The Accounts shall be opened upon submission of duly filled-in Bank’s prescribed Account Opening Form properly introduced in the manner provided and on submitting all such documents as may be revised by the Bank. The Bank reserves the right to demand such relevant documents even after opening of account as deemed necessary.
The Accounts shall be opened with an initial/minimum deposit as stipulated by the Bank from time to time unless specifically exempted.
The Accounts may be opened singly in one name or jointly in two or more names.
A distinctive number shall be allotted to every account and this number should be quoted in all correspondence relating to the account and at the time of making a deposit or withdrawal. The Bank reserves the right to change the Account Number or any part of it in order to meet its book keeping/administration requirement. However, intimation of change in the account number shall be sent to the account holder.
Account for the recipient of Zakat or recipient of grants from Bait-ul-Mall, maybe opened with an initial deposit of Rs.100/-
Deposit may be accepted from minors provided the account is opened and operated through a guardian. The Account thus opened will continue to be operated upon by the guardian even if the minor attains the age of majority. The necessary consent to this effect will be obtained at the time of opening of the account. The orders of the court will, however, be followed in case the guardian is appointed by the court.
All monies/instruments to be deposited in an account should be accompanied by a pay-in-slip showing the title and number of the account. The entry of transaction shall be authenticated by putting Bank’s stamp under the joint signatures of two officers of the Bank on the pay-in-slip and counterfoil thereof. However in case of branches where teller system has been introduced, teller only shell authenticate the transactions up to the prescribed limits.
Withdrawals are not allowed against postdated (payable on any future date) and stale (06 months after issuance date) Cheques and against un-cleared funds.
Where any account is not conducted to the satisfaction of the Bank, the account may be closed without any notice and the balance will be remitted to the depositor at the address given by the Account Holder(s).
The Bank has the right to refuse to open an Account without assigning any reason.
For New Customer
All CD accounts which are not operated upon by the account holders for a period of one year, will be classified as dormant. After passing one year in the dormant status, that is, no operation in the account for a continuous period of two years, the account shall be classified as inoperative. This entails certain restrictions on the operation of such accounts, for reactivation, the account holder must in person request for a change of status and will produce original CNIC or Passport or Pakistan Origin Card (POC) or National Identity Card for Overseas Pakistani (NICOP) with photo copy for Branch / Bank attestation. After passing further 8 years in inoperative status,i.e., if a CD account is not operated upon by a customer for a continues period of ten years, it will be classified as unclaimed deposit account and will be surrendered to SBP as per the provisions (section 31) of Banking Companies Ordinance 1962
For Existing Account Holders
The period of conversion of a normal CD account to dormant has been enhanced from 06 months to one year, since last opertaion in the account, with effect from January 2008.
The branches shall ensure completion of all the formalities required by State Bank of Pakistan vide Prudential Regulation No.M-1with regard to KNOW YOUR CUSTOMER.