The Account Opening Agreement serves as the foundational document for establishing a banking relationship in Pakistan, setting forth the terms and conditions under which a bank account will be maintained and operated. This agreement is essential for compliance with State Bank of Pakistan regulations, anti-money laundering laws, and Know Your Customer (KYC) requirements. It outlines the rights and obligations of both the financial institution and the account holder, covering aspects such as account operation, fees, services provided, and termination conditions. The document is adaptable for various account types including conventional, Islamic, individual, and corporate accounts, while maintaining compliance with Pakistani banking laws and regulations.
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1. Parties: Identification of the bank and the account holder(s), including complete details as required by SBP regulations
2. Background: Context of the agreement and the banking relationship being established
3. Definitions: Key terms used throughout the agreement, including banking-specific terminology
4. Account Opening Requirements: Documentation and eligibility requirements for opening the account
5. KYC and Due Diligence: Customer verification procedures and ongoing monitoring requirements
6. Account Operation: Rules governing deposits, withdrawals, and general account operation
7. Rights and Obligations: Responsibilities and rights of both the bank and the account holder
8. Fees and Charges: Schedule of fees, charges, and minimum balance requirements
9. Account Statements: Frequency, format, and verification of account statements
10. Security and Privacy: Protection of account information and customer data
11. Termination: Conditions and procedures for account closure
12. Governing Law: Application of Pakistani law and jurisdiction
13. Amendments: Process for making changes to the agreement
14. Notices: Communication methods between bank and account holder
1. Islamic Banking Provisions: Required for Islamic banking accounts, including Shariah compliance declarations
2. Digital Banking Services: Terms for online and mobile banking services if opted for
3. Joint Account Operations: Special provisions for joint account holders
4. Foreign Currency Accounts: Special terms for foreign currency accounts under FERA regulations
5. Minor Accounts: Special provisions for accounts opened for minors
6. Corporate Account Provisions: Additional terms for corporate/business accounts
7. Debit Card Services: Terms for debit card issuance and usage
8. Cheque Book Facility: Terms for cheque book issuance and usage
9. SMS and Alert Services: Terms for mobile banking alerts and notifications
10. Zakat Deduction: Zakat applicability and deduction terms for eligible accounts
1. Schedule A - Required Documents: List of required documentation for account opening
2. Schedule B - Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Schedule C - Product Features: Specific features and benefits of the account type
4. Schedule D - Digital Banking Services: Available digital banking features and limits
5. Appendix 1 - KYC Form: Standard KYC form as per SBP requirements
6. Appendix 2 - Specimen Signature Card: For recording authorized signatures
7. Appendix 3 - Risk Disclosure: Disclosure of various banking risks and precautions
8. Appendix 4 - Tax Requirements: Tax-related declarations and requirements
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