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Sustainable management of your current finances
We offer sustainable and smart management of your current finances with Byblos Bank Armenia's current account.
- Accounts are opened in AMD, USD, EUR, and RUR. Current accounts can also be opened in other foreign currencies exceptionally per MC decision for which the rates for USD dollar accounts are applied.
- The number of account replenishments and withdrawals is not limited during the effect of the account agreement.
- No interest is paid for the account balance if nothing else is stipulated by the agreement.
- The bank account of the client is opened on the day when all necessary documents are submitted.
- The client has the right to close the current account (dissolve the agreement) at any time without mentioning any reason. The bank may close the current account of the client (dissolve the agreement) in cases stipulated by the Armenian legislation and theTerms and Conditions of Opening and Operating bank account. The bank has the right to close the current account of the client on its own initiative:
- If the client has violated the requirement(s) of the law and/or the Terms and Conditions of account opening and operating,
- in case suspicious transaction or business relationships have been identified and the CBA and/or the Board of the bank has made a resolution to terminate the business relationship with the client,
- In other cases stipulated by the Armenian legislation and/or the Terms and Conditions of Opening and Operating Bank Account.
If the above-mentioned conditions occur the current account is closed (the agreement dissolved) within one banking day if the client doesn’t have any outstanding liabilities towards the bank. The balance of the account is either returned to the client or transferred to the account at his option.
- The disputes between the bank and the client are regulated in the court of the Republic mediator in accordance with the Law on Financial Mediator of the Republic of Armenia. The bank may refuse to dispute the resolutions of the financial mediator if the property claim to the bank does not exceed 250 000 AMD or its equivalent in any foreign currency and the amount of the transaction does not exceed 500 000 AMD or its equivalent in any foreign currency. It means that the bank is not able to dispute the resolution of the financial mediator, which satisfies the above-mentioned requirements.
- Each month the inactive bank accounts are closed. The current accounts are considered inactive if no transaction has been performed by any of the client’s accounts during the previous 14 months.
- The clients can manage their accounts distantly under the same conditions if they use the Internet Banking service of the bank.
- All fees are charged in AMD only. Generally the fees are charged from the account balance through which the corresponding transaction has been performed; also in case of a foreign currency account the bank has the right to convert the fee amount at the rate, set by the CBA, or at the dealing rates of the bank and charge the account
- If the fee is set in percentage, it is charged based on the total amount of the transaction.
- The accounts can be replenished or cash withdrawn each working day from 09:30 till 16:30.
| Title | Tariffs* |
|---|---|
|
Opening of accounts for resident Individuals
|
1,000
|
|
Opening of accounts for non-resident Individuals
|
5,000
|
|
Opening of accounts for non-resident Individuals (overseas)
|
50,000
|
|
Additional account opening
|
1,000
|
|
Early maturity
|
N/A
|
|
Maintenance of accounts (monthly)
|
200
|
|
Minimum balance
|
1,000 (or c/v)***
|
|
Statements of account charges
|
|
|
Monthly
|
free
|
|
Duplicate up to 6 months**
|
3,000
|
|
Duplicate over 6 month**
|
6,000
|
|
Certificate of balance related to accounts or loans**
|
3,000
|
|
Certificate of transaction**
|
10,000
|
|
Issuance of checkbooks**
|
3,000
|
|
Stop payment
|
1,000
|
|
Check returned due to insufficient funds
|
3,000
|
|
Account closure
|
600
|
|
Validation of Internal proxy**
|
5,000
|
|
Instructions by Telex, Fax and E-mail (yearly)
|
20,000
|
|
Bank confirmation of information for audit purposes**
|
10,000
|
|
Cash deposit into current accounts (AMD/USD/EUR)
|
0%
|
|
Cash deposit into current account for RUB
|
2%
|
|
Cash deposit of EUR 500 on an account
|
1%
|
|
Cash withdrawal from current account against cash credits (deposits) for AMD/USD/EUR
|
0%
|
|
Cash withdrawal from current account against cash credits (deposits) for RUB
|
0%
|
|
USD cash withdrawal from current account against non cash credits
|
2%
|
|
EUR cash withdrawal from current account against non cash credits
|
2%
|
|
RUB cash withdrawal from current account against non cash credits****
|
0.5%
|
|
GBP Cash Withdrawal from current accounts against non cash credits
|
0.5%
|
|
AMD cash withdrawal from current account against non cash credit
|
0.2%
|
|
Exchange of worn out foreign currencies quoted by the bank
|
3%
|
|
Cash deposit of USD 5, 10, 20, 50 banknotes issued before 2004 and USD 100 banknotes issued before 2009*****
|
1%
|
|
Withdrawal of USD 5, 10, 20, 50 banknotes issued before 2004 and USD 100 banknotes issued before 2009
|
0%
|
*Tariffs are presented in AMD
**VAT included
***USD -3, EUR-2, RUB -100
****This rate is applied for cash withdrawal up to RUB
300,000, for higher amounts the rate is negotiable.
*****No fee will be charged when depositing a total of up to USD 1000 per day in said banknotes.
Note: GBP banknotes issued earlier than 1 January 2016 will not be accepted by the Bank.
The restrictions on the account-holder to handle the balance of the account, as well as the debiting of the account without the instruction of the account-holder is possible under the court resolution with the decision of the Judicial acts compulsory enactment service or tax authorities.
According to the law of the RA “On Combating against Money Laundering and Terrorism Financing” the Bank for proper investigation of clients' profile can obtain additional documents or other information as per Know your customer-principals, also during verbal communication ask additional questions from the client (in case of need).
According to an agreement with the United States of America regarding the Foreign Account Tax Compliance Act (FATCA) - the Bank may request or gather additional information in order to identify Borrower’s status as a USA taxpayer.
Information about loans are also presented on www.fininfo.am web page, section “Your financial info center”, which is an electronic system for searching and comparing of services and makes it easy for you to choose which option is the easiest way for the most efficient option selection.
Dear Depositor
The guarantor of your deposits is the Deposit Guarantee Fund (henceforth the Fund).
The location of the Found: 0010, Yerevan, 15 M.Khorenatsi,
Elite Plaza business complex, office 2-A5
Tel: 583514
Website:www.adgf.am
All the definitions within this Notice are in compliance with the definitions of the Law of Republic of Armenia “On Guarantee of Compensation for the Banking Deposits of Physical Persons” (hereinafter the Law).
Your guaranteed deposit is subject to compensation in the following events:
- If the Bank in accordance with the legislation of Republic of Armenia is recognized as insolvent and the fact of incapacity to repay the deposits, within the terms defined by the agreement and the law, is approved by the Board resolution of the Central Bank of Republic of Armenia (hereinafter the Central Bank); or
- If the bank in accordance with the procedure defined by the legislation of Republic of Armenia is recognized as bankrupt (hereinafter the Insolvent Bank).
Limits of guaranteed deposits are as follows:
|
The currency structure of the deposit |
If you have a deposit only in AMD, within the same bank |
If you have a deposit only in foreign currency, within the same bank |
If you have deposits both in AMD and in foreign currency within the same bank |
If you have deposits both in AMD and in foreign currency within the same bank |
|
If the deposit is more than AMD 7 million |
If the deposit is less than AMD 7 million |
|||
|
The maximum amount of the deposit guarantee |
AMD 16 million |
AMD 7 million |
AMD 16 million (only the deposit in Armenian drams is guaranteed) |
AMD 7 million (the deposit in Armenian drams is fully guaranteed and deposit in foreign currency is guaranteed in the amount of the difference between 7 million Armenian drams and the guaranteed deposit in Armenian drams) |
All your deposits in Armenian drams within the same Bank are deemed to be a single deposit in Armenian drams, except for the unguaranteed banking deposits, and all your deposits in foreign currency within the same Bank are deemed to be a single deposit in foreign currency, except for the unguaranteed banking deposits.
If you have separate banking deposit in the insolvent bank and at the same time you are an owner of joint banking deposit within the same bank, you are guaranteed for the sum of your separate banking deposit and your portion of the joint banking deposit - in accordance to the procedure and the amount stipulated in the Law.
If you have an obligation towards the insolvent bank, the compensated amount is calculated based on the positive difference between your banking deposit and the obligation - in accordance to the procedure and the amount stipulated in the Law.
The joint banking deposit of two or more depositors is considered separate deposit of each depositor in the portion defined by the agreement. If the portions of the depositors of the joint banking deposit are not defined in the agreement, the joint deposit is equally divided between the depositors.
The banking deposit is compensated only in Armenian drams. The dram equivalence of banking deposit in foreign currency is determined by the currency market average exchange rate published by the Central Bank on the day the compensation event has occurred.
Your banking deposit is not compensated if on the date of compensation occurrence the deposit is less than 1000 Armenian drams.
Your banking deposit is unguaranteed if:
a) you are a manager of the respective bank and(or) a family member of the latter,
b) you have a significant shareholding in the respective bank and (or) its family member,
c) you, as an owner (co-owner) of the deposit waive your right to the respective portion of the deposit,
d) your deposit has been qualified as proceeds generated from criminal activity unless you prove to the contrary,
e) your deposit has been placed with the respective bank at an interest rate exceeding 1.5 times the interest rate stipulated by the public agreement of the bank for similar deposits,
f) your deposit is placed with a branch of the respective bank established outside the Republic of Armenia.
Within three days following the day of compensation event the Fund publishes the announcement on the compensation event. Within thirty days following the day of compensation event the Fund through the insolvent bank or any other bank starts the process of compensation of your deposits. The process starts upon the posting of the additional announcement on compensation by the Fund through the means of Mass Media. You may file a written claim no later than within one year period following the day of compensation event. If you don’t file a written claim within the mentioned period the Fund will not compensate your guaranteed deposit. The Fund must pay the compensations claimed by the depositors within three months period following the filing the written claim except in the cases stipulated by the Law.
After the compensation of the guaranteed deposit your monetary claim against the insolvent bank is deemed to be satisfied in proportion of the repaid amount. Any outstanding amount in excess of the maximum repayment limit is deemed to be the liability of the insolvent bank to you.
For smooth processing of the compensation of your deposit it is recommended to immediately inform the bank about any changes in the data (ID/passport details, details of Social Card, address, telephone number, etc.) provided to the bank.
