Аrmenia compensates 2,500 citizens for soviet-era savings

PanARMENIAN.Net - Between January and July 2025, 2,500 Armenian citizens received compensation for savings deposited in the Republican Bank of the Armenian SSR before June 10, 1993. According to the Ministry of Labor and Social Affairs, the total compensation amounted to approximately 490 million drams.

The 2025 state budget allocated one billion drams for this purpose, intended to benefit about 5,000 eligible individuals born before December 31, 1942.

Additionally, citizens who meet the eligibility criteria in other ways may qualify. These include cases where the deposit was made by a now-deceased spouse during their marriage.

To take part in the compensation program, depositors must apply in person or through an authorized representative at their local Unified Social Service office. Required documents include:

• Identification document or ID card;
• Social service number or a statement indicating absence of such;
• Savings passbook (if available);
• A certificate from VTB-Armenia Bank indicating the account balance as of June 10, 1993;
• Other documents if necessary.

The following groups also qualify:

– Participants in Armenia’s military defense operations, including if the deposit was made by a deceased spouse during marriage;

– Individuals registered in border communities as of August 1, 2014, or conscripts from those areas currently in military service;

– Legal heirs of deceased, fallen, or missing servicemen and volunteers who had bank deposits.