Minor Account

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.

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 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.

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.