Master Account Agreement Template for India

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Key Requirements PROMPT example:

Master Account Agreement

"Need a Master Account Agreement for an Indian technology company with multiple subsidiaries, requiring comprehensive electronic banking services and international payment capabilities, to be effective from March 2025."

Document background
The Master Account Agreement serves as the primary contractual framework governing the banking relationship between financial institutions and their customers in India. This document is essential when establishing new banking relationships or consolidating existing ones, particularly for corporate customers requiring multiple banking services. It encompasses comprehensive terms for account operations, electronic banking, security procedures, and regulatory compliance, all aligned with Indian banking laws and RBI regulations. The agreement is designed to accommodate various banking services while ensuring flexibility for future additions or modifications, making it particularly suitable for long-term banking relationships. The document incorporates mandatory requirements under Indian banking laws, including KYC norms, anti-money laundering provisions, and data protection requirements.
Suggested Sections

1. Parties: Identification of the bank and the customer, including their registered addresses and corporate details

2. Background: Context of the agreement and the banking relationship being established

3. Definitions: Comprehensive definitions of terms used throughout the agreement

4. Account Opening and Operation: Terms governing account opening, operation, and maintenance

5. Customer Instructions and Authority: Procedures for giving instructions, authority levels, and authentication requirements

6. Bank's Rights and Obligations: Core obligations of the bank and its rights in managing the account relationship

7. Customer's Rights and Obligations: Core obligations of the customer and their rights in the banking relationship

8. Fees and Charges: Framework for fees, charges, and their calculation methodology

9. Communications and Notices: Methods and requirements for communications between parties

10. Security and Access Controls: Security measures, access protocols, and authentication requirements

11. Compliance and KYC Requirements: Regulatory compliance obligations and KYC requirements

12. Confidentiality and Data Protection: Protection and handling of confidential information and personal data

13. Liability and Indemnity: Allocation of risks and responsibilities between parties

14. Term and Termination: Duration of agreement and termination provisions

15. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution

Optional Sections

1. Electronic Banking Services: Terms for digital banking services, used when electronic banking services are offered

2. Foreign Currency Services: Provisions for foreign currency accounts and transactions, included for customers requiring international banking

3. Specific Account Types: Terms for special account types like escrow or collection accounts, included based on customer needs

4. Corporate Group Provisions: Special terms for corporate groups with multiple entities, used for corporate customers

5. Special Instructions and Standing Orders: Terms for standing instructions and recurring transactions, included if these services are required

6. Agent and Representative Provisions: Terms for authorized agents and representatives, used for complex corporate structures

7. Credit Facility Framework: Basic framework for credit facilities, included if lending services may be offered

8. Force Majeure: Provisions for extraordinary events affecting banking services

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed listing of all applicable fees and charges

2. Schedule 2 - Authorized Signatories: List of authorized signatories and their signing powers

3. Schedule 3 - Account Opening Forms: Standard forms and documentation required for account opening

4. Schedule 4 - Service Level Standards: Operational standards and service levels for various banking services

5. Schedule 5 - Electronic Banking Terms: Detailed terms and conditions for electronic banking services

6. Schedule 6 - KYC Requirements: Detailed KYC documentation and compliance requirements

7. Appendix A - Operating Procedures: Detailed procedures for account operations and services

8. Appendix B - Security Procedures: Security protocols and procedures for account access and transactions

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

Relevant legal definitions
Clauses
Relevant Industries

Banking

Financial Services

Corporate Services

Manufacturing

Technology

Retail

Healthcare

Infrastructure

Energy

Telecommunications

Professional Services

Education

Real Estate

Transportation

Hospitality

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Operations

Corporate Banking

Account Management

Internal Audit

Financial Control

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Legal Counsel

Compliance Officer

Company Secretary

Account Manager

Relationship Manager

Operations Manager

Risk Manager

Financial Controller

Banking Operations Head

Corporate Banking Head

Treasury Operations Manager

Audit Manager

Industries
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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