How to open a savings account in Armenian banks

We are talking about the opening and terms of service of savings accounts in Armenian banks.

Savings account in Ameriabank can be opened in drams, rubles, dollars and euros, and without a valid one in Armenian currency, foreign ones are not available. For citizens of Armenia, opening an account in AMD is free, while non-residents will have to pay 20,000 AMD. Each new account in foreign currency through the My Ameria system is free of charge, but in the branches of the bank it will cost 2,000-3,000 drams.

To open the RA citizens must provide:

• passport;
• identification card.

After that, an application for opening an account is signed.
To open, non-residents need:

• passport or other identity card;
• lease agreement or certificate of ownership in the territory of Armenia;
• statement of utility bills and bank account;
• certificate from the place of work;
• statement with information about accounts in other banks;
• student card (for students).

The terms for calculating interest are as follows:

Maintaining an account with an average daily balance of more than 50,000 AMD or a minimum of 150,000 AMD during the first half of the year will be free of charge. Otherwise, AMD 1,000 must be paid for every 6 months of using the savings account.

If there is no turnover of funds and zero balance on the account during the last year, the bank automatically closes the client's account within 2 weeks.

Opening a savings bank account is free of charge and for an unlimited period. The only currency it can be in is the dram. Non-residents of the Republic of Armenia can also open an account. There are no minimum amounts, balances, limits.

To open, non-residents must provide:
the presence of an employment contract concluded in the territory of Armenia;

• having a permanent address of residence;
• housing rental agreement in the RA, the validity of which is at least 6 months from the date of signing (it is mandatory that the agreement be certified by a notary or the client must submit the original/copy of the document signed at the Cadastre Committee;
• possession of a certificate of ownership of real estate;
• availability of a certificate of state registration as an individual entrepreneur or state registration of a legal entity in the RA.

The process itself takes 3-4 business days. Interest accrues monthly at a fixed annual interest rate. The longer and more funds on the account, the better the rate. The conditions are as follows:

There is no monthly commission if the balance does not exceed AMD 10,000. In the opposite scenario, a commission of 390 AMD is charged once a month.

Savings account with Ardshinbank is available only in AMD. It is open indefinitely, free of charge. Closing an account is also free of charge. The annual nominal interest rate is calculated on the balance for the last 1.3, 6 and 12 months.

To open the RA citizens must:

• provide a passport;
• personal presence at the branch of the bank, if not a client of Ardshinbank.

To open, non-residents need:

• employment contract in the territory of the Republic of Armenia;
• having a permanent address of residence;
• housing lease agreement certified by the Cadastre Committee;
• availability of a certificate of state registration as an individual entrepreneur or state registration of a legal entity in the RA;
• personal presence at a bank branch, if not a client of Ardshinbank.

The minimum balance for interest accrual at the end of the month must exceed AMD 50,000. The interest rates are as follows:

The account can be closed without notifying the client if no deposits and withdrawals of funds have been made within 12 months and there is no positive balance on the accounts.

A savings account with HSBC Armenia can be opened in drams and 12 foreign currencies, including even dirhams and Australian dollars. Opening an account costs AMD 2,000 for all categories of citizens. There is no minimum deposit for the first deposit. With the opening of a savings account, the client receives a Visa Plus debit card free of charge. The annual interest rate on the balance is 0%.

To open the RA citizens, foreigners with a residence permit and stateless persons must provide:

• application for opening an account;
• passport / other identity document;
• identity card, social security card, certificate from the Police Department on the absence of a public service number, certificate from the Police on the assignment of a public service number.

For foreign citizens - only an application and identity documents. The process of opening an account when requesting additional data and enhanced verification can take up to 90 days.

Account maintenance is free of charge if the average monthly balance at the end of the month is AMD 100,000 or more. If less, a fee of 2,000 AMD will be charged.

Inecosave account opening is available in drams, rubles, dollars and euros. There is no one-time opening fee. There are also no limits on the initial deposit of funds and the total period of using the account. Service is free of charge if the client has a current bank account with Ineco.

To open, the citizens of the Republic of Armenia are required to provide a passport at the physical presence in the branch of the bank. With non-residents, the situation is the same as for Ardshinbank:

• employment contract in the territory of the Republic of Armenia;
• having a permanent address of residence;
• housing lease agreement certified by the Cadastre Committee;
• availability of a certificate of state registration as an individual entrepreneur or state registration of a legal entity in the RA;
• a card or a certificate certifying the absence of a personal number of a civil servant.

Interest is calculated daily on the balance. If the account balance is less than 20,000 drams, 50 dollars, 50 euros or 3,000 rubles, no interest is accrued for that day. Payments are made on the 1st day after the end of each calendar quarter.

Important: the bank has the right to unilaterally change the amount of interest, at least 15 days before the introduction of new provisions.