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- ServicesRetail bankingACCOUNTSAccount Opening/Service
Account Opening/ServiceRA resident and non-resident individuals can easily open current bank accounts in Armenian drams and foreign currency under tariff rates set by the bank for account service. To open an account, you can turn to the Head Office or any branch.
Contractual relations between the bank and customers are regulated by TERMS AND CONDITIONS OF COMPLEX BANKING SERVICES which are a public offering and considered as accepted once a filled out bank service application is submitted by the customer personally or online.
- Application filled out according to model form,
- Passport and social card or a statement on its absence or identification card only,
- Other documents as may be required by the bank.
Account Opening Procedure
- You can open accounts in Armenian drams, US dollars, euros, Russian roubles, francs and GBP (sterling) (current accounts in other foreign currencies can be opened only under the procedure agreed with the bank).
- Prior to opening an account, our employees will inform you on terms and conditions of account opening and service, relevant tariff rates, required documents and other details.
- If the terms and conditions of opening and maintaining an account are acceptable for you, please fill out the application form along with submitting required documents.
- Based on the requirements of RA law On Anti-Money Laundering and Combating Financing of Terrorism, we may require additional documents or conduct an additional review of the submitted ones.
- Upon checking the authenticity and validity of the submitted documents, we will make with you an Agreement on Bank Account Service and open an account within 1 (One) business day. One copy of the signed agreement will be handed over to you along with the information on conditions and procedure of guaranteeing the compensation for bank deposits.
- You can open an account by visiting the bank premises or through remote systems (online).
- Opening accounts through remote systems (online) will be performed on the basis of an electronic application filed via the bank's website or mobile application; you will need a means of authentication and identification as stipulated in Terms and Conditions of Complex Banking Services.
- Upon opening an account, you can perform transactions that are not prohibited by RA legislation.
Bank Account Service
- Bank account service is regulated by RA legislation, regulations of RA Central Bank, bank account service agreement made between you and the bank.
- The service of bank accounts is performed by the bank’s head office and branches (through relevant customer service subdivisions). The service of bank accounts is performed during the operational day – from 9:30 till 17:00, without a break.
- A fee against transactions performed through customer's accounts will be charged according to our tariff rates.
- Bank account maintenance is free of charge. No minimum account balance is required.
- Through your accounts you can perform any transaction (cash and non-cash) that is not prohibited by RA legislation, filing a duly documented instruction to the bank.
- The following transactions can be implemented through a bank account:
- Crediting of your bank account,
- Money transfers from bank account,
- Money withdrawal from bank account,
- Conversion of current account balance into a foreign currency (at FX rate as of the transaction date),
- Repayment of loans from funds in your accounts.
- You can also remotely manage your accounts through our systems of bank account remote (online) management.
- All transactions performed through bank accounts (movement of funds, charged fees, incomes received) will be reflected in account statements. Account statements can be provided to you personally, electronically or by post service as may be agreed between you and the bank. We will charge relevant fees for account statement duplicates and/or other information (statements) on bank accounts.
- Timelines for crediting/debiting bank accounts:
- The funds received in your favor will be credited to your account no later than the next banking day upon receipt of the documents confirming the entry of funds. In case of cash credited to your account, the funds will be deposited into your account on the same banking day.
- Withdrawal of funds from your account (money transfer) will be implemented on the basis of payment instructions; a payment instruction submitted until 15:30 will be performed on the same banking day.
- Other terms and conditions regarding bank account service can be found by clicking the following links:
- Terms and conditions of money transfers and cash transactions – in sub-section Money Transfers of Bank Services section and sub-section Cash Transactions of Tariffs section.
- Interest rates accrued on current account balances of customers- in sub-section Current Accounts of Tariffs section. Note: the bank has the right to change the interest rates payable on funds available in bank accounts, unless otherwise stipulated in account service agreement.
- At the customer's request – fees for inquiry on tariffs for transactions conducted within and outside the territory of Republic of Armenia - sub-section Bank Transfers of Tariffs section.
Other Provisions regarding Account Service
- No limitation will be imposed on your right to manage the funds in your account.
- Account holder's rights may be restricted by court decision, based on the application of compulsory enforcement bodies or tax authorities. The seizure of the funds from your account without your relevant instruction can be performed by the Court judgment on the basis of the application submitted by the compulsory enforcement services or tax authorities. In such cases, under RA legislation, we bear no responsibility to notify you on legal sanctions applied to you and your accounts. Such information will be furnished to you only upon imposition of relevant sanctions by phone or other means of communication (electronic/post service).
- We guarantee the privacy of the information on you, your account, account transactions. Such information may be provided to you or your duly authorized representative only. Bank secrecy information may be furnished to state authorities and state officials solely in compliance with the RA law On Bank Secrecy.
- Any dispute and disagreement arising between you and the bank will be resolved through negotiations between the parties, and in case of failure the parties shall turn to the court and financial ombudsman for settling the matter.
Terms and Conditions of Termination of Bank Account Agreement
- You can at any time terminate bank account service agreement and manage the balances available in your account at your own discretion (withdraw funds or transfer to another account). In such cases the funds in your account will be provided to you or at your instruction, transferred to another account within 7 (seven) days upon receipt of relevant written application.
- We can indisputably terminate the bank account service agreement if you as an individual customer didn't execute any account transactions during a six-month period and your account balance is zero.
- Termination of bank account agreement is a basis for closing your account.
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.
- Terms and conditions of servicing unallocated metal accounts, Deposit and Card accounts can be found in sub-sections Unallocated Metal Accounts, Payment Cards and Deposit section of Banking Services for Individuals.
- 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. The procedure of computation of ANNUAL INTEREST YIELD can be found here.
- 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.