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Social package

Social package

Converse Bank opens and maintains special accounts for employees of state bodies of the Republic of Armenia, as well as the employees of state institutions operating in the fields of education, culture, science, and social security, on the following conditions:

Account opening free of charge
Account service free of charge
Interest rate accrued towards the balance on the account 3% /annual/
Making transfers free of charge
Provision of a statement /electronically or in person/ free of charge
Account closing free of charge

Account maintenance is done only in non-cash manner to make use of the following services:

  1. acquisition of the minimum package of additional services for health insurance of the social package beneficiary and/or the minimum basic health insurance package for a family member of the social package beneficiary
  2. monthly installment for a mortgage loan,
  3. tuition fee
  4. vacation in holiday centersof the Republic of Armenia and Nagorno-Karabakh Republic

General terms and conditions

Employees / social package beneficiaries / - persons entitled to making use of the social package as defined by the RA Government Decree No 1691-N dated December 27, 2012.

Direct family member of the employee - the spouse of the employee and child/ren/ aged under 27.

Funds allocated for the social package - non-cash funds transferred to the account opened at the Bank special for that purpose - the social package account. The funds on that account are not subject to cash withdrawal /except for the cases mentioned in the regulation/ but it is allowed to make cash deposits to the account or transfers from other funds.

social package account - a special account opened at the Bank, to which the social package is transferred to the employee.

Social package account - a special account opened at the Bank, to which the social package funds allocated for the employee are transferred.

Authorized body - Ministry of Labor and Social Affairs of the RA.

Health package - a component of the social package aimed at organizing and financing of the social package beneficiary's medical care and service, for which the total amount provided for in the budget year is provided to the Ministry of Health of the RA directly from the state budget of the RA.

Mandatory preventive medical examination - a component of the health package, the list of services provided within the framework of which is defined by Degree No. 375-N the Government of the Republic of Armenia dated March 27, 2014.

Budget year - the period from January 1 to December 31 of the respective year.

Vacation in the RA and NKR

  •  The social package recreation service includes tour operators registered in the RA and NKR and properly recorded by the RA Ministry of Economic Development and Investments, the list of which is posted on the official website of the RA Ministry of Economic Development and Investments.
  •  The Customer and his/her direct family member/s/ may use this service.

Monthly installment for a mortgage loan

  •  The customer who has selected this service of the social package has the right to use the mortgage loan monthly installment service if the customer's mortgage loan terms are consistent with the general terms of mortgage loans refinancing applied by “Flat for the Youth” Refinancing

Credit Organization” CJSC, or National Mortgage Company Refinancing Credit Organization” CJSC, or “Artsakh Investment Fund”, and it is not mandatory for the mortgage loan to be refinanced or disbursed with the funds of the latter.

  •  The customer has the right to use the mortgage loan monthly installment service even if he/she or his/her direct family member obtained the mortgage loan before entry into force of the RA Government Decree No 1691-N dated December 27, 2012.
  •  The Customer and his/her direct family member/s/ may use this service.

Tuition fee

  •  The social package includes state and accredited non-state educational institutions of the RA and NKR, the list of which is posted on the website of the RA Ministry of Education and Science.
  •  The Customer his/her direct family member/s/ may use this service.

Acquisition of the minimum package of additional services for health insurance of the social package beneficiary and/or the minimum basic health insurance package for a family member of the social package beneficiary

  •  in order to make use of the health insurance packages of the social package beneficiary or his/her family member, the beneficiary of the social package has the opportunity of choosing any insurance company that has received state registration and a health insurance class license from the Central Bank of the RA.
  •  the social package beneficiary may choose any health insurance package offered by insurance companies, the conditions of which shall comply at least with the requirements to packages defined by the RA Government Decree No 1691-N dated December 27, 2012, paying for the difference, if required.
  •  The list of the insurance companies, as well as the samples of the health insurance package offered by insurance companies, after approval by the Ministry of Health of the RA, are posted on the website of the Ministry of Health of the RA.
  •  Besides the above-mentioned types of the social package services, the Customer may use the funds of his/her social package for making transfers within the framework of the social package services based on the social package account, for the purpose of repayment of the loan/credit line issued to the Customer.

Required documents

  •  personal identification document,
  •  the public services number or a reference on absence of a public services number (is not required if the customer submits an identification card, where the public services number or a reference on absence of a public services number is recorded)

Termination of the Customer's right to make use of the social package

  •  In case of quitting the job by the Customer or termination of the right of using the social package for some other reason, the month of termination of the right of using the social package is the month following the month of dismissal, if the Customer has not used the social package services or has used them, but does not have any liability. In this case, the amount of the social package is no longer transferred to the Customer’s social package account starting from the second month following the month quitting the job by the Customer or termination of the right of using the social package for some other reason. While in case if the Customer has used the social package services and has liabilities to be transferred or the liability to repay the loan/credit line issued to the Customer for the purpose of making transfers within the framework of the social package services, then, irrespective of the circumstance of quitting the job or termination of the right of using the social package for some other reason, the social package funds shall be transferred in a lump-sum amount to the Customer’s social package account for repayment of the liabilities, but not more than for one calendar year /12 months/ from the month of transfer of the first amount during the current year.
  •  In case of quitting the job by the Customer or termination of the right of using the social package for some other reason, the Customer’s employer, before issuing the order on dismissal, shall inform the Bank accordingly within 10 days prior to the dismissal. At the Customer’s and/or the employer's request, the Bank provides a reference on whether or not the Customer has liabilities.
  •  In case of quitting the job, the remaining /accumulated funds on the account shall be used for the same purposes.

The free funds available on the social package account (free are the funds that are not subject to payment for the services provided within the framework of the social package (including standing payments based on the employee’s payment order in case of using any social package service) or for repayment of loans disbursed within the framework of the social package) can be withdrawn in cash only in the following cases:

  •  If the Customer has the right to get pension and at the time of termination of the right of using the social package (when his/her right to receive social package is terminated and transfers of social package amounts have not been made to the Customer’s social package account for at least three months).

In this case, to make cash withdrawal from the social package account, the Customer shall submit his/her pension certificate to the Bank, a copy of which shall be stored at the Bank.

  •  In the case of the Customer’s death, when the heir inherits the funds available on the social package account in accordance with the law, the heir shall submit the certificate of inheritance to the Bank, a copy of which shall be stored at the Bank.
  •  According to Article 9, part 10 of the RA Law on Cumulative Pensions, the balance on the social package account as of January 1 of the current year, but not more than the amount of social payments accrued and transferred from salaries and business income to be received during the previous year, can be withdrawn in cash as compensation for social payments made. In this case, after the end of each year, the Customer wishing to withdraw the relevant amount of funds available on his/her social package account, shall submit an application to the Bank for obtaining information from the tax authority on the amount of social payments accrued from the salary and business income to be received by him/her during the previous year and actually transferred to the register of participants. The Bank receives the relevant information from the tax authority via online inquiry. Based on the answer to the inquiry, the Bank shall pay the Customer the cash amount of social package funds accumulated for the Customer during the previous years, but not more than the amount of accrued and transferred social payments stated in the reference.

Closing of the social package account

  •  Moving the social package account to another bank.
  •  The Customer opens 1 social package account for one budget year and the account cannot be changed during that budget year.
  •  If the Customer wishes to transfer the social package account from another bank to the Bank, it can only be done in the new budget year prior to the transfer of the first social package amount for the year.
  •  In case of changing the social package account, the Customer opens a social package account at the Bank and submits the reference on the social package account issued by the Bank /Annex 2/ to the previous bank, for transferring the funds available on his/her account to the social package account opened at the Bank.