YEREVAN, June 12. / ARKA /. Anelik Bank said today it has set ‘an exclusive’ interest rate of 12% per annum for accounts held by beneficiaries of family allowances.

Under an agreement signed with the Ministry of Labor and Social Affairs, the bank will be handling cashless payment of lump sums claimed by women giving birth to babies. It will also open and service such accounts.

The bank enables holders of these accounts to save the money until children turn 18 years old. But before this deadline ends the money on the account can be used for payment of mortgage loans, insurance costs and education fees, the bank said.

Hayk Mkrtchyan, deputy CEO of the bank, was quoted as saying in a press release that accounts can be open at any branch of the bank.

Anelik Bank was founded in 1990. It is now owned fully by Lebanese CreditBank SAL.

The bank's assets as of April 1, 2014 amounted to 63.65 billion drams, liabilities stood at 51.1 billion drams, credit investments – at 42.8 billion drams, and its capital – at about 12.6 billion drams. In the first quarter of 2014 it suffered 503.3 million drams in losses, by 35 percent more from the year before.  ($ 1 - 411.67 drams). -0-