HSBC Savings Account
Important note. Any accounts denominated in a currency other than Armenian Dram (AMD) have additional risks associated with currency fluctuations. Movement in exchange rates may have effect on the value of your foreign currency deposit in AMD equivalent.
With the HSBC Savings Account you will get:
Possibility to use the account free of charge if average monthly balance on the savings account for the month is AMD 100,000 or above
You can make transactions in any of our branches, regardless of the branch where your savings account is opened
Things you should know
Tariffs and terms
- Account opening fee: AMD 3,000 (Free of charge for PLUS/STATUS customers)
- Additional account opening fee: AMD 3,000 (Free of charge for PLUS/STATUS customers)3
- Irrespective of the fact whether the Customer uses the saving account or not, monthly charge of AMD 2,000 will be applied, if the average monthly balance of saving account for the subject month is below AMD 100,000 (or equivalent in other currencies) (Free of charge for PLUS/STATUS customers)
- This charge will not be applied if the account acts as a term deposit maturity or interest payment account
- Annual interest rate calculated on the funds available on savings account is 0 %
- Savings account can be opened by individual Customers only
Free of charge international ATM Plus card is provided with your saving account. You can choose to have two accounts attached to one ATM card, and up to two additional ATM cards attached to your saving account.
ATM card is intended for performing cash transactions via ATMs. For non-cash transactions and payments HSBC Bank Armenia offers range of credit and payment cards which are available at https://www.hsbc.am/en-am/credit-cards/.
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 follows4:
- If you have only a dram denominated bank deposit in the bank, the maximum amount of the guaranteed deposit is AMD 16 million
- If you have only a foreign currency denominated bank deposit in the bank, the maximum amount of the guaranteed deposit is AMD 7 million
- If you have dram and foreign currency denominated bank deposits in the bank, and the dram denominated deposit exceeds AMD 7 million, only up to AMD 16 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 7 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 7 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.
4For more details, please visit www.adgf.am , the official web site of the Deposit Guarantee Fund of Armenia.
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Get your salary, send and receive local and international transfers – everything with only one bank account.
If you are looking for a special account to save money for your child then our free of charge minor account is your right choice.
Last updated on: 15.02.21, 07:10