Tariff

SERVICE

COMMISSION FEE

1. Annual service fee

AMD 5 000 [1]

2. Minimum deposit/Transaction size

1 gr.

3. Interest rate against the balance

0%

4. Transfers out of ARMECONOMBANK OJSC

0.1% of min AMD 15,000 of the amount calculated at the interest rate set by RA CB at the moment of executing a transaction on the quantity of metal to be transferred

5. Transfers within ARMECONOMBANK OJSC system

0

6. Crediting of transferred amounts to account

AMD 5 000

1. Annual service free from the metal account isn’t charged, if the account balance is zero

Unallocated metal accounts are opened for individuals and registered legal entities (private entrepreneurs).
Unallocated metal account is on-demand account envisaged for calculation of  cashless gold which is opened only 999.9 standard and through which the following operations can be carried out:

  • Replenishment of metal account - purchasing cashless gold from bank and crediting it through metal account as well as  through the transfer of cashless gold from existing metal account of customer or from the third party  in the bank or in the other bank.
  • Debiting in the metal account - by selling the cashless gold existing in the metal account to the bank as well as through the transfer of cashless gold from existing metal account of customer or from the third party in the bank or in the other bank.

The sale and purchase rates set forth by the Bank for 1 gr. cashless gold are taken as a basis when executing transactions through the account.

Transactions through unallocated metal accounts do not assume crediting or debiting of cash gold. Unallocated metal accounts are not guaranteed by by the Deposit Guarantee Fund

The Bank is obliged to credit the monetary funds transferred to the customer account no later than the following day after receipt of the relevant payment documents by the Bank.

The Bank is obliged to give or transfer monetary funds from the account upon the customer order no later than the next day after the receipt of relevant payment documents by the bank, expect the execution of transactions with the account based on the power of attorney which are carried out in compliance with the requirements of the Bank’s internal legal acts after verifying the authenticity of the power of attorney.

To open unallocated metal account with the Bank, individual /private entrepreneur customers shall submit the following documents:

  • identification document,
  • document containing public services number,
  • private entrepreneur’s State Register certificate or an excerpt and stamp (as the customer wishes) given by Unified State Register (required from private entrepreneurs only),
  • Tax code (required only from private entrepreneurs, should the latter not be specified in the registration certificate by RA State Register) 
  • In case of a person authorized to manage the funds available on the account(s)- power of attorney certified by the notary  or issued by the customer at the Bank in compliance with  defined manner.   
  • To open an account with the Bank, the resident legal entity shall submit the below mentioned documents:
  •  identification documents of  director,
  • Copy of State Register certificate (acting head's registration insert) and a reference about the participants/ in case of foundations, non-governmental organizations and associations and other organizations, the participants of which are not registered by any state authority or in compliance with the rules of Central Depository of Armenia OJSC by an account operator company - a reference about the participants issued by the executive body of the given company at least 30 days prior/, if the information on the participants has not been included in the Charter (maximum 30 days old)) or a statement given by Unified State Register

In case of Joint Stock a reference (statement) on shareholders from organizations deemed to be account operators in accordance with the rules of “Central Depository of Armenia ” OJSC, moreover

  • should a corporate participant with 20% or larger participation exist among the participants, a statement on participants of such participant, which have 20% or larger participation, and so forth for all levels, is required
  • Bound and sealed copy of the charter with “True copy of the original” inscription
  • Tax code (if it isn’t specified in the certificate by RA State Register)
  •  Extracts and verified copies of the orders on the appointment of the persons entitled with the right to sign
  • Should the  authorized entity open an account – the original power of attorney notarially verified 

To open an account with the Bank, the non-resident legal entity shall submit the below mentioned documents:

  • identification documents of  the director,
  • notarially certified  Armenian translation of the original reference (information) about participants  issued 30 days prior, if  the information on the participants has not been included in the Charter (maximum 30 days old), moreover 
  • should a corporate participant with 20% or larger participation exist among the participants,  notarially certified  Armenian translation of the original statement on such participants, and so forth for all levels
  • should the authorized entity (entities) open an account- notarially certified Armenian translation of the original power of attorney
  • notarially certified Armenian translation of the original document confirming the registration of the non-resident legal entity by the authority carrying out the state registration of legal entities in the country of origin of the non-resident legal entity
  • notarially certified Armenian translation of the original document on the registration and jurisdiction of the non-resident legal entity’s manager given by the Authority carrying out the registration of legal entities in the country of origin of the non-resident legal entity, notarially verified  copy of the identification document of the non-resident legal entity’s manager,
  • notarially certified Armenian translation of  non-resident legal entity’s founding documents (charter, founding agreement and etc.)

On the purpose of due diligence of the customer envisaged by RA law on “On combating money laundering and terrorism financing” , the Bank may request additional documents or other information from the consumer based on <> principle, as well as ask the consumer additional questions during oral communication.

Under the Foreign Account Tax Compliance Act (FATCA) with the USA, the Bank may collect additional customer information to determine whether it is a U.S. taxpayer.

Based on various circumstances additional documents and information may be required.

The Bank, in the cases and periodicity set forth by the RA Legislation, provides the phisical entity account holder with the account statements in the language the customer prefers, with the exception of cases when the account has not been credited or debited during the accounting period.

The account may be closed upon the Customer’s unilateral notice on the closure of the account or by the Bank if there are not funds available on the card and no transaction has been executed through the account within a year, the customer has not paid the fees set by the Tariffs, hasn’t fulfilled his/her other obligations or in other cases set forth by the Terms.

In case of closure of the account, upon the customer's instruction the cashless gold available on the unallocated metal account is sold or transferred to other account of non-cash gold no later than within 7 days after the receipt of the customer’s appropriate application, after which the account shall be closed.

The statements, copies of the payment documents and/or duplicates, other information  and references on the unallocated metal account or the transactions executed through it are provided at the rates set forth for the main bank account.

The accountholder’s right to manage the account and monetary funds available on it can be restricted by Court decision based on the application submitted by Judicial Acts Compulsory Enforcement Bodies and tax authorities.

Cash facilities available on the account may be written off without the customers consent by the court decision based on the decision of the authorities of Compulsory Enforcement Service or tax authorities. 

To get acquainted with the tariffs and conditions (information summaries) of the service for the previous year, please visit the link:

General Information
In order to open an account, a physical entity submits the following documents
A physical entity client submits the following documents to the Bank in order to open an account
Punct Identity document,
Punct Document containing the public service number plate,
Punct In the case of a person authorized to manage the funds of the account (accounts), a power of attorney certified by a notary public or issued in the prescribed manner by the client in person at the Bank.
Punct Depending on the circumstances, additional documents and information may be required.
Punct The account can be closed by the client's unilateral request for closure or by the Bank unilaterally due to lack of funds and failure to perform operations on the account within a year, non-fulfillment of fees specified by the Tariffs, other obligations of the client, as well as in other cases specified by the Terms. In case of closing the account, the non-cash gold in the metal account is sold to the Bank on the customer's instructions or transferred to another non-cash gold account, no later than seven days after receiving the corresponding written application of the customer, after which the account is closed.
Punct Statements, copies and/or duplicates of payment documents, other information and references regarding the bare metal account and the operations performed with it are provided at the rates set for the Basic Bank Account.
Punct The rights of the account holder to manage the account and the funds in it may be limited by a court decision on the basis of an application submitted by the enforcement authorities or tax authorities.
Punct Confiscation of funds from the account without the order of the account holder can be carried out by the court's decision based on the application submitted by the authorities ensuring the enforcement of judicial acts and the tax authorities, after which the Bank is obliged to inform the Client about it within 30 calendar days, providing an account statement through the latter's communication method.
Punct In order to fulfill the Client's financial obligations to the Bank, the Bank may make a settlement in the non-acceptance order, after which the Bank is obliged to inform the Client about it within 30 calendar days, providing an account statement through the latter's communication method.
Updated: 21/06/2023 16:56