1. Current Accounts for Individuals

a. Eligibility

• Individuals 18 years of age or older are eligible to open a current account.

• Minor accounts (for individuals under 18) may be opened under guardianship arrangements.

b. Types of Accounts

• Individual Accounts: For a single account holder.

• Joint Accounts: Two or more individuals may jointly operate the account, with clear signing instructions.

• Minor Accounts: Managed by a legal guardian until the minor reaches legal adulthood.

c. Required Documents – Individuals

For Residents:

• National ID or equivalent identification document

• Residency Card or Proof of Residency

• Valid Passport (if available)

• Civil Status Identification (where applicable)

• Two recent passport-sized photographs

For Non-Residents:

• Valid Passport

• Proof of residency status or visa (if required by law)

d. Special Cases

• Minor Accounts:

  • A natural guardian (such as a father, grandfather, or great-grandfather) may open and operate the account on behalf of the minor.

  • Court-appointed guardians may open accounts upon submitting court-issued legal documents.

• Accounts for Illiterate or Blind Individuals:

  • The individual must provide a thumb impression or signature in the presence of two independent witnesses, whose identities must also be verified.

• Accounts for Veiled Women:

  • Accounts can be opened after fulfilling all necessary identity verification procedures while respecting privacy and cultural sensitivities.

2. Current Accounts for Companies and Organizations

a. Eligibility

• Local companies, partnerships, and organizations may open current accounts after providing the necessary incorporation and authorization documents.

b. Required Documents – Companies and Organizations

• License or Certificate of Incorporation issued by the relevant government authority

• Certified Memorandum of Association

• Certified Articles of Association

• Board Resolution authorizing the opening of the account, specifying the names of authorized signatories and their powers

• Copies of the personal identification documents of the authorized signatories

• Tax Registration Certificate (if applicable)

Note: Only entities that are legally incorporated and recognized under applicable laws are eligible to open company accounts.

3. Important Additional Information

• Minimum Deposit Requirement: (This should be mentioned; typically banks set a minimum initial deposit.)

• Transaction Limits: (If any limits apply to the volume or size of transactions, especially for minor or non-resident accounts.)

• Fees and Charges: (Monthly service fees, transaction charges, etc.)

• Account Operations: (Account accessible through branch banking, online banking, mobile apps, and ATMs.)

• Dormant Accounts Policy: (Guidelines on how accounts with no activity for a long period are handled.)

• Closure Procedure: (Steps and requirements if the customer decides to close the account.)

Quick Summary