|Target group||Physical persons, private entrepreneurs, legal entities|
|Currency *||Armenian dram, US Dollar, EUR, Russian Rubble|
|*Other currencies acceptable by the Bank|
|Account opening fee||According to tariffs applicable by the Bank|
|Minimum balance of the account replenishment||N/A|
|Minimum amount of transactions with the account||N/A|
|Cash deposit/withdrawal||According to the tariffs applicable by the Bank|
|Types of account operations||Account replenishment|
|Transfer from other accounts and online|
|Through bank transfers|
|Through bank transfers|
|Interbank transfers in AMD||Free|
|Transfer to the RA budget in AMD||Free|
|Foreign exchange transfers||According to tariffs applicable by the Bank|
|Annual interest rate for bank accounts||
(Annual interest income is 0%)
The rights and obligations of the Parties with regard to opening, maintenance and service of bank accounts shall be established by respective agreement and tariffs of the Bank.
Withdrawal of funds from the account holder’s account shall be carried out no later than the banking day following the date of presenting the customer’s payment order to the Bank.
Crediting of funds on the account holder’s account shall be carried out no later than the banking day following the date of presenting the appropriate payment documents to the Bank.
The customer may any time apply to the Bank to close the bank account.
Bank account can be closed without the customer’s application, if no operations were made through the given account over a year and the balance of the account is zero.
The Bank must provide the customer statements on the account balance and turnover of funds, and /or other statements within 5 banking days following the date of the customer’s application; moreover, the statement on the customer’s account balance and turnover of funds shall be provided for the days preceding the date of the statement.
Bank account statements are provided to the customer at least on monthly basis with thirty day periodicity, by the method chosen by the customer:
• Through e-mail
• Through post mail
The Bank has no obligation to provide bank account statements to the customer, unless the given account was debited or credited within the reporting period.
Tariffs for providing duplicates of payment documents and statements with regard to account management are established according to tariffs applicable by the Bank.
Any provisions not regulated herein shall be regulated by the tariffs for services rendered by “ID Bank” CJSC.
• The Bank has the right to unilaterally change the simple interest rates for the funds available on bank account by giving 15 days prior notice to the Account holder․
• Disputes resulted from the bank account agreement shall be resolved through negotiations between the Parties; in case the Parties fail to reach the consensus, the issue shall be resolved in order, provided by the RA legislation. The Account holder shall have the right to submit the claims with regard to the transactions carried out through bank account to the Financial System Mediator, to be resolved in a manner as described in the RA Law on Financial System Mediator, or apply to the court (or to the Arbitrage, if there is an agreement between the Bank and Arbitrage), or to the Central Bank of Armenia. Within 10 (ten) business days after the date of claim - demand of the Account holder the Bank must provide the latter the final respond. In case the customer doesn’t agree with the final written respond of the Bank, or in case the customer doesn’t receive respond within 10 (ten) banking days after the date of claim – demand, the Account holder may present the claim to the Financial System Mediator. Moreover, in case the amount of financial claim doesn’t exceed 500.000 (five hundred thousand) AMD or equivalent foreign currency, the decisions of the Financial system mediator may not be appealed by the Bank.
• The right of the account holder to manage the bank account and funds available on it may be restricted by court decision, based on the application presented by the bodies of compulsory enforcement of judicial acts or tax authorities.
• Forfeiture of funds from the account without the instruction of the account holder may be performed on the basis of application presented by the bodies of compulsory enforcement of judicial acts or tax authorities․
• In the currency of transactions differs from the currency of the account, the tariffs of the Bank shall be applied.
• For each business day, the Bank sets foreign exchange purchase and sale rates, applicable by the Bank during work hours. Customers using remote services of the Bank on non-working days (including Saturdays and Sundays) shall make currency exchange according to the rates available on the official website of the Bank.
• Return of funds available on the bank account is guaranteed according to the RA Law “On “Guarantee of Remuneration of Bank Deposits of Physical Entities”
Remuneration of the bank deposits of physical persons is guaranteed by the “Deposit Guarantee Fund of Armenia” in the amounts due for remuneration, particularly: