General
Advantages
Action
Tariff
Target group
An honorary account is a special account for serving the amount of remuneration calculated to compulsory servicemen of the rank and file at the time of discharge from the military service (hereinafter also a citizen receiving remuneration), who have signed contracts to perform military service in the place and under the conditions specified by the Ministry of Defense of the Republic of Armenia, disposal of the funds available on which is restricted by the RA legislation.
Types of operations through the account
Funds transferred to the remuneration account can be used only in an order and for purposes defined by RA Government Decision N 456-N dated April 12, 2018.
Account opening and servicing fee
Free
Account currency
AMD
Annual nominal interest rate
7%
Annual interest income
7.23%
Method of calculation of interest
The interest rate is calculated on daily account balance unless otherwise provided by the agreement.
Account maintenance/servicing
Free of charge
Maximum remuneration amount
5,000,000 AMD unless otherwise provided by law
Provision of statements
Free
Provision of a second statement
Free
Account closure
Free
Information bulletin The funds transferred to a remuneration account can only be used in the order and directions defined by RA Government Resolution N 456-N dated April 12, 2018.
A remuneration account can be opened in AMD.
Yes, the limit is AMD 5 000 000 unless otherwise provided by law.
The account is opened by the Bank for free as well as 7% annual interest rate is applied to the positive balance of the account.
A remuneration account is a special account serving the amount of remuneration calculated by the RA Defense Ministry to the rank and file at the moment of their release from military service (hereinafter also referred to as citizens receiving remuneration), who have signed contracts on serving in specific locations and conditions, disposal of the funds available on which is restricted by the RA legislation.
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