YEREVAN, October 2. / ARKA /. VTB Bank (Armenia) said beneficiaries of a government-financed one-time allowance may open accounts at its head office and branches. According to a press release, the offer results from an agreement the Russian-owned bank has signed with the Ministry of Labor and Social Affairs.

It said the accounts are meant for receiving lump sum benefits (the so-called family capital) given to families for the birth of the third and subsequent child. The account can be opened by parents (foster / adoptive) in the name of a newborn baby in Armenian currency with annual interest rate of 11%.

The child can manage the deposit upon reaching 18 years. However, the parents (foster / adoptive) can replenish the deposit; make wire transfers to pay principal or interest on a mortgage and pay also the child’s tuition fees and insurance.

VTB Bank (Armenia) is a 100 percent subsidiary of Russian VTB Bank. It runs 67 branches across the country.

The bank's assets as of July 1, 2014 stood at 312.5 billion drams, the liabilities – at 268.5 billion drams, its credit investments – at 230.3 billion drams and its capital – at about 44 billion drams. ($ 1 407.58 drams).-0 -