Social package

Terms of opening and processing a social package account

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. Account opening and processing as well as social package amount transfers from the account shall be carried out free of charge. To have the account opened an employee shall submit a passport or military record book in the event the person serves in the army and a social 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). Interests shall be accrued over the positive account balance in the amount specified in the agreement concluded with the employee. 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. 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. 

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.