Metal accounts

Metal accounts

opening accounts and performance of operations
 

- Metal accounts are opened for physical persons and legal entities, and private entrepreneurs.
- Metal accounts are designed for recording deals with paper gold and not  physical gold.
- Only the data on the weight and the purity of gold is required to open the account. Paper gold recorded on the metal accounts is measured in grams. Paper gold metal accounts are opened for gold of 999.9 purity only.
- Paper gold  is recorded on metal accounts with the accuracy of 0.01 grams, one troy ounce is  31.10348 grams.
- Trading of paper gold is carried out on the basis of order of the client containing the essential terms of the deal (price, terms, weight). 
- The Bank shall establish purchase and sale rates for 1 gram of paper gold, which shall serve as a ground for deals performed with the accounts.
- The Bank shall establish purchase and sale rates for 1 gram of paper gold, which shall serve as a ground for deals performed with the accounts.
- Annual service fee in case of closure of the account is charged calculated from the account opening day, once a year, from the average annual balance, moreover, if the account is closed during the year the fee is charged at the time of closure from the average balance of the given period.

Operations, which can be carried out through metal accounts
Replenishment of metal account
  • through purchasing paper gold from the Bank and depositing it on the metal account, 
  • through transfer of paper gold from the metal account of the client or other person opened with the Bank or other bank
Withdrawal from metal account
  • through selling paper gold available on the metal account to the Bank.
  • trough transferring paper gold available on the metal account of the client or other person in the Bank or other bank. The Bank is liable to reject the transfer application if such transaction is impossible to carry out through correspondent account.

Metal accounts are not guaranteed by the Deposit Guarantee Fund of Armenia.

The page was updated 31.05.2018 10:27
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