Armenian Development Bank offers free services for SMEs

YEREVAN, March 23. /ARKA/. The Armenian Development Bank (ADB) offers small and medium-sized businesses 14 free banking services, the press service of the bank said today. According to a press release, they include international and domestic money transfers, check cashing, issuance and service of plastic cards, Internet banking services and others.

ADB deputy chairman Tigran Badanyan was quoted as saying that in order to be eligible to these free services the average daily balance on the customer’s bank or plastic card account must be one million drams. Another option is to have a 10 million time deposit. 

It is also necessary that the monthly amount of transactions through bank account exceeds 30 million drams, the client must have a good credit history, and the total balance on his credit account should amount to 50 million drams.

If these parameters are secured call deposits of customers , regardless of the amount, will be granted 5-7% annual interest for deposits in AMD and 3-4% for deposits in foreign exchange.

Badanyan also says that free provision of 14 banking services for small and medium businesses is not a short-term action. He said it is aimed at deepening trust and stable relations with customers.

The Armenian Development Bank was established in 1990. Prior to 1996 it operated as Bank of Reconstruction and Development. Its shareholders are Ruben Hayrapetyan - 19.98%, Ara Mehakyan - 16.95%, Grigor Termenjian - 16.03%. ($ 1 - 387.93 drams). -0-