Compensation for Deposits Resumed: 40% Compensation for Depositors Born in 1935-36

Compensation for deposits made in Soviet banks has resumed from January. This year, citizens born in 1935 and 1936 are eligible to receive their savings, provided they held deposits in former "Savings Bank" branches until June 10, 1993.

In addition to this privileged group, this year, those depositors from border communities affected by combat operations, who were registered in their respective communities as of August 1, 2014, are also entitled to receive their savings early. This provision does not apply to the Shirak region.

Social support centers are reaching out to citizens born in 1935-36 to assist with the re-established documentation process.

Ismend Nazaretyan, born in 1936 in Gyumri, is not recognized by anyone under that name; he is known in his circle as Misha. He has been working in the city's factories since the age of 15 and states that there was no unemployment in the industrial city during those years. With his monthly salary, he was able to live well and save a little as well.

Every month, he added a specific amount to his deposit at the "Savings Bank" for a rainy day. He no longer remembers how much money he has accumulated in his Soviet-era book and has not yet inquired about the amount of compensation he will receive for his years of savings. He has just submitted his documents to the social support regional center in Gyumri.

“Since January 2020, 10 families or 10 individuals have applied for social services, and now with the government’s new decision, deposits are being given to those born before December 31, 1936,” clarifies Artashes Yegoryan, director of the "Gyumri-1" regional social support service.

This year, citizens born in 1935 and 1936 are entitled to compensation, but there are applicants who missed out on the program in prior years. “We have such cases where individuals have been absent from the Republic, for example, in Russia or for other reasons. Now they come, apply again, and those born in 1932 or 1934 are also receiving their money along with those born in 1935-36,” says Yegoryan.

If a citizen has lost or has not preserved their deposit book, they are required to obtain a certificate from the successor bank of