YEREVAN, February 13. /ARKA/. The number of senior citizens in Armenia who receive their pensions on banking cards of VTB (Armenia) increased last year to 110 thousand, while the volume of transactions made by using these cards surged to 3.2 billion drams in the second half of the year, which is 8 times more than the volume of such transactions in the first half, the bank said today in a press release.
To receive a pension on VTB (Armenia) banking card, a client should apply at the nearest department of the Integrated Social Service, presenting an identity document and social security card. Then the bank opens an account for the client and the next month the pension is credited to his/her card.
No free is charged for servicing the card and no commission is charged for cash withdrawals from VTB (Armenia) ATMs.
Besides, under a government-designed cashback program pensioner clients of VTB (Armenia) can receive monthly 10% of the amount (but not more than 5 thousand drams) of non-cash payments made when paying for products and services. In the second half of 2022 the amount of such payments exceeded 250mln drams.
“VTB (Armenia) is one of the leaders in the market of pension payments in the country. Today almost a quarter of the clients choose our bank to receive their pensions. Last year we recorded high transaction activity on pension cards: in the second half of the year people made over 800 thousand transactions for AMD 3.2 billion, which is 8 times more than in the first half. The driver of the growth was the government program of cashback and we decided to extend our participation in it until July. Within its framework pensioners can receive 10% monthly of the amount for cashless payment of goods and services,” said Acting Deputy CEO of VTB (Armenia) Taras Kladchenko.
VTB (Armenia) offers also retirement-age customers the best deal on “Social” deposit. The minimum amount of a deposit is 10 thousand Armenian drams for a period from 61 to 365 days. The interest rate is from 5.25% to 8.1% and the yield ranges from 5.28% to 8.08%. The deposit provides the ability to replenish and withdraw up to a minimum threshold․ Interest on deposits are paid monthly or at the end of the term.
More information on the pension cards of VTB (Armenia) is available on the Bank’s official website, One may also call 87-87.
The activity of VTB (Armenia) CJSC is regulated by the Central Bank of Armenia. -0-
