- The first digital bank in Armenia
- ServicesRetail bankingACCOUNTSSpecial State Support Account
Special State Support AccountYou can open a Special State Support Account which will be credited by a lump-sum childbirth benefit payable on the occasion of birth of third and each subsequent child born on January 1, 2014 and thereafter.
The dram-denominated account will be opened in the name of the child (account holder) based on the application filed by the child's legal representative (parent, guardian or adopter) registered under the same residential address in the RA. Under the current legislation, there are some limitations applied to account management.
- Application for the opening of current account (individuals),
- ID card of a legal representative (parent, guardian, adopter) and account holder,
- Social card of a legal representative (parent, guardian, adopter) and account holder or a statement on its absence or an identification card only,
- Document confirming the legal representative’s status.
Account Opening and Service Tariffs:
- Account opening – AMD 0,
- Account service AMD 0,
- Minimum required balance – AMD 0,
- Account closing – AMD 0,
- Provision of account statements, references and other documents – AMD 0,
- Interest accrued on account balance -10% per year (you are entitled to change the interest rate payable on the funds in the account). Interest will be accrued annually on the principal amount. Your interest income will be taxed at 10%.
- Interest accrued on the funds available in your account shall be computed based on NOMINAL INTERESST RATE, while ANNUAL INTEREST YIELD will show the income you would have received in case of re-depositing the accrued interest into a bank deposit.
- Under the RA law On Guaranteeing Compensation of Bank Deposits, the funds in settlement, current, term, savings and other accounts opened with the bank are considered to be a bank deposit. The deposits guaranteed by RA law shall be reimbursed by the Deposit Guarantee Fund of Armenia.
The account is subject to closing in the following cases:
- If the account has not been credited during 6 (Six) months from the date of account opening;
- If the account balance is zero; thereafter the Service shall be notified on it;
- Based on a relevant order of the Service, no later than on the third banking day following the date of issuing the order. The funds available in the account shall be transferred to another state support account or the state budget.
Maximum Amounts of Guaranteed Deposits
The deposits guaranteed under RA law will be reimbursed by Deposit Guarantee Fund.
The amounts of guaranteed deposits (of individuals and sole proprietors only) are as follows:
- If you have a deposit with our bank only in Armenian drams, the guaranteed deposit amount is AMD 10 (Ten) million.
- If you have a deposit with our bank only in foreign currency, the guaranteed deposit amount is AMD 5 (Five) million.
- If you have deposits with our bank in Armenian drams and a foreign currency, and the deposit in Armenian drams is over AMD 5 (Five) million, only the dram-denominated deposit shall be guaranteed up to the amount of AMD 10 (Ten) million.
- If you have deposits in an insolvent bank in Armenian drams and foreign currency and your dram-denominated deposit is less than AMD 5 (Five) million, the deposit in Armenian drams shall be guaranteed in full while the deposit in foreign currency shall the guaranteed at the amount of the difference between the AMD 5 (Five) million and reimbursed dram-denominated bank deposit.
Note: All your dram-denominated deposits with the same bank shall be considered one deposit, similarly, all FX-denominated deposits - one deposit.
The account holder will be entitled to manage without limitation the family capital as soon as he/she turns 18. Prior to it, the family capital will be managed through non-cash payments by the account manager, solely:
- For repayment of principal and interest of mortgage-backed loans for purchase, construction of an apartment, residential house in Armenia, if the borrower is a parent or an adopter of the account holder (except guardian),
- Pursuant to RA Government Decree #1691-N of December 27, 2012, for the payment of tuition fees (preschool institution fees) of the account holder or a parent and a family member taken into account in determining the sequential number of the child in question,
- For repayment of principal and interest on the loan extended to a parent of account holder (except guardian) if the loan interest is partially subsidized pursuant to the Procedure approved by Sub-clause 1, Clause 4 of RA Government Resolution #349-N of March 31, 2011 and if there is an opinion of the rural finance facility of Rural Areas Economic Development Program Implementation Unit of Staff of the Government of the Republic of Armenia State Agency about the compliance of actual use of the loan with its initial purpose.
- For the purchase of an apartment, residential house or other real estate in remote, border or alpine settlements with the population of up to 1000, Aygut village in Gegharkunik marz, Yeghegnut village of Lori marz, Tatev village of Syunik marz, Itsakar village of Tavush marz, stipulated by RA Government Resolution #1017-N from 14 July 2005, if the purchaser is a parent or adopter of an Account holder (through transferring the amount to the seller’s account).
- From the month following the date when the account holder turns one year old, periodical payments through any bank account but no more than AMD 25,000 (Twenty five thousand). This provision is effective through December 30, 2017.
- Cash and non-cash entries into the account can be executed only if they relate to interest accrued on the family capital (or its balance) received from regional unit of Social welfare state service (Service).
- Funds transferred in favor of the account holder will be entered into the account no later than the next banking day following the date of accepting relevant funds.
- No arrest or seizure may be imposed on the account before the account holder turns 18, besides, the account cannot be pledged.