Bank Account Agreement Template for Indonesia

The Bank Account Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Indonesia. This agreement is essential for any individual or entity seeking to open and maintain a bank account in Indonesia, ensuring compliance with Bank Indonesia regulations, OJK requirements, and anti-money laundering laws. The document comprehensively covers account opening procedures, operational guidelines, electronic banking services, security measures, and customer rights and obligations. It includes specific provisions required by Indonesian banking laws and regulations, including consumer protection measures, know-your-customer requirements, and data privacy protections. The Bank Account Agreement is regularly updated to reflect changes in regulatory requirements and banking practices, making it a dynamic document that evolves with the financial services landscape in Indonesia.

1. Parties: Identification of the bank and the account holder(s) with complete details as required by KYC regulations

2. Background: Brief context explaining the purpose of the agreement and the banking relationship

3. Definitions: Definitions of key terms used throughout the agreement

4. Account Opening and Documentation: Requirements and procedures for opening the account, including required documentation and verification processes

5. Account Operation: Basic rules and procedures for operating the account, including deposits, withdrawals, and authorized signatories

6. Rights and Obligations of the Bank: Detailed listing of the bank's rights and responsibilities in managing the account

7. Rights and Obligations of the Account Holder: Detailed listing of the account holder's rights and responsibilities

8. Fees and Charges: Description of all applicable fees, charges, and their calculation methods

9. Interest Rates: Terms regarding interest calculation, payment, and rate changes

10. Account Statements and Communications: Provisions regarding account statements, notifications, and communication methods

11. Security and Privacy: Measures for account security and protection of customer information

12. Anti-Money Laundering Compliance: provisions regarding AML compliance and reporting requirements

13. Account Closure and Termination: Procedures and conditions for closing the account or terminating the agreement

14. Governing Law and Dispute Resolution: Applicable law and methods for resolving disputes

15. Force Majeure: Provisions for handling unforeseen circumstances and their impact on services

16. Amendment Provisions: Procedures for making changes to the agreement terms