General
Advantages
Account currency
Armenian dram, US dollar, Euro, Russian ruble, as well as other currencies acceptable to the Bank, link
Account opening
Free
Account closing
Free
Minimum required balance
N/A
Commission for remote account maintenance
0,1% of the transaction amount
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)
Information bulletin 
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