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- 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 Bank
has the right to refuse to open an Account without assigning any reason.
- The Accounts shall be opened with an initial/minimum deposit
as stipulated by the Bank from time to time unless specifically exempted.
- 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.
- (a) Account for the recipient of Zakat or recipient of grants
from Bait-ul-Mall, maybe opened with an initial deposit of Rs.100/- (introduced
vide Inst Cir#97/129 dated 25.11.1997 & Inst Cir 98/53 dated 03.06.1998)
- The Accounts
may be opened singly in one name or jointly in two or more names.
- 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 will not be 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).
- PLS Savings Accounts may also be opened by charitable institutions,
for Provident Funds and other funds of Benevolent nature by Local Bodies, Autonomous
Corporations, Companies, Associations, Societies, Educational Institutions, Firms
etc. and in all other cases where such accounts are required to be opened under
the orders of Competent Court of Law
- Not more than one PLS Savings Account may be opened at a branch
in any one name except in the name of a parent or guardian for more than one child
or for keeping funds of specified nature category by an entity, with the Bank’s
prior approval.
- Profit payable or Loss recoverable on PLS Saving Accounts to
be credited or debited will be determined by the Bank at its sole discretion on
the basis of its net working results at the end of each half-year within the time
prescribed by SBP from the date of the close of the half-yearly books of accounts
of the Bank. The rates of profits may vary from period to period viz January to
June/July to December each year. Calculation of Profit on PLS Saving Accounts will
be made for each calendar month on the lowest credit balance of an account between
the close of the 6th day and the last day of the month. However, profit accrued
even for Re. 1/- after deducting withholding tax will be payable to all Account
Holders. When an account is CLOSED before declaration of profit rates, the accrued
profit will be first credited in the account at the profit rates previously declared
by the Bank. However, no recovery or payment of profit as a result of increase/decrease
in the rate of profit will be affected upon such A/C holders after announcement
of half-yearly profit rates by the Bank.
- Withholding Tax at the rate notified by the Government of Pakistan
from time to time will be deducted out of profits payable to the Account Holders.
- ZAKAT is leviable on the assets as described in the Zakat &
Ushr Ordinance 1980 (as amended from time to time) on balances which will fall within
the definition of zakatable assets as notified by the Government of Pakistan on
valuation date each year, provided Declaration (original/attested photocopy) for
exemption from compulsory deduction of zakat is filed on the prescribed proforma
(CZ-50) in the prescribed manner one month preceding the valuation date except in
the case of newly opened accounts.
- 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
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