*Including VAT

** Not applied for bank accounts of individuals (except for private entrepreneurs) for amounts credited from interests accrued over the loan funds disbursed by ARARATBANK OJSC, term deposit and ARARATBANK OJSC bonds, as well as for cash withdrawal from social package accounts.     

***Annual processing fee shall be charged at the point of account opening. Annual processing fee shall be subject to payment every year on the same day the annual processing fee has been charged. At that, if the customer fails to pay the annual processing fee or the required amount is not available on the customer account, the account shall be closed. Furthermore, if the resident or non-resident legal entities and private entrepreneurs open one more account in other currency or the same currency in future (except for subaccounts), the one-time processing fee shall be charged at the point of opening an accoun

• A passport and/or identification card or a military record book where an individual undergoes a mandatory military service (passports shall be translated into Armenian and notarized in case of nonresidents). No translation of passports shall be required where a special RA passport, residence card or internationally recognized travel document that verifies the identity of the bearer issued by RA authorities is submitted.
• A social security card or reference on issuing a public service number (in case of lack of such document, a reference on waiver of the social security card or public service number issued by RA authorities shall be provided).
• A power of attorney certified by a notary public, where a person is authorized to manage account proceeds.

* VAT included

-Clause 2.2 of the present section shall not apply to bank physical entities’ (except for individual entrepreneurs)accounts, amounts credited from credit funds

• If the required documents are sent abroad, postage costs shall be additionally charged from the accountholder.                                                                                                                   \
• Transfers shall be made within one banking day. 
• If the transferred amounts are already paid to the beneficiary or beneficiary bank, the bank shall not be held liable for return of amounts.                                                                                              
• Bank expenses regarding return of the transferred amount shall be incurred by the customer, if the process of returning money was due to the customer having provided inaccurate details.