HSBC Minor Account
- Free of charge account maintenance
- No requirement for account minimum deposit
Things you should know
- Itemized statements are provided on regular basis
- Minor account can be opened by Minors aged between 14 and 18, parent(s)/ guardian(s), as well as by Third parties1
- Regardless of the branch your minor account was opened in, it can be fully serviced at any of our branches
Annual interest rate calculated on the funds available on minor account is 0 %
The bank will provide customers with statements for their bank accounts in the manner and terms stipulated by the RA legislation. The statements can be delivered to the customer's postal address, sent via email or collected from any branch of the bank. You can familiarise yourself with the conditions, terms and fees for provision of statements, copies of statements or other information by referring to Tariff of Charges and Terms and Conditions.
Deposit compensation guaranteed limits
Funds in bank accounts are guaranteed by the Deposit Guarantee Fund of Armenia in accordance with RA Law on Guaranteeing Compensation of Bank Deposits. Amounts of guaranteed deposits defined by the law are as follows2:
- If you have only a dram denominated bank deposit in the bank, the maximum amount of the guaranteed deposit is AMD 10 million
- If you have only a foreign currency denominated bank deposit in the bank, the maximum amount of the guaranteed deposit is AMD 5 million
- If you have dram and foreign currency denominated bank deposits in the bank, and the dram denominated deposit exceeds AMD 5 million, only up to AMD 10 million of the dram denominated deposit is guaranteed
- If you have dram and foreign currency denominated bank deposits in the bank, and the size of the dram denominated bank deposit is less than AMD 5 million, subject to guarantee is the full amount of the dram denominated bank deposit and the foreign currency denominated bank deposit in the amount which is equal to the difference between AMD 5 million and the reimbursed dram denominated bank deposit.
A customer's right to manage their bank account and the funds available on it can be restricted due to decisions issued by the Judicial Acts Compulsory Enforcement Service or tax authorities based on court verdict. The customer may be informed about this after the bank has executed the decision on hold.
Levy of monetary funds without order of the customer can be executed on decisions issued by Judicial Acts Compulsory Enforcement Service and tax authorities based on court verdict. The customer may be informed about this after the bank has executed the decision on levy of funds from the customer's account.
1For details on account opening/closing procedure please refer to Account Opening/ Closing procedure.
2For more details, please visit www.adgf.am , the official web site of the Deposit Guarantee Fund of Armenia.
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Last updated on: 12/7/2019 04:00:22