Information Bulletin Escrow accounts are opened for the following purposes:
• Acquisition of real estate
• Acquisition of movable property;
• Acquisition of company ownership right;
• other transactions.
General
Advantages
Special offer
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Action
Tariff
Client group
Physical and legal entity clients
Account opening
Free of charge
Service fee
In the amount of 0.2% of the amounted deposited to the account, with minimum fee set as 20,000 AMD and maximum fee set as 500,000 AMD. In case of transactions exceeding 250 million AMD or equivalent in other currency the commission is charged according to the agreement.
Account currency
AMD and other acceptable currency for the Bank
Minimum amount of transactions through the account
Not specified
Maximum amount of transactions through the account
Conditioned by transaction requirements
Cash deposit to account
According to bank account tariffs and conditions
Types of operations through the account
Account replenishment / The amount or parts of the amount defined for acquisition of the goods, service, movable or immovable property as a guarantee of the transaction. / Cash deposit / Transfers from other accounts, including online transfers / Through bank transfers / Account withdrawal / Cash withdrawal / Transfers from account, including online transfers
Provision of reference on the account
Free of charge
Annual nominal interest rate
0% (annual percentage yield equals to 0%)
Change of terms
While making changes to the terms of the agreement the account holder is charged 10,000 AMD for making each additional agreement.
Account closure
Free of charge
1
Disputes arising between the parties may be resolved through the courts or through the Financial System Mediator (in accordance with the procedure established by the RA Law on the Financial System Mediator), address: 15 M. Khorenatsi Street, Elite Plaza Business Center, 7th Floor, Yerevan 0010, Republic of Armenia, e-mail: [email protected], telephone: (+37460) 70-11-11, fax: (+37410) 58 24 21. Furthermore, if the amount of the property claim does not exceed AMD 250,000 (two hundred fifty thousand) or its equivalent in foreign currency, the decisions of the Financial System Mediator may not be challenged by the Bank.
2
The Bank may, for the purposes of customer due diligence as required by the RA Law on Combating Money Laundering and Terrorist Financing, request additional documents or information based on the “Know Your Customer” (KYC) principle.
3
Pursuant to the agreement concluded with the United States under the Foreign Account Tax Compliance Act (FATCA), the Bank may collect additional information to determine whether the customer is a U.S. taxpayer, as well as to provide the State Revenue Committee of the Republic of Armenia with information on customers who are foreign tax residents in accordance with the Common Reporting Standard (CRS) of the Organisation for Economic Co-operation and Development (OECD), as prescribed by the RA Tax Code.
4
The list of the Bank’s branches and ATMs, as well as their addresses and business hours, is available at the following link: Branches and ATMs.
5
Attention: Interest on the funds available in the Customer's account is calculated based on the nominal interest rate. The Annual Percentage Yield (APY), on the other hand, indicates the total income the Customer will earn after paying all mandatory fees related to the funds and receiving the accrued interest at the prescribed intervals. The methodology for calculating the APY is available at the following link: Annual Percentage Yield (APY) Calculation
6
The account is opened for an indefinite term.
If the Customer submits a request to close the bank account, it will be closed within 1 (one) banking day. The funds available in the account will be returned to the Customer on the same banking day using the method chosen by the Customer.
If the Customer submits a request to close the bank account, it will be closed within 1 (one) banking day. The funds available in the account will be returned to the Customer on the same banking day using the method chosen by the Customer.
7
For transactions carried out in a currency different from the account currency, the exchange rates set by the Bank for the respective transaction shall apply.
8
For information on the procedure and terms for crediting/debiting funds to and from the account, please see here
9
If the balance of an inactive account is less than the applicable fee (or its equivalent in foreign currency), the entire remaining balance will be charged as the fee, after which the Bank may close the account. The charged fee is non-refundable.
10
The account holder's rights to manage the account and the funds therein may be restricted by a court decision, based on a request submitted by the bodies responsible for the compulsory enforcement of judicial acts or by the tax authorities.
Funds may be seized from the account without the account holder's instruction pursuant to a court decision, based on a request submitted by the bodies responsible for the compulsory enforcement of judicial acts or by the tax authorities. The procedure for notifying the account holder thereof is as follows:
Funds may be seized from the account without the account holder's instruction pursuant to a court decision, based on a request submitted by the bodies responsible for the compulsory enforcement of judicial acts or by the tax authorities. The procedure for notifying the account holder thereof is as follows:
11
The repayment of funds held in the account is guaranteed in accordance with the Law of the Republic of Armenia "On Guaranteeing the Compensation of Bank Deposits of Individuals."
Deposits of individuals placed with IDBank CJSC are guaranteed by the Deposit Guarantee Fund within the compensation limits established by law, as follows:
Deposit currency structure/Maximum guaranteed compensation amount
If you have only an AMD-denominated deposit with the same bank: AMD 16 million
If you have only a foreign currency deposit with the same bank: AMD 7 million
If you have both AMD- and foreign currency-denominated deposits with the same bank:
If the AMD deposit exceeds AMD 7 million: AMD 16 million (only the AMD deposit is guaranteed)
If the AMD deposit is less than AMD 7 million: AMD 7 million (the AMD deposit is guaranteed in full, and the foreign currency deposit is guaranteed up to the difference between AMD 7 million and the amount of the guaranteed AMD deposit)
Deposits of individuals placed with IDBank CJSC are guaranteed by the Deposit Guarantee Fund within the compensation limits established by law, as follows:
Deposit currency structure/Maximum guaranteed compensation amount
If you have only an AMD-denominated deposit with the same bank: AMD 16 million
If you have only a foreign currency deposit with the same bank: AMD 7 million
If you have both AMD- and foreign currency-denominated deposits with the same bank:
If the AMD deposit exceeds AMD 7 million: AMD 16 million (only the AMD deposit is guaranteed)
If the AMD deposit is less than AMD 7 million: AMD 7 million (the AMD deposit is guaranteed in full, and the foreign currency deposit is guaranteed up to the difference between AMD 7 million and the amount of the guaranteed AMD deposit)
The service fee is 0.2% of the amount credited to the account, the minimum is 20,000 AMD, the maximum is 500,000 AMD. In case of transactions exceeding the amount of 250 million AMD or the equal amount in another currency, the commission fee is contractual.
Escrow account can be opened in AMD and in other currencies acceptable for the Bank.
Escrow account includes:
• Opening an escrow account in the bank for the client;
• Deposit /freezing of funds/ of the client's funds on escrow account,
• Documentary confirmation of fulfillment of obligations;
• Opening and maintaining current accounts for the parties to the transaction;
• Escrow payment.
• Opening an escrow account in the bank for the client;
• Deposit /freezing of funds/ of the client's funds on escrow account,
• Documentary confirmation of fulfillment of obligations;
• Opening and maintaining current accounts for the parties to the transaction;
• Escrow payment.
The bank pays the amount to the party specified in the contract in case of submission of documentary evidence of fulfillment of obligations. If one of the parties to the contract does not fulfill its obligations on time or does not fulfill them properly, the amount of the escrow account is returned to the party who entered the amount.
An escrow account is a special bank account designed to secure the sale and purchase of goods/services.
You can find out the details on the Bank's website, and in case of questions you need to approach any branch of the Bank or call the Bank's call center at (+37410) 593333, (+37460) 273333.
Individuals and legal entities can be clients with Escrow accounts.
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