Savings account: Account opening/closing procedure

For savings account opening in the Bank the following documents are required:¹

For the RA citizens and foreign citizens enjoying residency status and residing in the RA, persons with no citizenship and persons with a refugee status:

• Account opening application signed by the individual
• Passport / other personal identification document^{2 3}
• Any of the following documents on public services number: ID card, Social security card, a reference from RA authorized body department on absence of public services number, a reference from RA authorized body department on allocation of public services number.

For foreign citizens:

• Account opening application signed by the individual
• Passport / other personal identification document^{2 3}

The account is opened when the Customer has duly signed the account opening application form, and when all respective documents are submitted. The account is opened on the day when the application form and documents required for account opening are submitted. The account can be used by the Customer from the moment of its opening. In case additional documents are requested, the examination of these documents and, accordingly, the account opening can take up to 90 calendar days. Customers using Online/Mobile banking services can open additional bank accounts via Online/Mobile banking.

The Customer is entitled to close his/her bank account at any time by giving а prior written notice to the Bank, and after all outstanding payments are made to the Bank. During the account closing an account closure form is filled in, where the actions related to funds available on the account are indicated. Closing account balance may be paid to the Customer in cash, demand draft or transferred to other bank account by the latter’s instruction within the timelines defined by RA legislation.

Bank closes the account in maximum three working days after the submission of the corresponding account closure application form, if there are no restrictions related to the account operating and closure defined by the Bank’s internal procedures or RA legislation.

Bank accounts with zero balance may be closed by the Bank after six months․ The Bank also retains the right to close the bank account of the Customer at its discretion, if he/she has breached the legal acts and conditions of the Bank related to the Customer’s bank accounts, bank deposits, bank electronic services and other bank services. In such cases closing account positive balance is paid to the Customer in cash, demand draft or transferred to other bank account by the latter’s instruction within the timelines defined by RA legislation.

There are no charges applied to savings account closure.

You can familiarize yourself with account opening and servicing tariffs of charges by referring to Tariff of Charges.

For additional information on account opening/closing procedure please refer to Terms and conditions.

¹ Additional documents may be requested by the Bank during account opening process.

² The original of the document is returned to the Customer, and the copy thereof is kept with the Bank.

³ Other identification documents in accordance with Government Decision No. 767 of 22/12/1999, with the exception of a certificate of return, only for the return to the RA and a provisional identity document or temporary certificate issued by the RA authorized body).