Special State Support AccountYou can open a Special State Support Account which will be credited by a lump-sum childbirth benefit payable on the occasion of birth of third and each subsequent child born on January 1, 2014 and thereafter.
The dram-denominated account will be opened in the name of the child (account holder) based on the application filed by the child's legal representative (parent, guardian or adopter) registered under the same residential address in the RA. Under the current legislation, there are some limitations applied to account management.
- Application for the opening of current account (individuals),
- ID card of a legal representative (parent, guardian, adopter) and account holder,
- Social card of a legal representative (parent, guardian, adopter) and account holder or a statement on its absence or an identification card only,
- Document confirming the legal representative’s status.
Account Opening and Service Tariffs:
- Account opening – AMD 0,
- Account service AMD 0,
- Minimum required balance – AMD 0,
- Account closing – AMD 0,
- Provision of account statements, references and other documents – AMD 0,
- Interest accrued on account balance -10% per year (you are entitled to change the interest rate payable on the funds in the account). Interest will be accrued annually on the principal amount. Your interest income will be taxed at 10%.
- Interest accrued on the funds available in your account shall be computed based on NOMINAL INTERESST RATE, while ANNUAL INTEREST YIELD will show the income you would have received in case of re-depositing the accrued interest into a bank deposit.
- Under the RA law On Guaranteeing Compensation of Bank Deposits, the funds in settlement, current, term, savings and other accounts opened with the bank are considered to be a bank deposit. The deposits guaranteed by RA law shall be reimbursed by the Deposit Guarantee Fund of Armenia.