News - Bank accounts for forcibly displaced Nagorno-Karabakh residents to be opened free of charge in Armenia

Nazeli Baghdasaryan, the press secretary of the RA Prime Minister, announced that there is an agreement with the Central Bank to open bank accounts free of charge for those forcibly displaced from Nagorno-Karabakh. The distribution process of 100,000 drams will commence during the week. For those who do not possess a bank card, the process involves opening a bank account and submitting the account information to the Unified Social Services, which operates around the clock. Baghdasaryan noted that even though card issuance usually takes seven to ten days, card accounts are opened quickly and on the spot in this case. Once the accounts are set up, the allocated money will be transferred to the card accounts, allowing beneficiaries to withdraw cash. Additionally, these cards can be used to withdraw other social benefits from any ATM once they are issued. Baghdasaryan addressed a common question regarding whether it is possible to transfer the money due to all family members to a single family member's bank account. She clarified that each family member should have their own card, and the allocated amount will be transferred to their individual accounts. An exception applies to children, who can have one of their parents, typically the mother, present their account details for money transfer if they are minors. If the mother is unavailable, the father or another family member can receive the funds on their behalf. Baghdasaryan also mentioned that it is common for people of retirement age to have bank cards in Armenia.