Important Conditions
Currency
Dependent on the transaction currency
Service charge
No tariff applies
Service fee
No tariff applies
Withdrawal
No tariff applies
TERMS
TARIFFS
Escrow Account Holder - Individual having attained 14 years of age (1)
Beneficiary - natural or legal person, sole proprietor
Depositing funds for real estate or vehicle (hereinafter referred to as “Property”) acquisition, or a portion of it, to the account as a transaction guarantee.
Depends on the transaction currency (2)
None
Depends on transaction requirements
0.15% of escrow operation; minimum amount AMD 20,000, and maximum amount AMD 500,000
The term of the operation depends on the escrow transaction term
AMD 10,000 for signing each additional agreement
No fees applied, closed by the Bank upon termination of the Escrow Agreement
0%
According to Terms and Tariffs for Opening and Servicing Current Bank Accounts for Individuals, as applied by the Bank
Escrow account funds are guaranteed under the RA Law “On Guaranteeing the Compensation of Bank Deposits of Individuals”.
1. If an application is submitted by an individual aged 14 to 18, the consent of parents or a guardian is also required.
2. Payment for Property purchased in AMD and in other currencies recognized by the Bank is made exclusively in AMD. Payment in other currencies for the Property being acquired is made only in cases provided for by the legislation of the Republic of Armenia. In the event that foreign currency is deposited to secure the transaction, then upon submission of documents provided for by the Escrow Agreement and when transferring the amount to the Beneficiary, foreign currency conversion is performed at the exchange rate of the Bank as of the time of transaction.
3. Opening and servicing an escrow account includes opening an account with the Bank for escrow transaction by agreement of the parties to the escrow transaction, depositing transaction funds in the escrow account, drawing up an Agreement on Opening Escrow Account, submitting to the Bank a