Unallocated metal account

“ARMECONOMBANK” OJSC offers an alternative way of funds investment-unallocated gold accounts. Gold account is opened and maintained bank account on the purpose of cashless gold accounting and signing cashless gold transactions. For which only the weight and fineness are indicated, without gold’s other personal data.

Unallocated gold accounts offer you the opportunity to diversify your savings and to use these benefits:
Decrease of the impact of currency exchange rate fluctuations,
Avoid the risk of loss or damage of gold,
Avoid time loss of performing material gold sale and purchase,
Avoid additional expenses for material gold preservation and transportation,
Avoid possible fraud during material gold purchase.

Terms and conditions of opening and maintenance of unallocated accounts in “ARMECONOMBANK” OJSC:
Metal accounts are opened for individuals and corporate entities,
Accounts are opened with 999.9 gold,
The accounting of the cashless gold in the metal accounts is made in grams, with 0.01 gram precision,
The Bank determines foreign exchange rates from the sale and purchase of 1 gram cashless gold through which transactions via accounts are performed,
The metal account transactions do not presuppose cash debiting and crediting of gold.

Tariff of unallocated metal account
Annual service fee	AMD 5,000
Minimum debit/minimum size of transaction with the account	1 gram
Accrued interest against the balance	0%
Transfers out of “ARMECONOMBANK” OJSC	As of the moment of transferred metal quantity transaction performance in the foreign exchange rate defined by CBA of the calculated amount 0.1% min AMD 15,000
Transfers in “ARMECONOMBANK” OJSC	0
Debiting of transferred amounts to the account	AMD 5,000

General Information

List of necessary documents for individual entrepreneurs

Identification document,

Social card (RA resident),

Certificate of private entrepreneur (the original and a copy) and the stamp (if any) (required only from private entrepreneur),

Tax code (the original and a copy) (required only from private entrepreneur)

In case of opening of an account for liquidated (under insolvency process) private entrepreneur, the liquidator shall submit to the Bank the relevant competent body’s decision on liquidation and his/her appointment,

In case of an entity authorized to dispose the funds available in the account (accounts) – a notarized power of attorney

List of necessary documents for legall entities

For the use of investment and not main services provided by the Bank, the manager, chief accountant (if any) shall visit the Bank, as well as persons endowed with the right of signature bringing with them the company's round seal and the following documents:

Identification document,

State registration certificate of corporate entity (the original and 1 copy),

Charter (original and 1 copy bound and sealed "True copy")

Tax code (original and 1 copy)

Extracts and approved copies of resolutions of entering into office of the manager, chief accountant (if any), and other authorized officials, and in case of the manager, the copy of resolution (minutes) of his appointment by an authorized body. Copies of resolutions are not demanded, if the above mentioned persons are registered in the submitted state registration certificate. In case of non-resident legal entities, a relevant document confirming entering into the office of the manager, chief accountant, and other persons authorized to sign.

In case of account opening for liquidated (under insolvency process) corporate entity liquidation manager shall submit the relevant competent authority's decision on liquidation (insolvency).

Updated: 10/04/2023 17:23