With Acba bank current accounts, you can freely and securely manage your business funds and make and receive transfers both within the territory of Armenia and worldwide.
Manage your business inflows and outflows with Acba bank current accounts without visiting the Bank by carrying out transactions via the acba digital application.
Make and receive transfers from all over the world using Acba bank’s convenient tools and foreign currency accounts.
If the funds available in the account meet the average daily balance requirement, no servicing fee is charged.
For a current account at Acba bank, maintaining a minimum balance is not required.
The current account is opened free of charge. Current accounts may be opened in the following currencies: AMD, USD, EUR, RUR, GBP, CHF, GEL, CNY, AED.
The current account servicing fee depends on the average daily balance of the accounts.
Average daily balance threshold of a current account for free servicing:
individual entrepreneurs - AMD 50,000 or equivalent foreign currency
legal entities - AMD 50,000 or equivalent foreign currency
The average daily balance threshold of a current account applies separately to accounts in all currencies; however, the customer may meet the threshold requirement for all current accounts by maintaining the required balance in at least one current or deposit account.
Current account servicing fee (regardless of the number of accounts):
if the average daily balance of the current accounts held by a legal entity or individual entrepreneur at the Bank during the given month is equal to or greater than the above-mentioned threshold - free of charge,
if the average daily balance of the current accounts held by a legal entity or individual entrepreneur at the Bank during the given month is lower than the above-mentioned threshold - AMD 1,000 per month.
The current account servicing fee is charged from the customer’s account on the last banking day of each month.
Maximum obligation related to the current account servicing fee
In the case of further use or reopening of current accounts, the previously accumulated servicing fee debt and the account reopening fee are not charged if the customer places a term deposit.
The customer may deposit and withdraw funds to and from the account on each business day during the Bank’s operating hours. In the case of depositing or withdrawing funds in currencies different from the account currency, conversion is carried out using the cross exchange rates established by the Bank.
The Bank is obliged to credit funds received to the customer’s Account no later than the day following the receipt of the relevant payment document by the Bank, unless a shorter period is provided by law or by the bank account agreement.
The Bank is obliged, based on the customer’s instruction, to disburse or transfer funds from the Account no later than the day following the receipt of the relevant payment document by the Bank, unless other time limits are provided by law, relevant banking rules established accordingly, or by the bank account agreement.
The rights of the account holder to dispose of the Account and the funds therein may be restricted by a court decision based on an application submitted by judicial enforcement authorities or tax authorities.
Collection of funds from the Account without the account holder’s instruction may be carried out based on a court decision and an application submitted by judicial enforcement authorities or tax authorities.
The rights of the account holder to dispose of the Account and the funds therein may be restricted by a court decision based on an application submitted by judicial enforcement authorities or tax authorities.
The account agreement may be terminated at any time upon the customer’s application.
At the Bank’s request, the court may terminate the account agreement in the following cases:
when the amount of funds held in the customer’s account is less than the minimum amount stipulated by banking rules or the agreement, if such amount is not restored within one month from the date of the Bank’s notice,
in the absence of transactions on the given account for one year.
The Bank has the right, at its discretion and without notifying the customer, to suspend the validity of the account agreement or terminate it if:
the Bank becomes aware that a legal entity customer has been liquidated or declared bankrupt (insolvent), or
the Bank has reasonable suspicion that the customer is carrying out circulation of funds obtained through criminal means at the Bank, or
no transactions have been carried out on the Account within one year from the date of opening of the Account, or
in other cases provided by law or by a separate agreement concluded between the Bank and the customer.
In accordance with this clause, in the event of suspension of the account agreement, the Bank suspends servicing of the customer’s Account until the circumstances giving rise to the suspension are eliminated, and in the event of termination of the account agreement, the Bank closes the customer’s Account.
The following transactions may be carried out through a current account:
deposit funds into the opened account
make transfers from the account
withdraw funds from the account
convert the current account balance into foreign currency
repay loans from the current account
and others
The current account servicing fee is charged from the customer’s account on the last banking day of each month.
The fee is charged from the customer’s Armenian dram account. In the absence of an Armenian dram account, it is charged from the customer’s foreign currency account, and currency conversion is carried out at the average exchange rate of foreign currencies published by the Central Bank of the Republic of Armenia for that day. The calculation is performed for the month of account opening and the month preceding account closure.
The current account servicing/reopening tariff does not apply to:
current accounts of merchants and service points that have a cooperation agreement with the Bank for POS terminal servicing,
current accounts of state and local self-government bodies and organizations established by them.
The current account agreement is concluded for an indefinite period.
Annual simple interest rate calculated on the current account balance for accounts in Armenian dram:
if the customer’s average daily balance of the current account held with the Bank during the given month does not exceed AMD 20,000,000 (inclusive): 0%
if the customer’s average daily balance of the current account held with the Bank during the given month exceeds AMD 20,000,000: 1%
The annual interest rate calculated on the current account balance and the annual percentage yield are the same.
Interest is calculated on a monthly basis on the average daily balance available in the account.
Interest accrued on the funds available in the customer’s account is calculated based on the nominal interest rate. The annual percentage yield shows how much income the customer would receive if the interest accrued on their deposit were reinvested as a deposit.
The accrued interest is paid on the last business day of each month.
Detailed information on account servicing tariffs can be found here
List of documents required for opening customer accounts at Acba bank
For the purpose of proper customer due diligence as required by the Law of the Republic of Armenia “On Combating Money Laundering and Terrorist Financing,” the Bank may request additional documents or other information from the customer based on the “Know Your Customer” (KYC) principle, as well as ask additional questions during verbal communication with the customer.
Based on the agreement concluded with the United States under the Foreign Account Tax Compliance Act (FATCA), a financial organization may collect additional information to determine whether you are a U.S. taxpayer.
At ACBA BANK, the reimbursement of bank deposits for individual entrepreneurs is guaranteed by the "Deposit Guarantee Fund" within the limits of the guaranteed deposit amounts, specifically:
| Currency structure of the deposit | If you have only a Dram deposit in the same bank | If you have only a foreign currency deposit in the same bank | If you have both Armenian Dram and foreign currency deposits in the same bank | |
|---|---|---|---|---|
| If the dram deposit is more than 7 million AMD | If the dram deposit is less than 7 million AMD | |||
| Maximum deposit guarantee amount | 16 million AMD | 7 million AMD | 16 million AMD (Only the dram deposit is guaranteed) | The dram deposit is guaranteed in full, and the foreign currency deposit is guaranteed for the difference between 7 million AMD and the reimbursed dram deposit. |
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