General Conditions of Providing Bank Account Services

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1 General Conditions of Providing Bank Account Services 1. The conditions and rules stipulated below (hereinafter referred to as the General conditions) regulate bank account contractual relations executed between INECOBANK CJSC and the persons signing an application of opening a bank Account. 2. The terms used in the present Principal Conditions have the following meaning: The Bank: "Inecobank" CJSC together with its branches; Customer: an individual or a legal entity (together with the branches, representative offices and other separate subdivisions of the latter) enjoying services rendered by the Bank based on the agreement concluded between the latter and the Bank and pays at interest rates envisaged by the agreement for that purpose. Application/Agreement: a standard document signed by the Customer which confirms the existence of a bank account agreement between the Bank and the Customer with the acceptance of on the part of the Customer, of the conditions under the General Conditions and rules and Tariffs set by the Bank for some types of Bank account. Bank Account or Account: cash account, irrespective of the currency, considered such in accordance with the RA legislation. Unallocated metal account (hereinafter referred to as a metal account) is a demand or term account designed for the accounting/recording the non-cash gold for which only the karat and weight of gold are mentioned and other personal data are not fixed. Metal accounts can be opened only at karat. The accounting of non-cash gold accounted on the metal accounts is performed at a value of balance, in Armenian Dram of the Republic of Armenia, at a gold exchange rate defined by the Central Bank of Armenia and in weight reflection, i.e. reflected in grams at 0.01 precision or troy ounces at troy ounce precision, moreover one troy ounce is equal to gram. Bank account service tariffs, hereinafter referred to as the Tariffs: a document stipulating fees collected for the services offered by the Bank or the amount of interests paid for certain operations, which (the document) is regularly approved by the appropriate authorized body of the Bank and is published within the Bank premises, in the location accessible for the Customers. Annual nominal interest, hereinafter referred to as the Interest, an amount of interest rate calculated on the annual basis, which is paid during any process of interests capitalization. Annual interest yield: an interest which the Customer shall get against a deposit in amount of AMD 1000 during 365day period as a result of utilization of the annual nominal interest as well as capitalization of interests and frequency of payment.

2 Mandatory submission information information, which is related to the change of procedure of communication between Parties, those amendments in legal acts, which have direct impact to rights and duties of Customer, stipulated by Application/Agreement, with changes of present General conditions and tariffs, on changes of other circumstances, providing direct impact on rights and duties or obligations, arising from Application/Agreement of the Parties and which is subject of submission to the Customer according to procedure and terms, stipulated by these General conditions. System Ineco Online electronic system, by which the Bank enables the Customer to make Transactions in remote mode. Manual manual of the System s user, which defines procedure of the system maintenance as well as transactions, which are possible to implement via System and which is inseparable part of Application/Agreement to join the System. Transactions types of transactions, defined by the Manual and which are possible to implement via the System. Request/Agreement to join the System a formalized document signed by the Customer and the Bank, which certifies the existence of agreement, providing right to use the System by the Customer by acceptance of these General Conditions, Manual and Tariffs by the Customer. Furthermore, the right to use the System could not be provided and the Request/Agreement could not be signed with under-age individual Customers. User individuals, stipulated by the Request/Agreement to join the System, signed by the Customer, who can be individual Customer or an entity (including branches, representations and other separated units), organization or private entrepreneur, and the Bank. Identification data login, password and security key, provided by the Bank to the Customer based on the Request/Agreement to join the System, which are used to access the System and to identify the User during implementation of the Transactions. Security tool a tool, which is property of the Bank and which generates the Security key. Furthermore, the Identification data as well as the Security tool should be given to every User and every new User will get new Identification data and the Security tool. Security key unique sequence of symbols to be provided by the security tool or electronically or by other means, which is used to access the system and with which the User verifies the Transactions implemented via System and which is analog of hand-written signature of the User. Electronic document electronic document generated by the System. 3. These General Conditions and Tariffs are considered to be the unified information bulletin of Inecobank CJSC bank account services and, at the same time, are the integrated parts of the Application/Agreement. 4. Depending on the sizes, terms, frequency of transactions, description of the Customer other tariffs and terms of bank Accounts service can be defined based on the agreement between the Bank and the Customer. 5. The Bank has the right to make changes and amendments to the rules and Tariffs which refer to the Bank account and are not set in these General Conditions on which it (the Bank) notifies the Customers in accordance with the rules and procedures under these General Conditions (if tariff changes do not alter the general requirements under the Application/Agreement concluded between the Customer and the Bank) since the effective day of those changes but not late than 15 (fifteen) business days before. 6. Information of mandatory submission is published within the premises of the Bank at the accessible for the Customers areas as well as on the official website of the Bank, while it is submitted to the Customers, which are

3 physical entities, in writing via mail if the latter didn t place an application in writing and electronically based on which it waived its right of receiving the information via mail. In that case the Bank is obliged to provide the information of mandatory submission via electronic or other means of communication or hand it in the Bank based on the latter s written application. 7. The sample forms of application for opening a Bank Account, performance of operations with separate types of Bank Accounts and for other similar documents are stipulated by the Bank and can be modified from time to time 8. The rules stipulated in the General Conditions are applied to all types of bank accounts (card, deposit, current, saving, metal investment, etc.); if it is not stipulated otherwise by the rules defined for the corresponding type of Account and/or set in the written agreement concluded between the Bank and the Customer. 9. Terms of performance of operations via bank accounts are determined by the Bank, unless otherwise is defined by the present General conditions, Tariffs, other documents and legal acts stipulated by the Bank. The Bank has the right to reject carrying out the Customer s instructions on certain operations via the Account, if the performance of operation for the given type of Account is not provided for in RA Legislation and/or internal legal acts of the Bank. 10. The fact of crediting or debiting cash funds to/from the Account or non-cash gold bullions to/from the Account is verified by the method envisaged by the RA legislation and appropriate, verified respective document. 11. The Bank collects fees for the provided services from the Customers (commission fees) and/or collects/pays interest, in accordance with the Tariffs: 1) The Bank payments stipulated by the Tariffs, unless otherwise defined by the Legislation, are collected by the Bank from the outstanding amounts of the Bank Accounts of the Customer. In case of foreign currency Bank Account, the Bank converts and collects the foreign currency in the due amount to AMD at the rate stipulated for that moment the Bank. 2) The Interest defined by the Tariffs, irrespective of the Account currency, is calculated and paid in AMD. In case of existence of the Customer s written instruction the due Interest can be converted into the currency of the Account and paid to the Customer in that currency. The conversion of the interest into the currency of the Account is performed at an exchange rate set by the Central Bank of Armenia at that moment. 11. The Bank is authorized to refuse to carry out the Customer s instructions on separate operations, if the funds in the corresponding Account are not sufficient for the performance of such instructions and payment of commission fees for the services stipulated by the Bank s tariffs. 12. In some cases, except for the metal accounts, despite the insufficiency of funds on the Customer s Account, the Bank may credit the Account and make payments from the Account. In such case that amount is considered to be a credit starting from the payment date for which the Customer pays in accordance with the Bank s Tariffs. 13. The interest rates offered by the Bank calculated against the balance of the certain type of Account are published within the Bank premises, in the locations accessible for the Customers and can comprise zero

4 percent. The interests calculated against the outstanding amount of any type of Bank Account are paid in AMD irrespective of the Account currency. 14. Currency exchange is done at the corresponding exchange rate defined by the Bank at that moment. The Customer giving instructions to make transfers from one currency Account to another (also through ATM or any other means of distance control) agrees that the currency exchange to be made by the corresponding exchange rate stipulated or used by the Bank. 15. Currency exchange is done in case of performing transactions in other form the account currency. The exchange is performed at the corresponding exchange rate defined by the Bank; moreover, in case of cash transactions the exchange can be done only between such currencies for which the Bank sets exchange rates publicly. 16. The balance of all Bank Accounts of the Customer, deposits and the interest to be accrued are considered Customer s obligations security means in respect of the Bank in terms of the service of the Bank account or on other grounds stipulated by RA Legislation (including interests, commission fees and other fees) and the Bank has pledge right in respect of them. The customer has no right to pledge the funds on and/or to be transferred to the Account without the written consent of the Bank. 17. The Bank has the right to use the funds on the Customer s Bank Account (irrespective of currency) with the aim to pay any obligations (irrespective of the currency of obligation) the Customer may have against the Bank. The Bank has the right with the aim of such transfer, if necessary, to make an exchange of different currencies the Customer has on its different Accounts with at any exchange rate stipulated by the Bank for the currency to be collected. 18. Exaction of funds from the account without the instruction of the cardholder can be done based on the application placed by bodies of mandatory execution of judicial acts and taxation bodies according to the Court s decision without notifying the Customer on that. 19. The Bank has the right to discharge from the Customer s Account all taxes and obligatory payments without the Customer s further consent or previous notice, if such requirements are stipulated by RA Legislation. 20. The rights of the cardholder to manage the account and funds on it can be limited without notifying the latter, based on the application submitted by the bodies of mandatory execution of judicial acts and taxation bodies as well as by the Bank s decision upon non-execution or unduly execution of obligations acquired by the Customer against the Bank. The Bank can utilize the funds existing on the Account of the Customer securing the right of freely disposing those funds by the Customer in compliance with these General Conditions. 21. For separate types of the Bank accounts the Bank may provide to the Customer a checkbook. When writing a check out the Customer shall be very attentive and comply with the rules set in the checkbook and defined by the Bank on regular basis.

5 22. The Bank will provide to the Customers physical entities a monthly statement. The Bank shall not provide a monthly statement to the Customer-physical entity if no debit/credit has been made during the reporting period. The statements are provided in writing via mail, except for metal account statement and for the case when the Customer physical entity has waived its right to receive its account statements via mail based on its application submitted in writing or electronically on condition of getting the account statements electronically or via other means of communication or in the territory of the Bank in hand. 23. Upon the request by the Customer the Bank is obliged to provide an account statement on the Customer s account thus charging the fees set in Tariffs for the provision of the account statement. 24. The data reflected in the statement is considered as proper notice of the operations carried out by the Account. The statement is considered approved if the Customer has not submitted written remarks in its respect to the Bank within 10 (ten) business days from the date the statement was received. The Bank is not liable for the loss occurred as a result of mistakes, defaults of mail services or communication facilities, and loss or theft of the statements, publication of the submitted requirements or information. 25. The Customer has no right to transfer any claiming right connected with the Bank Account services to other parties without the Bank s written consent. 26. When accepting the Customer s instructions on provision of authorities to use the Account of other persons as well as on transferring the funds from the Account by the demand of a third party, the Bank checks their visual adequacy to the form agreed between the Bank and the Customer. The Customer accepts, that the Bank is not liable for the errors and damages caused as a result of operations with the Account, if, as a result of comparing the instructions agreed between the Bank and the Customer and the submitted ones, it was impossible to reveal that the instruction was fully or partially falsified, was submitted with errors or does not present the Customer s actual will in terms of any other circumstance. Except for the cases stipulated by the Legislation and the present General Conditions and/or agreed with the Bank in writing, the Bank carries out operations with the Customer s Account exceptionally by the instructions signed on behalf of the latter (in case of legal entity also sealed) by the person, having power to sign in accordance with the signature card or other documents stipulated by the Bank, in case if sufficient documents proving a person s identity are submitted. 27. In order to enjoy some services rendered by the Bank, it may provide the Customer with a Personal Identification Number (PIN). The Customer is obliged to take necessary measures to exclude disclosure of such information by third parties, and in case such situation is actually or possibly revealed, the Customer shall immediately notify the Bank and require suspension of the operations with the Account services with that PIN. The Bank is not liable for the transactions or activities made with the Account by using the PIN or password provided to the Customer before the proper notification by the Customer. 28. The Bank undertakes to perform strictly the Customer s instructions on operations with the Account in accordance with RA Legislation, the internal regulations of the Bank and business customs accepted in banking practice. In case the Bank takes such actions by a mistake during the performance of operations so

6 that the Customer acquires or saves some property (ungrounded enrichment), then the Bank has the right to transfer corresponding means from Customer s Account in the Bank in unaccepted manner. 29. The Bank guarantees confidentiality of the Customer s information, which becomes known to it as a result of provision of services and is considered to be a bank secret according to the RA Legislation. If the Bank is obliged to provide or publish bank information about the Customer by the power of RA international agreements, RA laws, other legal norms and Principle Conditions compulsory for the Bank as well as for the necessity of normal economic activity of the Bank, then it is obligated to provide the information only in the required volume and only to the people authorized for that. The fact of provision of information containing a banking secret in order described above cannot become a basis for a demand to pay damages to the Bank, its employees, representatives or agents on behalf of the Customer, its partners or third parties. 30. According to the Law of RA on Combating money laundering and terrorism finance, other legal acts, Bank s activity principles, internal legal acts, the circulation of proceeds of criminal activity through banks is forbidden. Upon executing the instructions of the Customer on performing operations via its Account, the Bank reserves the right to make any additional inquiry to find out the conformity of operations with the RA legislation. The Bank reserves the right to decline or suspend the execution of operation in case of occurrence of grounded suspicions with regard to the authenticity of any document submitted to the Bank in terms of executing operations via Bank accounts belonging to the Customer. In this case the Bank doesn t bear any responsibility for the losses carried by the Customer as a result of it. 31. The Customer has right to terminate unilaterally the Application/Agreement and/or Request/Agreement to join the System, providing written notice to the Bank at least in 7 (seven) banking days in advance and fully paying its obligations to the Bank. Furthermore, the Request/Agreement to join the system is also considered terminated from the moment of the Application/Agreement termination. 32. In case of non-performance or inappropriate performance by the Customer of its obligations, related to the Bank account, set by RA Law and/or these General Conditions and/or the Manual and/or Tariffs, approved by the Bank, the Bank has a right to unilaterally anticipatory terminate the Application/Agreement and the Request/Agreement to join the System and to close the Account, on which the Bank should inform the Customer at least in 15 (fifteen) working days in advance. 33. Bank accounts with zero balances and/or the ones with no movement for one year period may be blocked or closed by the Bank notifying the Customer on that not late than 7 (seven) banking days before. After closing the account the outstanding amount on the account is handed to the Customer or transferred to another account by its instruction during the same day of receiving an appropriate written application by the Customer. 34. The Bank has right to terminate the Customer s right to use the System in case of the Customer s nonperformance or inappropriate performance of obligations set by these General conditions and/or the Manual.

7 35. In case of Customer s death, incapacity, acknowledging him/her as missing or dead, reorganization of legal person, their reformation, insolvency and bankruptcy as well as in such other cases, the Bank is not responsible for the operations made via the Bank Account until it has received a written proves of such facts, together with other documented confirmations stipulated by the Bank. In case of receiving proper notification, the Bank suspends all operations with the Bank account until a legal successor or other legal representative receives the authorization for operations via the Account. 36. The process of opening and servicing an Account in the name of under-age people under 14 is performed based on the documents submitted to the Bank by the legal representative of the under-age i.e. parents, adopters or trustees and based on the instructions on performing Account transactions. In this case the outstanding amount on the account should be kept in favor of the under-age and is not considered as own means of legal representative of the under-age. The latter is obliged to immediately inform the Bank when the under-age person becomes 14 years old. Opening and administering an Account in the name of yearold under-age people is performed by the written consent of their legal representatives: parents, adopters or trustees. Opening and servicing an account in the name of under-age people of years old without consent by their parents, adopters and trustees is allowed in case of disposing funds granted for some reason or for independent disposal by the third parties by the consent of legal representative, to control their salary, education tuition and other incomes as well as to pay deposits. 37. The third party acquires rights over the Account opened in favor of it, since the moment of submitting the first claim based on those rights to the Bank or informing the Bank on its intention to somehow exercise its right. In case of opening an account in favor of the third party, before expressing an intention by the third party on exercising its rights, the party applied to open an Account in favor of the third party can exercise the rights over the funds entered by it onto the Account. In case if the third party waives the rights arisen from it by the Account opened in favor of it, the party applied for opening an Account in favor of the third party can exercise these rights. 38. Any demand or notice and/or information for mandatory submission in accordance with the RA legislation by the Bank, either written or electronically, is sent to the address, stated in the standard form approved by the Bank for opening the Customer s Bank Account. The Customer undertakes to immediately inform the Bank of any changes in its address, residential status as well as other changes in the information or documents submitted to the Bank. Sending the information and/or documents to the Customer s address mentioned in the standard form approved by the Bank for opening the Customer s Bank Account cannot be interpreted as information containing banking secret despite any circumstances. 39. In case of signing of the Request/Agreement between the Bank and the Customer the Bank provides the Identification data as well as the Security tool to individual Customer of the Bank as well as to Legal entity (including branches, representations and other separated units), organization, private entrepreneur and the User, mentioned by them, on the basis of acceptance act. 40. The Customer is obliged to maintain the System in accordance with procedure set by the Manual and to pay in a proper manner to the Bank the payments, stipulated by Tariffs.

8 41. The Bank and the Customer accept that electronic documents, generated and signed by the Customer via the system according to the procedure set by the Manual, are equal to hard-copy signed documents, which invoke relevant rights and obligations. 42. The Customer unconditionally accepts that in case of any dispute any information, recorder on the Bank s server, generated by the Customer through system and sent to the Bank is considered indisputable validating evidence of Transactions, implemented by the Customer. 43. The Bank has right to reject the order of the Customer, generated through the System, if the Bank s checkup s negative result of the Security key of the Electronic document exists. 44. The Bank has right to require additional electronic or voice approval for acceptance of the Customer s orders, passed through the System. 45. The Customer has right to apply to the Bank according to the procedure set by the Manual in order to terminate the User s right to use the system as well as with request to cancel the termination, paying to the Bank the fees stipulated by the Tariffs. The Bank, getting the application of the Customer, prescribed in this point, during 1 (one) working day terminates the Customer s right to use the System or cancel the termination of the Customer s right to use the System. 46. The Customer, being Legal entity (including branches, representations and other separated units), organization, private entrepreneur, has a right to apply in writing to the Bank with request to increase or decrease number of the Users, paying to the Bank the payments, stipulated by the Tariffs. 47. The Customer is obliged to provide inaccessibility of the Security tool, Identification data to the third parties; to operate the System independently and not to permit the System s maintenance by any person, who is not the User. 48. The Customer is obliged to return to the Bank the Security tools, provided to the Users in case of termination of the Request/Agreement to join the System or in case of termination of User(s) right to use the System or in case of exchange of damaged Security tool. Furthermore, in case of the Security tool s damage, the Bank has right to charge fine equal to 5000 AMD from the Customer and in case of loose of the Security tool, the fine is equal to AMD. 49. The Customer obliged to urgently inform the Bank according to the procedure stipulated by the Manual about loss of the Identification data and/or theft of the Identification data and/or third parties getting information on the Identification data or suspicion of it and/or third parties access to the System or suspicion of it; the Customer bears all risks of all the system-based Transactions, which were implemented before appropriate keeping the Bank informed about these circumstances. The Bank immediately terminates the User s right to use the System at the moment of getting the information, stipulated by this point and charges the Customer the termination fee, stipulated by the Tariffs.

9 50. The User(s) maintain the system on behalf of the Customer, which is Legal entity (including branch, representation and other separated unit), organization or private entrepreneur. The Customer is responsible for activity (inactivity) of the Users, for compensation of damage, caused to the Bank and/or third parties by the Transactions, implemented by the Users. The Bank is not responsible for activity (inactivity) of the Users, for compensation of damage, caused to the Customer and/or third parties by the Transactions, implemented by the Users. The Customer is obliged to settle independently and to keep the Bank noninvolved in any claims, which were aroused during the System s maintenance by the Users. 51. The Bank is not responsible for impossibility to use the System, caused by failure of communication systems, including internet communication as well as for damages of the Customer, caused by non-compliance with requirements of the General conditions and/or the Manual. 52. The bank is not responsible for the Customer loss, which aroused by the Transactions, implemented as consequence of lost and/or theft of Identification data and/or third parties getting information on Identification data and/or third parties access to the System, which were implemented before informing the Bank by the Customer on this circumstances according to the procedure, set by this General conditions and the Manual. 53. The Bank bears responsibility for non-keeping the banking confidentiality of the Electronic documents sent through the System only if it was the Bank-caused. 54. Disputes and misunderstandings occurred as a result of Bank account Application/Agreement are settled by mutual agreement. If an arbitrary agreement is concluded between the Bank and the Customer then sufficient information is revealed on the rights and duties of the parties. In the event of not coming to an agreement the Customer s rights defined by the RA legislation are subject to protection judicially, while in case of physical entities through Financial System Mediator as well. The latter has the right to submit the requirements envisaged by the Application/Agreement concluded between the Customer and the Bank to the Financial System Mediator in accordance with the rules and procedures defined by the RA legislation (Explanatory Bulletin on Dispute Resolution is attached to the Application/Agreement). 55. Under these Conditions the Customer is informed that the Bank has concluded an agreement on waiving its right to appeal the decisions of the Financial System Mediator, thus waiving the right to judicially appeal the decisions made against Inecobank CJSC by the Financial System Mediator if the property claim requested by the Customer does not exceed AMD 250,000 (two hundred and fifty thousand) or its equivalent in other currency and the amount of the transaction does not exceed AMD 500,000 (five hundred thousand) or its equivalent in other currency. 56. The Bank shall not be liable for any cases of loss, damage or delays with regard to the bank account arising from the actions of state bodies, strikes, civil unrests, equipment failure, outages of communication means, unprecedented stoppages or failure of power supply or emergency and unforeseen other circumstances. 57. The Parties are exempt from liability envisaged for non-performance or partial performance of obligations under these General Conditions or Application/Agreement, if it is a result of force majeure occurred after the

10 conclusion of Application/Agreement and which the Parties could neither predict nor prevent. Such situations are: the earthquake, flooding, war, military or state of emergency, political unrests, strikes, failure of communication means, actions by the state bodies and etc. which make impossible the execution of obligations under the present General Conditions and Application/Agreement. If the effect of the force majeure continues taking place for more than 3 (three) months, than any of the parties reserves the right to terminate the Application/Agreement informing the other party on that in advance. 58. Metal accounts are not compensated by the Deposit Guarantee Fund.

11 Notice on the procedure and terms of Guarantee of deposit compensation (Only for physical entities and private entrepreneurs) DEAR DEPOSITOR ATTENTION Before signing the Deposit Agreement, please get acquainted with the provisions of this document. The Guarantor of your deposit is the Deposit Guarantee Fund (hereinafter referred to as the Fund). The location of the Fund: 6 V. Sargsyan str., Yerevan 0010, Republic of Armenia Telephone: (37410) Website: All definitions under this Notice are in compliance with the definitions of the Law of Republic of Armenia On Guarantee of Compensation for the Banking Deposits of Physical Entities (hereinafter referred to as the Law). Compensation Event Your guaranteed deposit is subject to compensation in the following events: If the Bank in accordance with the legislation of the Republic of Armenia is recognized as insolvent and the fact of incapacity to repay the deposits, within the terms defined by the agreement and the law, is approved by the Board resolution of the Central Bank of Republic of Armenia (hereinafter referred to as the Central Bank) or If the bank in accordance with the procedure defined by the legislation of Republic of Armenia is recognized as bankrupt (hereinafter referred to as the Insolvent Bank). The Maximum Amount and the Calculation Method of the Guaranteed Deposit The calculation procedure of the guaranteed deposits is defined by the Board Resolution of the Central Bank no. 261N dated 26 August, ATTENTION

12 All Your deposits in Armenian drams within the same Bank are deemed to be a single deposit in Armenian drams, except for the unguaranteed banking deposits, and all Your deposits in foreign currency within the same Bank are deemed to be a single deposit in foreign currency, except for the unguaranteed banking deposits. The guaranteed limits of the deposits are the following: If you If you have deposits both in Armenian drams and in foreign currency If you have have a within the same bank The Foreign Currency Structure of the Deposit deposit only in Armenian drams within the same bank deposit only in foreign currency within the same If the deposit in Armenian drams is more than 2 (two) mln drams If the deposit in Armenian drams is less than 2 (two) mln drams bank The 4 2 (two) maximum amount of the deposit guarantee (fo ur) million Armenian drams million Armenia n drams Unguaranteed Banking Deposit 4 (four) million Armenian drams (only the deposit in Armenian drams is guaranteed) 2 (two) million Armenian drams (the deposit in Armenian drams is fully guaranteed and deposit in foreign currency is guaranteed in the amount of the difference between 2 (two) million Armenian drams and the guaranteed deposit in Armenian drams) Your banking deposit is unguaranteed if: a) You are a manager of the respective bank and (or) a family member of the latter, b) You have a significant shareholding in the respective bank and (or) its family member, c) You, as an owner (co-owner) of the deposit waive your right to the respective portion of the deposit, d) Your deposit has been qualified as proceeds generated from criminal activity unless You prove to the contrary, e) Your deposit has been placed with the respective bank at an interest rate exceeding 1.5 times the interest rate stipulated by the public agreement of the bank for similar deposits, f) Your deposit is placed with a branch of the respective bank established outside the Republic of Armenia. The Procedure and the Terms on Compensation of the Guaranteed Deposits

13 Within three days following the day of compensation event the Fund publishes the announcement on the compensation event. Within thirty days following the day of compensation event the Fund through the insolvent bank or any other bank starts the process of compensation of Your deposits. The process starts upon the posting of the additional announcement on compensation by the Fund through the means of mass media. You may file a written claim no later than within one year period following the day of compensation event. If you don t file a written claim within the mentioned period the Fund will not compensate your guaranteed deposit. The Fund is obliged to pay the compensations claimed by the depositors within three months period following the filing the written claim except in the cases stipulated by the Law. After the compensation of the guaranteed deposit Your monetary claim against the insolvent bank is deemed to be satisfied in proportion of the repaid amount. Any outstanding amount in excess of the maximum repayment limit is deemed to be the liability of the insolvent bank to You. ATTENTION. For smooth processing of the compensation of Your deposit it is recommended to immediately inform the bank about any changes in the data (ID/passport details, details of Social Card, address, telephone number, etc.) provided to the bank.

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