YEREVAN, June 17. /ARКА/. VTB Bank (Armenia) said today pensioners could apply to any of its branch for getting pensioner cards and receive their pensions through ATMs.

Under the Armenian government decrees No. 670-N dated 05.05.2011. and No. 972-N dated  10.06.2021, Armenia is gradually switching to non-cash payment of pensions.

In the first stage, starting from July 1, 2021, pensions will be paid this way in the capital Yerevan and also in the second and third largest towns of Gyumri and Vanadzor  (except for the cases provided for by the  Law On State Pensions - such as persons over 75 years old, first and second category disabled persons, if the pension is paid by proxy or to a minor who has reached the age of 14).

By June 21st, pensioners in these three cities, who receive their pension in cash, need to contact a bank or the  National Postal Operator to switch to getting their pensions in non-cash way.

Today, more than 114,000  or 36% of all pensioners in Armenia are already receiving their  pensions on VTB Bank (Armenia) pensioner cards.

As a market leader in servicing pensioners, the bank offers Visa Classic or MasterCard Standard cards with free annual service and cash withdrawals through  its 199 ATMs  throughout Armenia, available 24/7.

Some types of pensioner cards allow making online purchases, as well as withdrawing cash not only in Armenia, but also abroad.

Considering the importance of servicing retired clients, VTB Bank (Armenia), as a socially oriented bank, pays pension on the 1st or 2nd working day of each month. On the eve of the New Year holidays, the bank credits the pension to the accounts of pensioners not at the beginning of the year, but on December 31st  at its own expense.

Since, according to the Law on State Pensions, a pensioner must visit the bank in person at least once a year for identification, VTB Bank (Armenia) offers remote customer identification through the Video Bank service, and if the pensioner does not have access to remote communication, an employee of the bank will personally visit him/her.

VTB Bank (Armenia) also offers pensioners to take advantage of the opportunity to obtain a credit line up to three amount of their monthly pension with an annual interest rate of 0% (the effective interest rate is  19.5%).

More details are available here. The bank also offers a special deposit "Social", starting from 10 thousand AMD, with a term of 61-365 days, with an annual interest rate of 5% to 8.5% (annual yield is  5.03% -8.25%), with the possibility of receiving interest income monthly or at the end of the term, with the right to deposit and withdraw funds up to the minimum amount of the deposit (the terms for placing deposits can be found here ).

To receive a pension in a non-cash way, a client needs to visit  a branch of VTB Bank (Armenia), present an identity document and a social security card. One can also order a pensioner card online on the official website of the Bank here.

More detailed information about pensioner cards of VTB Bank (Armenia) can be obtained on the website of the bank here, by visiting a branch of the bank or by calling the Contact Center at 87-87.

The activity of VTB Bank (Armenia) CJSC is regulated by the Central Bank of the Republic of Armenia. -0-