The Current Account Agreement serves as the foundational document establishing and regulating the relationship between a bank and its customers in Pakistan for current account services. This document is essential when opening any current account, whether for individual, corporate, or other institutional customers. It encompasses all aspects of account operation, including digital banking services, transaction processing, and security measures, while ensuring compliance with Pakistani banking regulations and State Bank of Pakistan directives. The agreement is designed to protect both the bank's and customer's interests while facilitating smooth banking operations. It includes provisions for modern banking needs while adhering to traditional banking principles and local regulatory requirements.
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1. Parties: Identification of the Bank and the Account Holder with complete details
2. Background: Brief context about the purpose of the agreement and the banking relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Account Opening and Maintenance: Requirements and procedures for opening and maintaining the current account
5. Account Operations: Rules governing deposits, withdrawals, and general account operations
6. Customer Instructions: Procedures for giving instructions to the bank and authorized signatories
7. Fees and Charges: Details of all applicable fees, charges, and their collection method
8. Bank's Rights and Obligations: The bank's responsibilities and rights in managing the account
9. Customer's Rights and Obligations: The customer's responsibilities and rights regarding the account
10. Statements and Records: Provisions regarding account statements, frequency, and record-keeping
11. Security and Privacy: Measures for protecting account information and customer data
12. Anti-Money Laundering Compliance: Requirements for AML compliance and customer due diligence
13. Termination: Conditions and procedures for account closure or termination
14. Governing Law and Jurisdiction: Application of Pakistani law and jurisdiction for disputes
15. General Provisions: Miscellaneous legal provisions including notices, amendments, and severability
1. Electronic Banking Services: Terms for online and mobile banking services, if opted for by the customer
2. Debit Card Services: Terms for debit card issuance and usage, if requested
3. Cheque Book Facility: Terms for cheque book issuance and usage, if applicable
4. Joint Account Operations: Additional terms for joint account holders, if account is opened jointly
5. Business Account Provisions: Special provisions for business accounts, if account is for business use
6. Foreign Currency Transactions: Terms for foreign currency dealings, if international transactions are expected
7. Standing Instructions: Terms for automatic periodic transfers or payments, if this service is requested
8. Overdraft Facility: Terms for overdraft facility, if offered and requested
1. Schedule 1 - Fee Schedule: Detailed list of all applicable fees and charges
2. Schedule 2 - Required Documents: List of documents required for account opening and KYC
3. Schedule 3 - Authorized Signatories: Details and specimens of authorized signatories
4. Schedule 4 - Electronic Banking Terms: Detailed terms and conditions for electronic banking services
5. Schedule 5 - Branch Network: List of bank branches where account services can be accessed
6. Appendix A - Account Opening Form: Standard account opening form with customer details
7. Appendix B - Specimen Signatures: Customer and authorized signatory specimen signatures
8. Appendix C - Service Request Forms: Standard forms for requesting additional services
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