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Useful information for depositors

Useful information for depositors


Banking deposits of physical persons, including sole proprietors are guaranteed from the moment they are placed in banks, for which no any actions or additional cost are required by the depositor.

The Fund guarantees deposits placed with the banks operating in the Republic of Armenia (with the exception of its branches established outside of the Republic of Armenia), as well as with the branches of foreign banks established in the Republic of Armenia.

The guaranteed deposits include

- any amount provided by a depositor or a third party in favor of the depositor to (or available with) a bank, which is subject to refunding or payment to the depositor,

- funds in settlement, current, term, savings or other accounts opened with a depositor’s bank,

- funds attracted by nominal securities issued by the bank;

- amount of interest accrued on the abovementioned funds

In the event of remuneration the guaranteed deposit amount is calculated based on the aggregate amount of deposits of the depositor with the bank, and in the case of availability of the liability (e.g. loan) of depositor toward the bank the guaranteed deposit is calculated based on the positive difference of theamount of deposit and liability. 
The deposit is not reimbursed if as of the day of the event of remuneration the amount of the deposit is less than AMD 1000 (thousand). In case of bank insolvency the guaranteed deposits will be paid in AMD.

The dram equivalency of aFOREIGN CURRENCY denominated bank deposit is determined using average exchange rate formed in the currency market published by the Central Bank as of the date of the event of remuneration.

 

Amount of guaranteed deposit

 

a) if a depositor holds only a dram denominated bank deposit with the insolvent bank, the amount of the guaranteed deposit will be ten million Armenian drams;

b) if a depositor holds only a foreign currency denominated bank deposit with the insolvent bank, the amount of the guaranteed deposit will be five million Armenian drams;

c) if a depositor holds dram and foreign currency denominated bank deposits with the insolvent bank, with the dram deposit amount exceeding five million Armenian drams, only the dram denominated deposit will be guaranteed for up to ten million Armenian drams;

d) if a depositor holds dram and foreign currency denominated bank deposits with the insolvent bank, with the dram deposit amount being less than five million Armenian drams,  the dram denominated bank deposit will be guaranteed entirely, and  the foreign currency denominated bank deposit - for the difference between five million Armenian drams and the remunerated dram denominated bank deposit.

All dram denominated deposits of the depositor with the same bank are considered as one deposit, with the exception of non-guaranteed deposits, and all foreign currency denominated deposits of the depositor with the same bank are considered as one deposit, with the exception of non-guaranteed deposits.

The Fund shall within three working days following the day of remuneration event publish an announcement about the remuneration event in the press with at least 2000 edition copies and at least through one public media, stating the procedure for receiving guaranteed deposits, including the list of required documents and information, conditions, ways, terms.

The Fund will effect remuneration of guaranteed deposits based on the list of deposits and liabilities of depositors provided by the Central Bank of RA, as well as written claims submitted by depositors for receiving their guaranteed deposits, and documents certifying the claim.

The depositor may submit the written claim no later than within one year after the day of the event of remuneration.

The Fund shall within 30 days following the day of the event of remuneration publish additional announcement in the press and other mass media that at least will specify

a) name and addresses of the bank and its branch(es) effecting payment of guaranteed deposits;

b) list of required documents for receiving guaranteed deposits.

The Fund shall be obliged to pay duly verified claim of depositor within three months following the day of the written claim submission.

For facilitating payment of guaranteed deposits in case of bank insolvency it is necessary for depositors to notify banks as soon as possible about the changes in their personal data (passport data, social security card, address, phone number, etc),which have been provided to the bank at the time of depositing. 

 

The actions required from depositorsfor getting compensation


The event of remuneration of guaranteed deposits occurs when the bank is recognized insolvent based on the Republic of Armenia Law on “Bankruptcy of Banks, Credit Institutions, investment companies, and insurance companies” and when the Board of the Central Bank of the Republic of Armenia confirms the fact of disability of the bank to refund the deposits within the timeframe set by law and contracts, or when the bank is recognized bankrupt based on the Republic of Armenia Law on “Bankruptcy of Banks, Credit Institutions, investment companies, and insurance companies”.

Remuneration of guaranteed deposits shall be carried out by the Fund through the insolvent bank or another bank.

For getting his/her guaranteed deposit the depositor shall submit the written claim-sheet and documents certifying the claim:

  • Filled in application-claim form
  • Passport or other indentification document if you do not have passport
  • Those indentification documents, which you have presented tothe bank when placing deposi
  • Social security card, or if you donot have socia security card-a confirmation about it from the respective body
  • Documents certifying your claim with the failed bank (deposit contracts, savings book, ect.)

The depositor shall submit the above mentioned documents to the insolvent bank unless otherwisestated by the Fund.

The depositor may submit the written claim no later than within one year after the day of the event of remuneration. If a depositor fails to submit the claim within that period, the Fund shall not remunerate guaranteed deposits to the depositor.

A depositor may contact the Fund in the event of disagreement between the payout bank and the depositor. A depositor may resort to the court in the event of disagreement with the Fund.

For facilitating payment of guaranteed deposits in case of bank insolvency it is necessary for depositors to notify banks as soon as possible about the changes in their personal data (passport data, social securitycard, address, phone number, etc), which have been provided to the bank at the time of depositing. 
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