Minor account: Account opening/closing procedure

Minor account can be opened by Minors aged between 14 and 18^1 2, parent(s)/guardian(s), as well as by Third parties³.

For minor account opening in the Bank the following documents are required ⁴ :

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

• Account opening application signed by the person who opens the account for Minor (Minor aged between 14 and 18, parent(s)/guardian(s), Third party)
• Parents' / guardians' / Third party's passport / other personal identification document ^{5 6}
• Minor's passport / other identification document if available, otherwise, birth certificate⁵
• Any of the below 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 both for Minor and for parent(s) / guardian(s) / Third party^7 8
• Marriage certificate, in case the account is opened by parents⁵
• Legal document on parenthood (if s/he is the only legal representative of the Minor), e.g. death certificate, court decision depriving the other of parenthood rights, etc^5 6

The account is opened when the person(s) who opens the account 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 and can be used 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.

After the Minor reaches age of 18 minor account is changed to current or savings account, and appropriate actions are taken in order to transfer the subject account’s disposal rights to the Minor.

The person(s) having minor account closing right is entitled to close account at any time. The minor account closure is executed according to signing instruction 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 positive balance is paid to the person, who, according to the signing instruction, has the right to receive the funds, 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.

Minor accounts with zero balance may be closed by the Bank after six months․ The Bank also retains the right to close the minor account at its discretion, if there are breaches of 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 person, who according to the signing instruction, has the right to receive the funds, 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 minor 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 Minor in the age of 14-18 can open minor account with the purpose of disposing his/her income.

² Minor in the age of 14-18, who already has a profile in their name opened by parent(s)/guardian(s) or Third party, can open additional account(s) with the purpose of disposing his/her income and operating only subject additional account.

³ Third Parties can only open term deposit accounts for Minors.

⁴ Additional documents may be requested by the Bank during account opening process.

⁵ The original of the document is returned to the Customer, and the copy thereof is kept with the Bank.

⁶ 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).

⁷ Document on PSN of Minor is not mandatory if the account is opened by Third Party.  

⁸ In case the account is opened by a Minor in the age of 14-18 with the purpose of disposing his/her income, copies of relevant documents on the person’s employment/income.