TERMS & CONDITIONS FOR BANK ALFALAH ACCOUNT

Presented by: Mehwish Kiran

Account

Proper identification is required Subject to applicable laws Documentation Final scrutiny

Deposits

Bank’s duly filled deposit slip All checks & other instruments should be crossed Bank acts only as collecting agent Un-cleared checks shall not be drawn against by the

customer Bank shall not be responsible for delay in transit of

any instrument\checks Right to recover any amount transferred through

erroneous transactions in any of accounts

Withdrawals

Shall be made by using check book\debit card Printed checks Checks should be signed by account holder Post dated, defective & stale checks should not be

paid by the bank The customer shall ensure safe keeping of check

book Bank may ask for reasonable time to make

payments of large amounts

Current Account

No profit on current accounts Shall not be overdrawn Credit received of overdraft shall be applied first

towards payment of markup & charges and then towards payment of principal amount of overdraft

PLS Saving Account

Shall be on profit and loss sharing basis Return\profit on accounts closed before June 30 &

December 31 will be paid for the relevant period The deposits received by the bank will be used in

any manner whichever appropriate Zakat whenever applicable shall be deducted

Foreign Currency Account May be established in U.S dollars, Pounds, Japanese

yen as the bank shall determine & in accordance with local regulation in force

Foreign currency accounts are opened and maintained subject to local laws and regulations

Withdrawals from foreign currency account shall be subject to the availability of particular foreign currency with the bank

Bank shall not be liable for any currency exchange loss

Joint Account

Where joint account is operated with singe signature, bank shall honor checks, drafts and orders signed by any of the authorized signatories

Bank refuse to act on contradictory instructions and insist upon an instruction signed by all joint account holders

All joint account holders shall be jointly liable for any\all liability incurred upon the joint account

Minor’s account

Bank shall be entitled to act upon the instructions received from the guardian named in the account opening form only till the minor attains age of maturity

Hold mail facility

On request of hold mail service, bank will hold all mail, addressed to the account holder for a maximum period of 6 months from receipt of any such request

Bank is authorized to charge a fee as peer bank schedule of bank charges

Not an obligation for bank For due diligence purposes, the bank may send any

mail at customer’s given address even if hold mail instructions have been provided

Statement of account

Bank shall send statement of account as per frequency stipulated by state bank of Pakistan

Bank will take due care to see that the debit and credit entries are correctly recorded

No account holder may delete any entries E-statement Bank does not guarantee that integrity of email has

been maintained Any error in e statement shall be reported to bank

within 45 days on receipt of e statement

Cont..

Customer shall advise the bank in writing in case change in email address or discontinuation of e-stat.

Bank shall not be liable for improper, incomplete or non delivery of e-statement

The customer accepts that bank does not warrant against any external factors

The bank shall not be held responsible for any loss Bank may impose additional conditions prior to

acceptance of e-statement issuance request

Cont.….

The customer agrees to receive and accept periodical notices related to accounts sent by bank

The customer is responsible for security of password of designated email address

The bank shall have an irrevocable authority to debit the customer’s account for any charges etc.

Bank reserves the right to make changes whenever required

SMS alert facility

Customer subscribe to the SMS Alert facility of bank Within cellular service range Bank is not liable for any loss, damages etc. Bank is not liable for any unauthorized use to the

info Bank is under no obligation to send SMS alert facility Facility may be temporary suspended at any time Authorization of bank to send promotional messages Charges according to schedule of bank charges Only one mobile number can be registered

Phone & electronic banking Bank shall not be liable for any loss, damages etc. Right to refuse to execute any instruction The customer acknowledges that online banking

involves inherent risks including risks associated with fraud and unintended or erroneous instructions

Not liable for non delivery ,errors ,losses etc. Not bound to contact the account holder

Online Banking

Online banking facility upon opening of account with Bank ALFALAH

Fully binding on customer

Closure of account

The bank reserves the right to close the account by giving 14 days notice

Nil balance for last six months The account holder wishing to close the account

must surrender checks duly cancelled and by returning ATM, debit cards etc.

The bank shall have been discharged of any liability with respect to an account so closed by mailing to the account holder

Stop payment instructions Bank may accept stop payment instructions from

customer if check is reported lost or stolen Written confirmation Customer agrees to fully indemnify the bank against

any loss or damages etc.

Death of a customer

In case of death or bankruptcy, the bank will stop all operations

The credit balance in the account will be payable to the surviving account holders

Restriction on creation of security Amount deposited cannot be charged to any third

party Bank shall not be bound by any charge in favor of

third party

Charges and expenses

Depositors will be charged according to schedule of bank charges

Bank reserves the right to debit the account for any expenses

Bank shall have a right to debit of any one or more accounts of the account holders maintained with the bank

Free of charge ATM withdrawals from the bank’s own ATM is allowed

Indemnity or liability

Bank shall endeavor to provide error free operation of account and services to the customer

Bank is not liable for any loss, damages and liabilities incurred

Customer’s covenant’s, Warranties & Representations

The customer shall be bound by any instruction issued by the customer and accepted by bank

Instructions shall be deemed irrevocable and binding on customer upon transmission to the bank

customer shall be responsible for ensuring the accuracy and completeness of customer instructions

Bank shall not be responsible for consequences of any customer instructions being incomplete or inaccurate

Customer authorize the bank to release customer’s name, account number or any other information to any third party engaged for the purposes of providing services to bank

Dormant Account

If the account has not been operated by the customer during the last 12 months, the account will be classified ad dormant account

No withdrawal until the account is reactivated Bank reserves the right to disallow debit

transactions while the account remains in active If no transaction has taken place in account during

last ten years, the deposit will be surrendered by bank to state bank of Pakistan

Bank’s lien

Bank shall have lien on all funds, securities and other properties of whatsoever nature belonging to customer in possession of the bank for repayment of any liability

ATM\Debit card\Telebanking The card shall be issued maintaining sole or joint

account in Pak rupee current or saving account with the bank in Pakistan

Card shall be issued for use on ATM and POS terminal Card shall not be used to overdraw the account Card shall remain the property of bank at all times Bank can cancel the card any time and demand it’s

return The card holder use the card at own risk The card holder shall not pas the card to any other

person

Cont.…

Bank shall not be liable for any inaccuracy of the information received through card

Bank shall debit the cardholder’s account with the amount of any withdrawals

The cardholder shall ensure that sufficient funds are always available in card related account before making any purchase\withdrawals

Bank reserves the right to limit cash withdrawals Bank shall not be responsible for any loss, damages Bank shall debit card transaction amount to the card

account

Cont.…

Bank shall have right to rectify any error in the entries

Bank may record the telephone instructions and these recordings shall be conclusive on cash holder

Bank shall be entitled to alter, delete or add to these terms and conditions provided through card

The cash holder shall pay to bank all fees and charges that bank may impose from time to time

Miscellaneous

Bank is subject to all applicable circulars, orders, laws issued by competent authorities

The customer authorizes the bank to verify the genuineness of the customer’s CNIC through NADRA’S CNIC verification services

Any change in the address of account holder should be immediately communicated in writing to bank

Deposits \withdrawals in account may be allowed at any of the bank branches in Pakistan

The customer acknowledges by signing on the account opening form

Cont.…

The customer undertakes to abide by all applicable laws, rules and regulations in order to prevent money laundering

Opening of photo account is subject to provision of proper identification duly supported by two attested passport size photographs besides taking customer’s thumb impression on SS card

These terms and conditions may be revised by the bank from time to time and will be effective upon 30 days of advance notice given to the customer

Interpretation of these terms and conditions will be final and binding