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Social package

Open your Social package account with us!

Approved by resolution N 99 L of the
Management Board of “IDBank” CJSC
as of February 19 2021
Applied since March 2021

The terms mentioned in the bulletin may have been amended.
If you are looking through the bulletin on the website of the Bank, please pay attention to the action date of the information bulletin. If you are looking through the bulletin on the territory of the Bank or in a paper form, please visit the Bank’s website at for detailed information (paying attention at the action date of the information bulletin), apply to any branch of the Bank or call the Bank’s Call center at 010 593333 or 060 273333.




Client group

People entitled to use social package as defined by Decision N 1692-N of the RA Government dated December 27, 2012.

Account opening and servicing fee

Free of charge

Account currency


Cash deposit to the account

According to the «Tariffs of Bank accounts, transfers and other services provided by “ID Bank” CJSC

Types of transactions through the account

Account replenishment

Transfer of funds provided in the frames of social package

Account withdrawal

Funds available on the account are subject to cashing in cases prescribed by the relevant decision of the RA Government fr om December 27, N1691-N.

Provision of cash/cash-out from account

Free of charge

Provision of extract from the account

Free of charge

Provision of a reference on the account

Free of charge

Annual nominal interest rate


Interest calculation

Interest rate is calculated on daily balance of the account unless otherwise provided by the agreement.

Account closure

Free of charge

Other conditions

According to the «Tariffs of Bank accounts, transfers and other services provided by “ID Bank” CJSC

1. Funds transferred to the social package account can be disposed in the following directions:

  • Organization of leisure and recreation in the Republic of Armenia and the Republic of Nagorno Karabakh.
  • Repayment of the monthly mortgage fee if the mortgage loan conditions comply with the general conditions of mortgage loans refinanced by “Home for Youth” Refinancing Credit Organization CJSC, “National Mortgage Company” Refinancing Credit Organization CJSC or “Artsakh Investment Fund”. 
  • Tuition fee 
  • Obtaining the minimal package of additional services of health insurance for the social package beneficiary and (or) obtaining the basic health insurance package for the family member of the social package beneficiary. 
2. Social package account is opened for an unlimited term. 
3. Transfers from the social package account for the social package services are made upon submission of the relevant reference on passing the mandatory preventive medical examination. component of the health package (except for military, penitentiary and rescue service officers) to the Bank.
4. The social package account can be closed by the Bank without the application of the client in case if no transactions have been performed through the account for a period of one year and if there are no funds available on the balance.
5. The social account package can be changed only in the new budget year before the transfer of the first amount of social package of the current year.
6. In case of submission of an account closure application by the Client, the account is closed within 1 (one) banking day.
7. The rights and obligations of the parties in terms of opening, maintaining and cash servicing of social package accounts are defined by the relevant agreement.
8. Interest calculated on the balance of the social package account are accrued on a monthly basis.
9. Interest accrued on social package account is paid in AMD.
10. Interest on the funds available on the social package account is accrued starting from the day following the deposit of funds until their return to the Client or until the day preceding withdrawal of funds from the Client's account on another basis.
11. The Bank reserves the right of a tax agent to calculate and pay income tax (10%) from interest received on account as defined by law.
12. Attention – Interest against funds available on the Client’s account is calculated based on the nominal interest rate. And the annual percentage yield indicates the income of the Client to be received as a result of making mandatory deposit payments and receiving the earned interest amounts at defined intervals. The order of calculation of annual percentage yield can be found at the following link Annual percentage yield calculation.
13. The annual percentage yield (APY), calculated without the income tax and with annual simple interest rate of 1%: APY=1.01%.
wh ere:
APY – annual percentage yield,
A – initial deposit amount,
ո – serial number of cash flows against the deposit,
N – the last number of cash flows against the deposit (including cash flow at the moment of opening the deposit) after which the deposit agreement term is considered to be expired.
Kո – flows of capitalized interest amounts at the moment of opening a deposit and/or deposit opened during the term of the deposit, as well as mandatory payments if any.
Dո – the number of days between the date of opening a deposit and each n-th deposit-related cash flow included. When cash flows occur at the moment of opening a deposit, D1=0.
Example of annual percentage yield calculation:    

Deposit start date: 01.08.2018
Deposit amount: 72,000 AMD
Annual interest rate: 1.00%
Deposit term: 365 days
Amount of income tax: 10%
Calculated interest amount: 72,000 x 1.00% : 365 x 364 = 718.03
Income tax: 718.03 x 10% = 71.80
Interest income received by the depositor: 646.23 AMD

14. Withdrawal of funds from the Client’s account is performed no later than on the banking day following submission of the relevant payment order to the Bank.
15. Funds directed to the Client’s account are credited to the Client’s account no later than within one day after admission of the relevant payment order by the Bank.
16. Social package account statements are provided to the Client at least once every 30 days in a way preferred by the Client: 

  • by e-mail,
  • in person,
  • by post. 
17. The Bank is not obliged to provide the account holder with an account statement if the Bank did not debit or credit the given account within the reporting period.
18. The tariffs on providing account statements and copies of payment documents as well as other information are defined according the tariffs applied by the Bank.
19. The Client has the right to communicate with the Bank through a preferred means of communication: e-mail of regular post. The electronic means of communication is the most comfortable. It is available 24/7 and is free of the risk of losing information in paper as well as ensures confidentiality.
20. In case of discovering inaccuracies in the transactions related to the account within 15 days after receiving the account statement, the Client may submit an appeal to the Bank. If no such appeals are received within the mentioned period, the Bank shall deem the statement as accepted. The appeal shall be submitted to the Bank in a written form. The Bank accepts the received appeal for processing within the prescribed period by carrying out corresponding actions as defined by rules of local and international payment systems.
21. The list of branches and ATMs of the Bank, information on their locations and working hours can be found at the following link: Branches and ATMs.
22. Remote servicing of physical entity Clients by the Bank is provided thought the IDBanking online system. The order and tariffs on rendering remote servicing are presented in “Public terms on remote banking services”.
23. The Bank has the right to unilaterally change the amount of interest paid against funds available on the account unless otherwise defined by the agreement.
24. Disputed arising between the Bank and the Client are settled through negotiations between the parties. Disputes between the parties can be settled though the Financial System Mediator (in an order defined by RA law on “Financial System Mediator”) located at Elite Plaza” Business Center, 7th floor, 15 Khorenatsi str., Yerevan 0010, Armenia, tel. (+374 60) 70-11-11. Fax (+374 10) 58-24-21, e-mail:, and/or through commercial arbitration (in an order defined by RA law “On Commercial Arbitration”).
25. Funds invested in the social package account cannot be pledged, seized (frozen), confiscated against client’s obligations or serve as a means of liquidation for performance of obligations in case of bankruptcy of the client, except for cases when those funds have been formed from interest paid to the client by the Bank for using the funds on the special bank account, with the exception of other cases defined by the notary or regulatory legal acts
26. Refundability of funds available on the social package account is guaranteed in accordance with the RA law “On Guarantee of Remuneration of Bank Deposits of Physical Entities”.

Reimbursement of bank deposits of physical entities in “IDBank” CJSC is guaranteed by the “Deposit Guarantee Fund of Armenia” in the amounts of deposits subject to reimbursement, particularly:
Currency structure of deposit If you hold only a bank deposit in AMD in the same bank If you hold only bank deposit in a foreign currency in the same bank If you hold bank deposits both AMD and foreign currency in the same bank
If the deposit in AMD exceeds 7 million AMD If the deposit in AMD is less than 7 million AMD
Maximum amount of guaranteed deposit 16 million AMD 7 million AMD 16 million AMD (only the deposit in AMD is guaranteed) 7 million AMD (the bank deposit in AMD will be guaranteed in full, and the bank deposit in a foreign currency will be guaranteed in the amount of the difference between 7 million AMD and the bank deposit in AMD subject to reimbursement)

28. List of documents required for opening a social package account:

  • Identification card 
  • Employer’s reference
29. Provisions, which are not regulated by this Information Bulletin, are regulated by the tariffs for services provided by "IDBank" CJSC. 


The page was updated 02.03.2021 17:45
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