Current Account
Basic Banking Products And services
Banking, being an authorised financial intermediary
between the Depositors
(with excess money to save) and the Borrower
(we is in need of financial support), has the
basic fundamental functions of
accepting the deposits from the public for
the purpose of lending or investment.
With the above, it is clear that one of the main
functions of the banking is accepting the deposits
(interest bearing and non-interest bearing) from
public as a main source of funds. Maiwand
Bank has designed and offers various deposit
schemes for the public to invest their excess savings.
Products
Deposit Products
Deposits are broadly divided into:
I. Demand deposits:
Theses deposits are accepted from the public and
repayable on demand by withdrawing the same through
the different
delivery channels (cheques, drafts,
withdrawals, transfers, ATM and Internet banking
and any other mode) provided by the bank. And these
demand
deposits are further bifurcated into:
2. Current Deposits:
These type of accounts are aimed to facilitate
the business community to enable them to avail the
banking services for
managing their business operations
in more organized way with proper control and transferancy.
In current account there is no restriction on the
number of operations. This is not an interest bearing,
as such no interest will be paid on the balances
held in current account unless otherwise
under any
specific scheme.
Eligibility:
1. Accounts can be opened by individuals & joint holders.
2. Proprietor,Partnership firms
3. Private & Public Limited Liability companies
4. Education &health institutes and any other organizations.
5. Non-profit and Non-Government organizations, clubs, societies and associations.
Documents Required:
1. Customer identification (for individuals Tazkara / passport and TIN Numbers)
2. For other type
of customers viz firms, companies and social
and non-government, non-profit
organisations.
3. Copy of license for conducting the business from the concerned authorities.
4. Registration certificate of the organisation
5. Bye-laws and constitutions of the organisation.
6. Board resolution / management decision to open account
7. Tazkaras / passports of the persons authorised to open and operate the account.
8. TIN number (Afghanistan Tax Index Number).
9. Introduction letter from any existing customer.
Features:
1. Accounts will be opened in AFN, USD, GBP and EURO.
2. No account opening and account maintaining charges.
3. One cheque book will be issued free of cost on opening of the account
4. Pass book, customer ID card, statement of account will be given free of charges.
5. ATM debit card will be issued free of charges.
6. Free collection of local cheques.
7. Internet Banking Facilities
will be provided free of charges on specific
request with secured
passwords.
8. For Minimum balance
requirements and other features, refer the details
from the relevant specific
scheme.
Current account will also be opened for Margin
Money purpose from the borrowers as a part of
their contribution / security for obtaining
fund based
and non-fund based credit from the
bank. In the case of Margin Money deposits,
no minimum amount, no minimum period and no
interest will be
paid on the amounts held. The
margin money deposit will be kept under lien
and will be released or repaid on satisfactory
repayment / discharge
of the liability by the
borrower