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Current Account Agreement

Current Account Agreement Template for Pakistan

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Key Requirements PROMPT example:

Current Account Agreement

"I need a Current Account Agreement for a Pakistani retail bank that includes digital banking provisions and is compliant with State Bank of Pakistan's 2025 digital banking guidelines, suitable for individual customers who primarily use mobile banking."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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 Opening Form
Applicable Laws
Authorized Signatory
Banking Day
Banking Hours
Bank Statement
Branch
Cheque
Clearing
Current Account
Customer Due Diligence
Customer Information
Debit Card
Digital Banking
Electronic Banking Services
Electronic Instructions
Fees and Charges
Force Majeure
Governing Law
Instructions
Internet Banking
Joint Account
KYC
Mobile Banking
Notice
Operating Mandate
Overdraft
Password
PIN
Regulatory Authority
Schedule of Charges
Security Credentials
SOFA
State Bank
Standing Instructions
Statement Period
Terms and Conditions
Transaction
User ID
Clauses
Account Opening
Account Operation
Authentication
Authorization
Anti-Money Laundering
Amendment
Assignment
Authorized Signatories
Bank Charges
Confidentiality
Compliance
Customer Instructions
Data Protection
Default
Dispute Resolution
Electronic Banking
Fees and Charges
Force Majeure
Governing Law
Indemnification
Interest
Joint Account
Jurisdiction
KYC Requirements
Liability
Notice
Overdraft
Privacy
Record Keeping
Representations and Warranties
Rights and Obligations
Security
Severability
Statement of Account
Suspension
Tax
Term and Termination
Third Party Rights
Variation
Waiver
Relevant Industries

Banking

Financial Services

Retail Banking

Corporate Banking

Small and Medium Enterprises

Professional Services

Trading

Manufacturing

Real Estate

Technology

Education

Healthcare

Non-Profit Organizations

Relevant Teams

Legal

Compliance

Customer Service

Operations

Risk Management

Corporate Banking

Retail Banking

Document Management

Treasury

Account Services

Internal Audit

Regulatory Affairs

Relevant Roles

Bank Branch Manager

Compliance Officer

Legal Counsel

Account Opening Officer

Customer Service Manager

Banking Operations Manager

Risk Management Officer

Financial Controller

Corporate Banking Officer

Retail Banking Manager

Chief Financial Officer

Company Secretary

Treasury Manager

Relationship Manager

Anti-Money Laundering Officer

Industries
Banking Companies Ordinance, 1962: Primary legislation governing banking operations in Pakistan, including requirements for account opening, maintenance, and bank-customer relationships
State Bank of Pakistan Act, 1956: Establishes the regulatory framework for banking operations and monetary policy in Pakistan
Anti-Money Laundering Act, 2010: Provides regulations for preventing money laundering and ensuring proper customer due diligence in banking transactions
Payment Systems and Electronic Fund Transfers Act, 2007: Governs electronic banking transactions and fund transfers for current accounts
Consumer Protection Act (Various Provincial Acts): Protects consumer rights in banking services and ensures fair treatment of account holders
Foreign Exchange Regulation Act, 1947: Regulates foreign exchange transactions and maintenance of foreign currency accounts
Prudential Regulations for Banks by State Bank of Pakistan: Guidelines and regulations for banks regarding account operations, KYC requirements, and risk management
Banking Companies Rules, 1963: Detailed rules governing banking operations, including current account management and documentation 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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