Refund of deposits

Deposit Compensation Procedure

According to the Government of Armenia’s Decision No. 460-N of April 23, 2014, compensation is provided for monetary deposits made in the former USSR Savings Bank before June 10, 1993, to the following individuals:

  • Individuals born on or before December 31, 1938, including those whose deposit was made by a deceased spouse during their marital life.
  • Participants in military operations for the defense of Armenia, including cases where the deposit was made by a deceased spouse during their marital life.
  • Residents of border communities, including those whose deposit was made by a deceased spouse during their marital life.
  • Heirs of deposits made in the name of servicemen, volunteers, or missing persons who died (passed away) while participating in military operations, on combat duty, or during special assignments.

To receive compensation

The depositor should apply to the territorial center of the Unified Social Service based on their place of residence, either personally or through a legal representative or authorized proxy. The application must be submitted according to the attached form, and the following documents must also be provided for compensation:

  • A personal identification document or identification card,
  • The depositor’s public services number (PSN), social security card, or a certificate stating the absence of a PSN,
  • The depositor’s savings book (if available) and its copy, including the first page (which includes the branch number, the location of the branch (city, region, village), the account number, the depositor’s name, surname, patronymic, branch seal, and the signature of the official), as well as the pages showing the balance as of June 10, 1993,
  • A certificate from VTB Armenia Bank regarding the depositor’s (or deceased spouse’s) account details as of June 10, 1993. This certificate must be signed and stamped by the branch manager servicing the account.
  • Other necessary documents, if applicable.

If the depositor is refused compensation, they will be notified in writing within 15-30 days.

A request for compensation will be denied if:

  • The required documents are not submitted,
  • The savings book’s holder is not the depositor, their spouse, heir, or representative,
  • The depositor has passed away,
  • The savings book was issued by a Savings Bank in another former USSR republic,
  • The deposit was made after June 10, 1993,
  • The depositor has already received the compensation.

Compensation payments to depositors are made:

  • On a monthly basis,
  • In accordance with the quarterly proportions of financial resources allocated from the state budget for deposit compensation,
  • According to the sequence number of the registration.