Near-One-Year Terms at Three Armenian Banks

Varkonline

A depositor at a Yerevan desk compares three Armenian dram deposits with a calculator and one-year calendar against Mount Ararat

Summary. For an AMD 1 million deposit placed for roughly one year, published terms produce the highest estimated after-tax interest for Evoca Online, followed closely by IDBank’s online option. Converse Progress offers a lower rate but a more flexible partial-withdrawal mechanism. The highest rate is not automatically the best deposit: access to funds, tax, exact contract days and the guarantee limit matter.

Published: 30 October 2026. Data checked: 30 October 2026. This is an independent editorial comparison, not sponsored content or personal investment advice.

Method and comparable scenario

We compare AMD term deposits using AMD 1 million and a near-one-year horizon. Evoca Online and IDBank Safe are calculated over 366 days because their relevant rate bands begin on day 366. Converse Progress is quoted for 12 months, modeled here as 365 days. This is a practical comparison, not a claim that every contract is identical.

  • Evoca Online — 9.75%. 366 days, opened online, interest paid at maturity; estimated net interest on AMD 1 million: AMD 87,990.
  • IDBank Safe without top-ups — 9.25% when opened online. 366 days, interest at maturity; estimated net interest: AMD 83,477.
  • Converse Progress — 8.50%. 12 months, interest at maturity; estimated net interest: AMD 76,500.

The simplified calculation is principal × nominal annual rate × days / 365, followed by 10% income tax on interest. Estimated gross/net interest is AMD 97,767/87,990 for Evoca, AMD 92,753/83,477 for IDBank, and AMD 85,000/76,500 for Converse. Final bank figures may differ slightly due to the opening date, exact contractual day count and rounding.

Evoca Online: highest rate, least access

Evocabank publishes a 9.75% nominal AMD rate for 366–549 days when interest is paid at maturity. The minimum is AMD 100,000 and the deposit is opened through EvocaTouch or EvocaOnline. Partial reduction is not allowed. For early full termination within the 366–1095-day band, the bank publishes an 8.5% recalculation rate.

IDBank Safe: the digital bonus matters

IDBank publishes an 8.95% base maturity rate for 366–730 days on Safe deposits without top-ups, plus 0.30 percentage point for AMD deposits opened through Idram&IDBank or IDBanking.am. The online minimum is AMD 10,000 versus AMD 100,000 at a branch. Early withdrawal is recalculated at the applicable demand-deposit rate and termination is handled at a branch. Confirm the bonus in the contract; without it, estimated net income is about AMD 2,708 lower.

Converse Progress: lower yield, greater flexibility

Converse Bank publishes an 8.50% nominal AMD rate for a 12-month Progress deposit paid at maturity, with a minimum of AMD 30,000. Partial withdrawals are allowed as long as the balance remains above the minimum, but accrued interest is recalculated using the lower rate band corresponding to the elapsed term. That flexibility costs about AMD 11,490 in estimated net interest versus Evoca. The bank also discloses a possible 0.25% fee when a non-cash AMD deposit is returned in cash.

Rate, APY and tax are different

The nominal rate drives the basic calculation. APY incorporates cash-flow timing, capitalization and mandatory payments under the Central Bank of Armenia’s methodology. We hold payout at maturity constant and separately show the effect of the 10% tax on bank-deposit interest under Armenia’s Tax Code.

What this means for the reader

  • If funds will remain untouched, Evoca Online has the highest estimated net result.
  • For a low digital entry amount, IDBank is accessible, but verify the online bonus in the contract.
  • If you may need part of the money, Converse Progress flexibility may be worth more than the rate gap.
  • For AMD-only deposits, the Deposit Guarantee Fund’s maximum compensation is AMD 16 million per depositor at each bank.

Risks

Liquidity: early termination can sharply reduce interest. Inflation: a 9–10% nominal yield does not guarantee the same increase in purchasing power. At the CBA’s latest September 2026 decision, August annual inflation was 4.4% and the policy rate was 6.75%, but future inflation can change. Reinvestment: rates at maturity may be lower or higher. Contract: tariffs can change before opening, so read the personal information sheet and contract.

Conclusion

The estimated net spread is about AMD 11,500 on AMD 1 million. Without a separate emergency fund, that may not compensate for closing early. Keep three to six months of essential expenses liquid, then compare nominal rate, APY, early-exit formula and redemption fees.

Sources