Basic Banking Products And services
being an authorised financial intermediary between
(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.
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:
1.Time Deposit/Term Deposit/Fixed DepositThese types of deposit accounts are aimed to resource the long time funds from the public, who may not have immediate cash requirements. These deposits are accepted for a certain fixed time or term which will be repayable after the expiry of the period so fixed. Since these deposits remain in the bank for a longer time than the demand deposits for the purpose of long term investments, Maiwand bank offers attractive interest rates with more safety and security of the customer's funds.
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.
6. Minors below 18 years of age, can open
along with their natural / legal guardian and
could be operated by the guardian only for the benefit of minors.
1. Customer identification (for individuals Tazkara / passport and TIN Numbers).
2. For other type of customers viz 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.
1. Accounts will be opened in AFS, USD, GBP and EURO.
2. Fixed Deposit Receipt will be issued
to the depositor and the same has to be surrendered
on the maturity for withdrawing the amount.
3. No cheque books will be provided for
withdrawals. However, in case of need, customer
withdraw the amount in fixed deposit prior to the due date of maturity. In that case the interest
will be paid at1% less than the applicable rate for which the deposits remain with the bank.
4. But if the FD is closed before maturity
for the purpose of renewing for further period,
penal interest clause will not be applicable.
5. Fixed Deposits will be accepted for
a minimum period 3 months and no maximum limit
period.Howevercurrently fixed deposits will be accepted for a maximum period of 5 years
and the same could be renewed for a further period as per the requirement and instructions
of the custom.