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Deposit Account Agreement

Deposit Account Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Deposit Account Agreement

"I need a Deposit Account Agreement under Saudi Arabian law for a corporate banking product, to be launched in March 2025, with enhanced digital banking features and multi-user access controls for large corporations."

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Document background
The Deposit Account Agreement serves as the foundational document governing the relationship between banking institutions and their customers in Saudi Arabia. This document is essential when establishing any deposit account relationship, whether for individual or corporate customers, and must be executed before account activation. The agreement encompasses all aspects of account management, including operational procedures, Shariah-compliant profit distribution mechanisms, fees and charges, digital banking services, and security measures. It is specifically designed to comply with Saudi Arabian banking regulations, SAMA directives, and Islamic banking principles, providing a comprehensive framework that protects both the bank's and customer's interests while ensuring regulatory compliance.
Suggested Sections

1. Parties: Identification of the bank and the account holder(s), including full legal names and contact details

2. Background: Brief context explaining the purpose of the agreement and its compliance with Saudi banking laws and Shariah principles

3. Definitions: Key terms used throughout the agreement, including banking-specific terminology and regulatory references

4. Account Opening Requirements: Documentation and eligibility requirements for opening the account, including KYC procedures

5. Account Operations: Basic rules for operating the account, including deposits, withdrawals, and transaction processing

6. Islamic Banking Compliance: Specifications regarding Shariah-compliant account operation and profit distribution mechanisms

7. Fees and Charges: General framework for applicable fees, charges, and how they are calculated and applied

8. Customer Obligations: Account holder's responsibilities, including maintaining minimum balances and providing updated information

9. Bank's Rights and Obligations: Bank's duties, services provided, and rights regarding account management

10. Security and Access: Account access procedures, security measures, and protection of account information

11. Communications: Methods of communication between bank and customer, including notices and statements

12. Account Closure: Procedures and conditions for account closure by either party

13. Governing Law and Jurisdiction: Application of Saudi law and jurisdiction for dispute resolution

Optional Sections

1. Joint Account Provisions: Special terms for joint accounts, used when account has multiple holders

2. Digital Banking Services: Terms for online and mobile banking access, included if customer opts for digital services

3. Debit Card Services: Terms for debit card issuance and usage, included if customer requests a card

4. International Banking Services: Terms for international transfers and foreign currency transactions, if applicable

5. Special Account Types: Additional terms for special account categories (student, senior citizen, etc.)

6. Standing Orders and Direct Debits: Terms for automated payment services, included if customer requests these services

7. Wealth Management Services: Additional terms for investment-related services, if applicable to the account type

8. Business Account Provisions: Special terms for business accounts, used when account holder is a business entity

Suggested Schedules

1. Schedule of Charges: Detailed list of all applicable fees, charges, and commission rates

2. Schedule of Profit Sharing Ratios: Details of profit-sharing mechanisms for Islamic banking products

3. Required Documentation Checklist: List of required documents for different account types and customer categories

4. Digital Banking Security Guidelines: Detailed security procedures and guidelines for digital banking services

5. Branch Network Directory: List of bank branches and contact information

6. Terms for Special Services: Detailed terms for specific additional services like safe deposit boxes or premium banking

7. Specimen Signatures: Forms for recording authorized signatures for the account

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Account Holder
Account Statement
ATM
Authorized Person
Bank
Banking Day
Beneficiary
Business Hours
Card
Confidential Information
Current Account
Digital Banking Services
Electronic Instructions
Fees and Charges
Force Majeure
Governing Law
Instructions
Islamic Banking Rules
Joint Account
KYC
Minimum Balance
Mobile Banking
Mudarabah
Online Banking
Password
PIN
Power of Attorney
Profit Distribution
Profit Sharing Ratio
Regulatory Authority
SAMA
Sanctions
Schedule of Charges
Security Credentials
Shariah
Specimen Signature
Standing Order
Statement Period
Terms and Conditions
Transaction
User ID
Wakala
Zakat
Clauses
Account Opening
Account Operation
Authority
Amendments
Anti-Money Laundering
Assignment
Authorized Persons
Bank Charges
Confidentiality
Conflict Resolution
Data Protection
Default
Digital Banking
Dispute Resolution
Documentation
Electronic Services
Entire Agreement
Force Majeure
Governing Law
Indemnification
Instructions
Interest/Profit Sharing
Joint Accounts
Liability
Notices
Password Security
Payment Processing
Privacy
Profit Calculation
Records
Representations and Warranties
Rights and Obligations
SAMA Compliance
Sanctions
Security Measures
Severability
Shariah Compliance
Statements
Taxation
Termination
Third Party Rights
Transaction Processing
Waiver
Relevant Industries

Banking

Financial Services

Islamic Finance

Retail Banking

Corporate Banking

Investment Banking

Professional Services

Legal Services

Regulatory Compliance

Consumer Services

Relevant Teams

Legal

Compliance

Retail Banking

Corporate Banking

Customer Service

Operations

Risk Management

Product Development

Islamic Banking

Regulatory Affairs

Account Management

Branch Operations

Digital Banking

Customer Onboarding

Relevant Roles

Bank Branch Manager

Compliance Officer

Legal Counsel

Retail Banking Officer

Corporate Banking Manager

Account Relationship Manager

Islamic Banking Specialist

Risk Management Officer

Customer Service Manager

Operations Manager

Product Development Manager

Regulatory Affairs Director

Banking Services Supervisor

Financial Services Consultant

KYC Specialist

Anti-Money Laundering Officer

Industries
Banking Control Law (Royal Decree No. M/5): The primary legislation governing banking activities in Saudi Arabia, establishing the framework for banking operations, licensing requirements, and regulatory oversight
SAMA Rules on Opening Bank Accounts: Detailed regulations from the Saudi Central Bank regarding procedures and requirements for opening and maintaining bank accounts, including KYC requirements
Consumer Protection Principles for Banks: SAMA guidelines ensuring fair treatment of banking consumers, transparency in banking services, and protection of consumer rights
Anti-Money Laundering Law (Royal Decree No. M/20): Legislation governing AML requirements, suspicious transaction reporting, and customer due diligence procedures
Shariah Banking Principles: Islamic banking rules prohibiting interest (riba) and requiring compliance with Islamic financial principles in banking products and services
SAMA Account Management Rules: Regulations governing account maintenance, fees, charges, and operational requirements for bank accounts
Saudi Arabian Monetary Authority Law: Foundational law establishing SAMA's authority and its role in regulating banking activities
E-Banking Rules: SAMA regulations governing electronic banking services, digital transactions, and online account access
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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