2024-09-07 18:15:16
The new limits of guaranteed deposits come into force today, the Union of RA Banks informs about this.
According to the amendments implemented in the RA Law “On Guaranteeing Bank Deposits of Individuals”, the following amounts of guaranteed deposits will be established from December 1:
Only in the case of a dram deposit – 16 million drams instead of the previous 10 million drams.
Only in case of foreign currency deposit – 7 million drams instead of the previous 5 million drams.
If you have both dram and foreign currency deposits at the same time, and the amount of the dram deposit is more than 7 million AMD, then only the dram deposit will be guaranteed up to 16 million AMD.
If you have dram and foreign currency bank deposits at the same time, and the amount of your dram deposit is less than 7 million drams, then the dram deposit is guaranteed in full and the foreign currency deposit in the amount of the difference between 7 million drams and the repaid dram bank deposit.
These limits come into effect on December 1, 2020 and also apply to deposit agreements in effect at the time of entry into force.
The purpose of the law on guaranteeing compensation of bank deposits of natural persons is to contribute to increasing the reliability of the RA banking system and to ensure the protection of depositors’ interests.