Deposit Agreement Template for Pakistan

A Deposit Agreement outlines the terms between a bank and its customer when money is placed into an account in Pakistan. This legal contract spells out how the funds will be handled, including interest rates, withdrawal rules, and service charges that apply under Pakistani banking regulations.

Under State Bank guidelines, these agreements protect both parties by clearly stating account maintenance requirements, minimum balance rules, and the bank's responsibilities for safeguarding deposits. They're especially important for fixed-term deposits (FTDs) and savings accounts where specific profit-sharing ratios and maturity periods need to be documented according to Islamic and conventional banking frameworks.

Consider using a Deposit Agreement when opening any new bank account in Pakistan, particularly for significant sums or specialized deposit products. This document becomes essential for fixed-term deposits, profit-bearing accounts, and corporate banking relationships where specific terms need clear documentation.

Banks require these agreements before accepting large deposits, offering premium services, or setting up Islamic banking arrangements. The agreement proves invaluable when dealing with joint accounts, establishing business banking relationships, or placing funds in investment accounts that follow specific Shariah-compliant profit-sharing mechanisms. It helps prevent future disputes about account terms and ensures compliance with State Bank regulations.

• Holding Deposit Contract: Used primarily in real estate transactions to reserve property while finalizing purchase details
• Agreement For Security Deposit: Common in rental arrangements, protecting landlords against potential damages or defaults
• Good Faith Deposit Contract: Shows serious intent in business dealings, often used in major commercial transactions
• Agreement For Deposit Payment: Structures installment-based deposits for large purchases or services
• Earnest Money Contract: Specifically for initial deposits in property deals, showing buyer commitment

• Commercial Banks: Draft and maintain Deposit Agreements, ensure compliance with State Bank regulations, and manage customer accounts
• Islamic Banks: Create Shariah-compliant versions specifying profit-sharing mechanisms and halal banking practices
• Individual Depositors: Sign agreements when opening savings accounts, fixed deposits, or specialized investment products
• Corporate Customers: Negotiate custom terms for business accounts, term deposits, and treasury operations
• Legal Departments: Review and modify agreement terms to protect both bank and customer interests under Pakistani banking laws
• Regulatory Bodies: Monitor agreement compliance and enforce consumer protection standards

• Account Details: Gather complete information about account type, deposit amount, and terms of holding or withdrawal
• Party Information: Collect accurate legal names, CNIC numbers, and contact details of all account holders
• Banking Terms: Define interest rates or profit-sharing ratios, fees, and minimum balance requirements
• Documentation: Prepare necessary KYC documents, proof of income, and tax registration details
• Regulatory Compliance: Ensure agreement aligns with State Bank of Pakistan guidelines and anti-money laundering rules
• Custom Clauses: Add specific terms for joint accounts, nominee arrangements, or special banking services
• Review Process: Use our platform to generate a compliant agreement that includes all required elements

• Party Identification: Full legal names, CNIC numbers, and addresses of depositor and bank
• Account Details: Type, currency, initial deposit amount, and account number
• Terms and Conditions: Interest rates/profit sharing ratios, fees, and withdrawal rules
• Governing Law: Reference to Pakistani banking laws and State Bank regulations
• Zakat Deduction: Clear statement about applicable religious deductions
• Nominee Clause: Beneficiary details for account inheritance
• Termination Rights: Conditions for account closure by either party
• Signature Block: Spaces for authorized signatures and witness attestation

A Deposit Agreement differs significantly from an Account Agreement in several key aspects, though both relate to banking relationships. While a Deposit Agreement focuses specifically on terms for holding funds, an Account Agreement covers broader banking services and relationships.

• Scope and Purpose: Deposit Agreements deal exclusively with fund deposits, interest/profit rates, and withdrawal terms. Account Agreements cover multiple services like ATM access, online banking, and overdraft facilities
• Legal Requirements: Deposit Agreements must comply with specific State Bank deposit protection rules and Zakat deduction laws. Account Agreements focus on general banking regulations and service terms
• Duration: Deposit Agreements often have fixed terms with maturity dates. Account Agreements typically remain active indefinitely
• Modification Terms: Deposit terms usually stay fixed throughout the agreement period, while Account Agreements allow banks to modify service terms with notice