Conditions of Opening Accounts

  General Conditions Governing All Accounts:


  1. The Bank shall have the right to debit any account without referring to client with all expenses, Fees, Profits, Commissions, Taxes and Stamp duties the bank pays on behalf of clients or as     a result of dealings between the bank and the clients.

  2. The Client irrevocably authorizes the bank to debit all sums due or becoming due for the bank owned by client but held by bank for bill discount, counter guarantee, bills purchased or else the bank can stop transactions or closing any account in the name of the client with the bank and demand immediately to pay the cline for any debit balance with any due amount for the bank including interest or other despite the availability of enough security for accounts with the bank.

  3. The client on his freewill shall authorize the bank to pay from his account with his knowledge any payment or withdrawal made in the account by means of checks or transfers or payment order and if there is no sufficient fund in the account to cover the value, the client authorizes the bank to transfer the fixed deposit into cash margin till maturity period for settlement of debit balance. The client shall authorize the bank to take such actions without referring or notify or prior warning or any other legal actions against him. No right for client to refer to this authorization until and unless agreed in writing by the bank.

  4. The bank will not undertake the demand of client in cash foreign currency for accounts maintained in foreign currency with the bank until and unless available in the bank and local market. The first maximum withdrawal will be decided by the bank and form time to time the client should inform the bank within a minimum of two days of prior withdrawal form account

  5. The bank will cover from the client when cash foreign currency withdrawn form foreign currency account as commissions for rate differences determine by the bank.

  6. Deposit maintained in foreign currencies equivalent to Yemeni Riyal such currencies will be paid at bank’s prevailing rate at the time of withdrawal. Also it can be withdrawn form accounts with the same currency by form of draft or transfers.

  7. Specimen signature of client shown on bank’s signature card consider to be applicable legally for all transactions and dealings with the bank.

  8. The client undertakes to inform the bank in writing for any change of address otherwise the address which has given on applicants form consider to be confirmed as correspondence for notices mailing statements of account and legal summons

  9. The bank sets the minimum balance requirement   for client and if the balance remain the same or fall down below the requirement the bank will close account without referring to the client

  10. The client must notify the bank in case of change in composition of firm and to furnish it upon request with supplementary declarations and agreement in a form acceptable to the client.

  11. The bank shall be entitled to block the credit balance when this account becomes involved in legal proceeding or subject to conflict until and unless directed by relevant court.    

  12. Bank is not responsible for lost deposited checks or lost through post office if otherwise lost as   a result of carelessness or negligence form bank side. In case of lost or stolen any of these checks the client must immediately notify the bank along with their numbers and upon closing the account the client undertakes to return an deliver immediately the check books in his possessions to the bank.

  13. If there is any objection from the delivered or mailed statement of account through his registered address by the bank the client should notify his objection within a week form the date statement dispatch.

  14. In case of depositing cash of checks or transfers made for client account by third party consider to be agreed by client until and unless the refused by client in writing for such deposits.

  15. In case of depositing the client enchasing the checks issued by him the bank shall not accept this objection unless recommended by relevant court.

  16. The bank shall not assume any responsibility in case of any change on paid checks from the client to his account filled out the vacant spaces by means of typewriter or other electronically devices.

  17. Account Opening Forms which the client filled all his all his information, specimen signature card and cheque books issued by the bank and other debit and credit advises are considered to be negotiable instruments and legal. The client should accept this condition.

  18. Either party the client or the bank shall have the right to close the account at any time for any reason and the client undertakes to pay the debit balance (if any) upon first demand.

  19. It is agreed that the bank shall have the right at any time to modify the nature and the terms of this account by writing notice to the client.

  20. The bank acts as a collecting agent to the client for cheques, commercial papers, payment orders and other documents debited with for collection. The bank shall present these items for collection as per usual bank practice and shall not assume any responsibility or obligation for any delays or else.

  21. All payment orders, exchange operations, buying and sales of stocks or bonds either in the Republic of Yemen or elsewhere undertaken by the responsibility and expense of the client.

  22. Incase of crediting by mistake the client account, the bank shall have the right without referring to the client to reverse the same amount. The client shall not have the right to demand for such amount under any circumstances.

  23. The terms and conditions of this agreement shall be governed by the laws and the regulations of the Republic of Yemen.


Terms and conditions for Saving Account:

  1. Balance should not be less than the minimum requirement fixed by the bank form time to time for interest payable for this account.

  2. Interest will be calculated on the minimum balance the month and will be paid end of June and December every year. Incase if the account is closed before this period interest will be paid based on the minimum balance of prior month.

  3. Bank shall not issue check book or saving bank book for such account and the client should not issue check, payment order or  transfer from this account .. the bank is the presence of the client personally along with ID issued by the bank to him for this purpose.

  4. It is not allowed for client to deposit or withdraw less than the minimum amount fixed by the bank form time to time. Also the client does not have the right to withdraw over the maximum amount fixed by the bank for one day withdrawal unless the client inform the bank in writing at least before three days.

  5. The client has the right to make withdrawal form his account from his account from any branch of the bank by means of withdrawal slip prepared for this purpose or by using ATM Card.

  6. Bank shall issue ID Card showing name of the customer, account No. and customer photograph. Incase of loss of this card the client must inform the bank immediately.

  7. Bank shall print statement of account every six months after crediting the interest and the cline must check the movement of this account form the statement and should notify the bank shall not assume any responsibility after this date for any error if found.

  8. The terms and conditions of this agreement shall be governed by the laws and the regulations of the Republic of Yemen.


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