SOCIAL PACKAGE ACCOUNT

Social package funds credited to the social package account may be used for the following purposes:

• Recreation within the Republic of Armenia — this service may also be used by a family member.

List of tour operators included in the Social Package Recreation Service.

• Payment for additional services not included in the healthcare package - can be used only by the account holder.

List of healthcare providers offering dental medical care and services to employees of government institutions and organizations under the social package.

• Payment for using services of regional wellness and sports complexes, swimming pools, and other sports facilities - may also be used by a family member.

List of regional wellness and other sports facilities providing services under the social package.

• Payment of monthly mortgage installments — may also be used by a family member.
• Tuition fee payments — may also be used by a family member.

List of educational institutions included in the social package.

• Payment of monthly installments for government-subsidized student loans - may also be used by a family member.
• Payment of insurance fees for a related person* of the account holder.

*Related person: an individual legally recognized as connected to the social package beneficiary who pays the insurance premium.

The social package funds cannot be withdrawn in cash, except in cases specified by the Decision.

Questions and Answers

The documents required to open a social package account are:

• Proof of identity
• Certificate of non-receipt from the State Social Security Service (SSSS)

Documents serving as the basis for transferring or withdrawing funds from social package accounts are determined by Decision No. 1691-N of the Government dated December 27, 2012.

For the purpose of conducting proper customer due diligence in accordance with the RA Law on “Combating Money Laundering and Financing of Terrorism,” the bank may, based on the “Know Your Customer” (KYC) principle, request additional documents or information from the customer, as well as ask supplementary questions during verbal communication.

Under the Foreign Account Tax Compliance Act (FATCA) and the agreement signed with the United States, the financial institution may collect additional information to determine whether you are a U.S. taxpayer.

The bank is obliged to credit funds received to the customer’s account no later than the next business day following the receipt of the corresponding payment document by the bank, unless a shorter period is specified by law or the bank account agreement.

The bank is obliged to pay or transfer funds from the customer’s account in accordance with the instructions no later than the next business day following the receipt of the corresponding payment document by the bank, unless a different timeframe is provided by law, applicable banking rules, or the bank account agreement.

The account and the funds in it may be subject to restrictions on the account holder’s rights by a court decision, based on a request submitted by enforcement authorities or tax authorities.

The account agreement may be terminated by the customer at any time, except in cases specified by the Decision.

Repayment of individuals’ bank deposits at Acba bank is guaranteed by the “Deposit Guarantee Fund” up to the amounts eligible for coverage, in particular:

 The compensation of bank deposits of individuals in Acba bank is guaranteed by the "Deposit Compensation Guarantee Fund" in the amounts of deposits subject to compensation, in particular: