*The annual maintenance fee shall be charged upfront at the time of account opening. The annual account maintenance fee for each subsequent year shall be charged on the anniversary day of the account’s opening and for this to repeat each year the account remains open. In case of failure to pay the account maintenance fee or the absence of sufficient balance on the customer’s account, the account is to be closed. In case of opening an account in a different or the same currency or opening accounts within the same day (except for sub-accounts) for legal persons and private entrepreneurs, the maintenance fee is subject to a one-time charge at the time of opening the account/accounts.

**Not applied for amounts credited to bank and card accounts of individuals (except for private entrepreneurs) from interests accrued over the loan funds disbursed by ARARATBANK OJSC, term deposits and ARARATBANK OJSC bonds, as well as for cash withdrawal from social package and family fund accounts and unblocked accounts.  

***VAT included

• A passport and/or identification card or a military record book where an individual undergoes a mandatory military service (passports shall be translated into Armenian and notarized in case of nonresidents). No translation of passports shall be required where a special RA passport, residence card or internationally recognized travel document that verifies the identity of the bearer issued by RA authorities is submitted.
• A social security card or reference on issuing a public service number (in case of lack of such document, a reference on waiver of the social security card or public service number issued by RA authorities shall be provided).
• A power of attorney certified by a notary public, where a person is authorized to manage account proceeds.

• When sending the required documents outside the Republic of Armenia, postage costs shall be additionally charged to the account holder.
• Transfers shall be made within one banking day.
• If the funds to be transferred are already paid to the beneficiary or the bank of the beneficiary, the Bank shall not be held liable for the return of funds.
•  If the funds are returned due to the Customer fault (e.g., inaccuracy in details), the expenses of the Bank shall be incurred by the Customer.
• Tariffs are set in AMD, and tariffs set for foreign currency transactions shall be calculated at the average prevailing exchange rate announced by the Central Bank of Armenia as of the date of transaction.
• In the absence of movement of funds on the account within 1 year, with availability of balance on the account, the account shall be frozen in order to avoid further accumulation of service commissions. 

Deposits made by individuals with AraratBank are guaranteed by Deposit Guarantee Fund of Armenia. Maximum guaranteed amount for deposits in Armenian drams is AMD 16 million, and for deposits in foreign currency – AMD 7 million.

In the event the deposit is made both in AMD and foreign currency with the same bank:

• if the deposit in Armenian drams exceeds AMD 7 million, only the AMD-denominated deposit shall be guaranteed in the maximum amount of AMD 16 million,
• if the deposit in Armenian drams is less than AMD 7 million, it shall be guaranteed in the maximum amount of AMD 7 million (the AMD-denominated deposit shall be guaranteed in full, and the foreign currency deposit shall be guaranteed in the amount of difference between AMD 7 million and AMD-denominated deposit subject to compensation).

The right of the account holder to manage the account and the funds available on the account can be restricted through a court decision based on the application submitted by Judicial Acts Compulsory Enforcement Bodies.

Withdrawal of funds from the account without the respective instruction of the account holder may be implemented through a court decision based on the application submitted by Judicial Acts Compulsory Enforcement Bodies or tax authorities.

“Your financial directory” is an electronic system which facilitates the search, comparison and selection of the best options in the services offered.

You shall have the right to communicate with the financial institution by any convenient way - by post or e-mail. Receiving information electronically is the most convenient option. It is available 24/7, free from the risks of loss of paper information and ensures privacy.

The bank may request additional documents or other information based on the "Know your customer" principle, as well as ask additional questions during oral communication, for the purpose of due diligence of the customer defined by the RA Law "On Combating Money Laundering and Terrorist Financing". .

In accordance with the agreement signed with the USA based on the Compliance Act (FATCA), the financial organization may collect additional information to determine whether you are a US taxpayer.