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Social package

Social package

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Within the framework of the Agreement on Ensuring Social Package executed between the Bank and the RA Ministry of Labour and Social Affairs, the Bank shall open a bank account (the account) with a special status of a social package for state employees (the employee) upon their request in the prescribed manner.

 

Social package scope of application

The beneficiary to the account can transfer the funds available on the account for the following purposes:      

  1. vacation in the Republic of Armenia and NKR,
  2. monthly repayment of mortgage loans,
  3. tuition fee,
  4. acquisition of minimum package of social package on beneficiary health insurance additional services and (or) minimum base package of social package on beneficiary family member health insurance. 

For the purpose of making use of the social package, the employee shall submit to the Head Office or any branch thereof an application on transferring an amount from the account to make use of the specified services. 

Service tariffs
Transaction types Rates
Account opening and processing Free of charge
Social package amount transfers from the account Free of charge
Interests accrued over the positive account balance
According to the agreement

Funds available on the account shall be subject to withdrawal in the cases stipulated by the relevant resolution of RA Government. 

The account may be changed only in the new budget year prior to transferring the first amount of the current year of the social package. In case of changing the account, an employee shall submit an account reference issued by new bank to the bank for the purpose of transferring account funds to a new bank. Based on the reference the Bank shall transfer the funds available on the account of the employee to a new bank.   

Required documents
  • Passport military record book in the event the person serves in the army 
  • Social security card or reference on 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 the relevant RA authorities shall be provided).
Important to know

Deposits with ARARATBANK are guaranteed by the “Deposit Guarantee Fund”. Deposits (accounts) in AMD as well as in foreign currency invested 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. 

Metal accounts are not reimbursed by the Deposit Guarantee Fund.

Financial assistant
ABC finance

Page updated 19.05.2020 | 14:21

In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.