Within the framework of the Agreement entered between the Bank and the Ministry of Labor and Social Affairs of the Republic of Armenia, the Bank shall, in the prescribed manner, open a state support account for non-cash payment of one-time childbirth benefit in the name of a child (the Account holder) based on the application submitted by the child’s legal representative (be it a parent, guardian or adopter (the Applicant)) registered under the same residential address in RA. The Bank shall open, process and maintain the account as well as shall carry out account operations free of charge. The person entitled to manage the Account shall manage it through non-cash payments until the Account holder is 18. Annual interest rate accrued over the funds available on the account shall make 9,5%; payment of respective interests shall be made to the same account once a year.
Go to this link to learn how the interest income is calculated.
Deposits with ARARATBANK are guaranteed Deposits (accounts) in local as well as foreign currency placed by individuals and private entrepreneurs are guaranteed. Maximum amount of deposits in AMD to be guaranteed is AMD 10 million, and maximum amount of deposits in foreign currency is AMD 5 million. No actions are required from the Depositor to guarantee their deposits. Deposits are deemed as guaranteed from the moment they are placed.
Bullion accounts shall not be reimbursed by the “Deposit Guarantee Fund”.