Important Conditions
Currency
Dependent on the transaction currency
Service charge
0.15% of the escrow transaction amount, with a minimum of 20,000 AMD and a maximum of 500,000 AMD
Service fee
No tariff applies
Withdrawal
No tariff applies
TERMS
TARIFFS
Escrow Account Holder - Individual having attained 14 years of age (1)
Beneficiary - natural or legal person, sole proprietor
Depositing funds for real estate or vehicle (hereinafter referred to as “Property”) acquisition, or a portion of it, to the account as a transaction guarantee.
Depends on the transaction currency (2)
None
Depends on transaction requirements
0.15% of escrow operation; minimum amount AMD 20,000, and maximum amount AMD 500,000
The term of the operation depends on the escrow transaction term
AMD 10,000 for signing each additional agreement
No fees applied, closed by the Bank upon termination of the Escrow Agreement
0%
According to Terms and Tariffs for Opening and Servicing Current Bank Accounts for Individuals, as applied by the Bank
No fee applied
Escrow account funds are guaranteed under the RA Law “On Guaranteeing the Compensation of Bank Deposits of Individuals”.
Provision of current account statements and copies thereof at the bank branch
no tariff set
Terms and conditions of remote maintenance services:
Provision of a statement and copies of a closed account at the bank branch:
1,000 AMD
How to communicate with the bank:
YOU HAVE THE RIGHT TO COMMUNICATE WITH A FINANCIAL ORGANIZATION IN YOUR PREFERRED WAY: BY POSTAL OR ELECTRONIC. RECEIVING INFORMATION ELECTRONIC IS THE MOST CONVENIENT. IT IS AVAILABLE 24/7, FREE FROM THE RISK OF LOSS OF PAPER INFORMATION, AND ENSURES CONFIDENTIALITY.
Services are provided:
In all branches of the bank
1. In case of application by a natural person aged 14 to 18, the consent of the parents or guardian is also required
2. Payment for the Property to be acquired in AMD and other currencies acceptable to the Bank is made exclusively in AMD. Payment for the Property in other currencies is made only in cases provided for by the legislation of the Republic of Armenia. In the event that foreign currency is entered as a means of securing the transaction, then upon submission of the documents provided for in the Escrow Agreement, when transferring the amount to the Beneficiary, foreign currency conversion is carried out at the exchange rates published by the Bank at that time.
3. Opening and servicing an Escrow account includes: Opening an account for an Escrow transaction in the Bank by agreement of the parties to the Escrow transaction, depositing transaction funds into the Escrow account, drawing up an Escrow account opening agreement, submitting to the Bank a document serving as the basis for the transfer of funds from the Escrow account to the Beneficiary in accordance with the Escrow account opening agreement, returning funds from the Escrow account to the Beneficiary or returning them to the account holder in case of fulfillment or non-fulfillment of the terms of the Escrow transaction (in accordance with the Escrow account opening agreement). The commission fee is charged from the cash or non-cash client’s other accounts when opening an Escrow account and is not subject to refund if the parties to the transaction on the Escrow account refuse the transaction.
ATTENTION: INTEREST AMOUNTS ON THE FUNDS IN YOUR ACCOUNT ARE CALCULATED BASED ON A NOMINAL INTEREST RATE. THE ANNUAL INTEREST YIELD SHOWS HOW MUCH INCOME YOU WILL RECEIVE AS A RESULT OF MAKING THE MANDATORY PAYMENTS RELATED TO THE DEPOSIT AND RECEIVING THE INTEREST AMOUNTS EARNED AT A DEFINED PERIOD. YOU CAN FIND OUT THE ANNUAL INTEREST INCOME CALCULATION PROCEDURE HERE .
You can familiarize yourself with the procedure established by the Law of the Republic of Armenia "On Guaranteeing the Compensation of Bank Deposits of Individuals" here.
For the purpose of due diligence of the customer as defined by the RA Law "On Combating Money Laundering and Financing of Terrorism", the Bank may request additional documents or other information from the Customer based on the "Know your customer" principle, as well as ask additional questions to the consumer during verbal communication (if such a request exists).
In accordance with the agreement signed with the United States based on the Foreign Account Tax Compliance Act (FATCA), the Bank may collect additional information to determine the Customer's US taxpayer status.
In compliance with the Bank’s obligations under the legislation of the Republic of Armenia, including the RA Tax Code, the Common Reporting Standard (CRS) published by the Organisation for Economic Co-operation and Development (OECD), and/or other international treaties, the Bank shall provide the state and/or local self-government bodies of the Republic of Armenia and/or competent foreign authorities (hereinafter referred to as the 'Authorized Body') and/or entities designated by the latter with information constituting banking secrecy and personal data of the non-resident Customer, to which the Customer hereby gives their unconditional consent.
You can learn about the rules for opening, maintaining, and closing bank and deposit accounts here.
The terms, deadlines, and tariffs for providing statements, their duplicates, inquiries, and other information are published on the Bank's Other Services page.