The Business Account Agreement serves as the foundational document governing the banking relationship between financial institutions and business entities in Pakistan. It is required when any business entity, whether sole proprietorship, partnership, or corporation, seeks to establish a banking relationship for their commercial operations. The agreement encompasses comprehensive terms for account operations, electronic banking services, security protocols, and compliance requirements as mandated by the State Bank of Pakistan and relevant Pakistani banking laws. It includes specific provisions for transaction processing, authorized signatory arrangements, fee structures, and reporting obligations while incorporating necessary anti-money laundering and know-your-customer requirements. This document is essential for establishing clear rights, obligations, and operational parameters for both the bank and the business customer.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership聽of your docs
1. Parties: Identification of the bank and the business customer, including registration details and authorized representatives
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Account Opening and Operation: Terms and conditions for opening and operating the business account
5. Authorized Signatories: Rules regarding appointment and powers of authorized signatories
6. Banking Services: Description of available banking services and their terms of use
7. Fees and Charges: Structure and terms of all applicable fees, charges, and minimum balance requirements
8. Security and Access: Security measures, authentication procedures, and access controls
9. Customer Obligations: Business customer's responsibilities including documentation and reporting requirements
10. Bank's Rights and Obligations: Bank's services, commitments, and rights in managing the account
11. Anti-Money Laundering Compliance: AML/CTF compliance requirements and procedures
12. Representations and Warranties: Standard declarations and assurances from both parties
13. Liability and Indemnity: Limitations of liability and indemnification provisions
14. Term and Termination: Duration of agreement and conditions for termination
15. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction details
16. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Islamic Banking Provisions: Additional terms for Shariah-compliant business accounts
2. Foreign Currency Operations: Special terms for foreign currency accounts and international transactions
3. Online Banking Services: Specific terms for digital banking services and electronic transactions
4. Trade Finance Facilities: Terms for trade-related banking services if offered
5. Standing Instructions: Terms for recurring payment arrangements and standing orders
6. Joint Account Operations: Additional terms for accounts with multiple business partners
7. Merchant Services: Terms for businesses requiring payment processing services
1. Schedule 1: Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission rates
2. Schedule 2: Required Documents: List of documents required for account opening and maintenance
3. Schedule 3: Authorized Signatory Declaration: Format and details for authorized signatory appointments
4. Schedule 4: Available Banking Services: Comprehensive list of available banking services and features
5. Schedule 5: Security Procedures: Detailed security protocols and authentication procedures
6. Appendix A: Account Opening Form: Standard form for business account opening
7. Appendix B: Specimen Signatures: Format for recording authorized signatures
8. Appendix C: Common Reporting Standard (CRS) Forms: Required tax reporting and declaration forms
Find the exact document you need
Overcontract
A Pakistani law-governed supplementary agreement that modifies an existing contract while keeping the original framework intact.
Download
Current Account Agreement
A comprehensive agreement governing current account operations between banks and customers in Pakistan, subject to Pakistani banking laws and State Bank regulations.
Download
Tripartite Agreement For Escrow Account
A Pakistani law-governed agreement between three parties establishing an escrow account arrangement, detailing fund management and release conditions.
Download
Bookkeeping Agreement
A Pakistani law-governed agreement establishing terms for professional bookkeeping services, including scope, fees, and compliance requirements.
Download
Credit Card Responsibility Agreement
A Pakistani law-governed agreement establishing terms and conditions between a financial institution and credit card holder, compliant with State Bank of Pakistan regulations.
Download
Business Account Agreement
A Pakistani law-governed agreement establishing terms and conditions for business banking accounts and services between a bank and business entity.
Download
Accounts Receivable Agreement
A Pakistani law-governed agreement for the transfer or management of accounts receivable, detailing terms of assignment, collection, and party obligations.
Download
Bank Account Pledge Agreement
A Pakistani law-governed agreement establishing a pledge over bank account(s) as security for financial obligations.
Download
Account Control Agreement
A Pakistani law-governed agreement establishing control over bank accounts between an account holder, secured party, and bank, facilitating secured financing arrangements.
Download
Blocked Account Control Agreement
A Pakistani law-governed agreement establishing control arrangements over a blocked bank account between an account holder, bank, and secured party.
Download
Savings Account Agreement
A Pakistani law-governed agreement establishing terms and conditions for operating a savings account between a financial institution and account holder, compliant with State Bank of Pakistan regulations.
Download
Deposit Account Agreement
A Pakistani law-governed agreement establishing terms and conditions between a bank and account holder for operating a deposit account, compliant with State Bank of Pakistan regulations.
Download
Bank Account Agreement
A Pakistani law-governed agreement establishing terms and conditions between a bank and account holder(s) for operating a bank account.
Download
Account Management Agreement
A Pakistani law-governed agreement establishing terms for professional account management services between financial institutions and their clients.
Download
Joint Account Agreement
A Pakistani law-governed agreement establishing the terms and conditions for operating a joint bank account between multiple account holders and a banking institution.
Download
Account Opening Agreement
A Pakistani law-governed agreement between a bank and account holder establishing terms for opening and maintaining a banking account, compliant with SBP regulations.
Download
Certificate Of Deposit Agreement
A Pakistani law-governed agreement establishing terms for a fixed-term deposit between a financial institution and depositor, compliant with State Bank of Pakistan regulations.
Download
Account Receivable Purchase Agreement
Pakistani law-governed agreement for the purchase of accounts receivable, establishing terms between seller and purchaser with local regulatory compliance.
Download
骋别苍颈别鈥檚 Security Promise
Genie is the safest place to draft. Here鈥檚 how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; 骋别苍颈别鈥檚 AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)