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Bank Engagement Letter

Bank Engagement Letter Template for India

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Key Requirements PROMPT example:

Bank Engagement Letter

"I need a Bank Engagement Letter for my technology startup to establish a corporate banking relationship with HDFC Bank in India, including digital banking services and a corporate credit facility, starting March 2025."

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Document background
The Bank Engagement Letter is a crucial document in the Indian banking sector that formalizes the relationship between banking institutions and their clients. It is typically used when establishing new banking relationships or updating existing ones, particularly for corporate clients, businesses, or high-value customers. The document encompasses essential elements required by Indian banking regulations, including compliance with Reserve Bank of India (RBI) guidelines, Know Your Customer (KYC) requirements, and anti-money laundering provisions. The Bank Engagement Letter serves as a comprehensive record of the agreed-upon services, fee structures, operational procedures, and regulatory obligations, while also protecting both parties' interests under Indian contract law.
Suggested Sections

1. Bank Details and Letter Head: Official letterhead including bank name, branch, address, and regulatory registration numbers

2. Client Address Block: Complete name and address of the client

3. Subject Line: Clear indication of the letter's purpose

4. Introduction: Opening paragraph establishing the context and purpose of the engagement

5. Scope of Services: Detailed description of banking services to be provided

6. Terms and Conditions: Key terms governing the banking relationship

7. Fee Structure: Overview of applicable fees, charges, and payment terms

8. Client Obligations: Client's responsibilities including KYC requirements and information provision

9. Confidentiality: Provisions regarding handling of confidential information

10. Term and Termination: Duration of engagement and termination provisions

11. Regulatory Compliance: Statement of compliance with RBI guidelines and applicable regulations

12. Authorization and Signatures: Signature blocks and acceptance provisions

Optional Sections

1. Foreign Exchange Services: Include when offering foreign exchange or international banking services

2. Digital Banking Services: Required when providing internet or mobile banking facilities

3. Credit Facility Terms: Include when offering credit lines or lending facilities

4. Investment Services: Required when providing investment or wealth management services

5. Insurance Services: Include when offering banking-insurance products

6. Dispute Resolution: Detailed dispute resolution procedures for complex banking relationships

7. Force Majeure: Include for long-term or high-value banking relationships

Suggested Schedules

1. Schedule A - Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission structures

2. Schedule B - Service Level Agreements: Specific service standards and response times for banking services

3. Schedule C - Authorized Signatories: List of authorized persons who can operate the account or give instructions

4. Appendix 1 - KYC Requirements: List of required KYC documents and compliance requirements

5. Appendix 2 - Banking Services Details: Detailed description of each banking service offered

6. Appendix 3 - Digital Banking Terms: Specific terms and conditions for digital banking services

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
Applicable Law
Authorized Representative
Banking Day
Banking Hours
Banking Services
Bank Mandate
Business Day
Charges
Confidential Information
Designated Account
Digital Banking Services
Electronic Instructions
Engagement Period
Fee Schedule
Force Majeure Event
Instructions
KYC Documents
Material Adverse Change
Notice
Operating Mandate
Parties
RBI
Regulatory Authority
Related Party
Sanctioned Person
Schedule of Charges
Security Procedures
Service Level Requirements
Signatories
Transaction
Working Day
Clauses
Scope of Services
Account Operation
Fee Structure
Payment Terms
Confidentiality
Data Protection
KYC Compliance
Anti-Money Laundering
Regulatory Compliance
Authorization
Service Standards
Electronic Banking
Account Access
Security Measures
Liability
Indemnification
Force Majeure
Termination
Notice Requirements
Amendment
Assignment
Dispute Resolution
Governing Law
Client Representations
Bank Representations
Record Keeping
Information Sharing
Service Modification
Account Statements
Transaction Processing
Relevant Industries

Banking and Financial Services

Corporate Services

Manufacturing

Information Technology

Retail

Healthcare

Real Estate

Infrastructure

Education

Non-Profit

Agriculture

Energy

Telecommunications

Professional Services

Export/Import

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Affairs

Operations

Account Management

Business Development

Executive Leadership

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Corporate Banking Officer

Relationship Manager

Compliance Officer

Financial Controller

Account Manager

Business Development Manager

Managing Director

Company Secretary

Legal Counsel

Risk Manager

Operations Director

Banking Operations Manager

Industries
Banking Regulation Act, 1949: Primary legislation governing banking operations in India, defining the structure and operational framework for banks
Indian Contract Act, 1872: Fundamental law governing contract formation and enforcement in India, essential for the engagement letter's validity
Reserve Bank of India Act, 1934: Establishes RBI's regulatory authority and banking sector guidelines that must be reflected in bank relationships
Prevention of Money Laundering Act, 2002: Mandates KYC requirements and anti-money laundering compliance obligations for banking relationships
Information Technology Act, 2000: Governs electronic records and digital signatures, relevant for digital banking services and communications
Consumer Protection Act, 2019: Provides for consumer rights and protection in banking services and related disputes
Foreign Exchange Management Act, 1999: Relevant for any foreign exchange transactions or international banking services
The Personal Data Protection Bill (pending): Expected to impact how banks handle customer data and privacy requirements
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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