1. Defined Terms
1.1 Unless the context shall otherwise require, the terms used herein shall have the following meanings: "Account" shall mean any Rupee Bank account(s) maintained by the Customer with a branch of the Bank.
"Account Opening Form" shall mean the account opening form provided by the Bank to the Customer in which the Customer has to provide the information required by the Bank and return it to the Bank after signing, prior to the Bank opening an Account for and/or providing the Services to the Customer.
"ATM Service" shall mean all authorized banking services offered by the Bank which can be availed by the Customer through the ATMs.
"Bank" shall mean all or any of the branches of Mobilink Microfinance Bank Limited.
"Business Day" shall mean a day when the relevant branch of the Bank is open to conduct banking business. "Customer" shall mean and include a person, firm, institution, company or any other entity who maintains one or more Account(s) with the Bank.
"Rupees" shall mean the lawful currency of the Islamic Republic of Pakistan.
"SBP" shall mean the "State Bank of Pakistan".
"Services" shall mean services that the Bank may, at its discretion, offer from time to time in relation to an Account.
"Terms" shall mean these terms and conditions for Accounts and Services of the Bank, as amended from time to time.
"Transactions" Shall mean any transactions which may be carried out by a Customer pertaining to the Account and / or the services provided in relation thereto.
2. Opening and Operation ofAccounts
2.1 A Customer desiring to open an Account with the Bank shall submit a duly completed Account Opening Form for opening an Account. The Customer shall provide such information and documents, as may be required by the Bank from time to time to open and maintain operation of the Account.
2.2 If for any reason an Account is opened with the Bank on the basis of incomplete documents and/or information being provided to the Bank, the Bank may in its discretion withhold operation of the Account. Till such time that the missing documents and/ or information have been provided to the satisfaction of the Bank. In case of non-compliance with these requirements, the Bank shall have the option to close such Account, with prior notice to the Customer. In case the information or documents related to the Account are subsequently discovered by the Bank to be forged or false, the Bank may at its discretion close the Account of the Customer. In such event the Bank disclaims any liability for any loss suffered by the Customer as a result of closure of Account.
2.3 The Bank reserves the right to refuse to open an Account without assigning any reason whatsoever.
2.4 Each Account shall be allotted a distinctive number, which is to be quoted in all correspondence with the Bank relating to the Account.
2.5 The Bank may at any time, without any liability and without giving any reasons to the Customer, refuse to execute any Instructions where the Bank suspects that any fraud or illegality is involved, as per SBP's KYC and other relevant regulations and/or directives.
2.6 The Bank shall make endeavors to preserve the secrecy of the Account of the Customer. Nevertheless, the Customer acknowledges that the Bank is subject to the anti-money laundering laws and regulations of Pakistan and the internal policies of the Bank. The Customer agrees to provide any information requested by the Bank for the purpose of complying with any such laws, regulations and policies in respect of the Account, Transactions and Services and authorizes the Bank to release any information pertaining to the Account/Account Holder, the Customer, the Services or any Transactions in relation thereto to any investigative/ government agencies in Pakistan and/or abroad and/or as may be required under any law or to such person as empowered by the prevailing laws and regulations the Bank feels that such disclosure is necessary or pursuant to a Court order and/or to otherwise protect the interests of the Bank and/or of its employees. The Bank may also disclose/provide such details to third parties where it is reasonably necessary to do so for processing the Account Holder's dealings/ transactions with them or to enable them to offer their products or services to the Account Holder. The Account Holder shall indemnify and keep the Bank indemnified against all consequences that may arise due to such aforesaid disclosure.
3 Joint Account
3.1 If the Account is opened in the names of two or more persons, the balance to the credit thereof at any time shall belong to the Customers jointly. Such persons shall be jointly and severally liable for all liabilities incurred in respect of the Account and/or Services provided by the Bank in relation thereto.
3.2 The Bank is authorized to pay or deliver to, or to the order of the survivor(s) of the persons in whose name the Account has been opened or the legal personal representatives of such survivor, any monies, securities or properties standing to the credit of the joint Account or held by the Bank for either or more of the survivors.
3.3 That in the case of a joint Account, the following further provisions shall apply:
Whether or not the death of any or all of the Customers shall have intervened, the Bank may continue to act from time to time in reliance upon any signing authority conveyed to the Bank until the Bank shall have received notice in writing from or on behalf of any of them that it has been terminated or revoked by operation of law or otherwise. Also, in the event of . the death of any of the Customers, the amount of deposit to the credit of such joint Account at the time of the death in question shall belong to the survivors and may be disposed of by the Bank as such.
3.4 In the event that the Bank receives conflicting instructions from the signatories of a joint Account, the Bank shall be entitled not to act on such instructions, requiring that all future instructions be signed jointly by all signatories. The Bank will also be within its right to suspend the operation of the Account without notice to the Customer(s).
4. Partnership Account
4.1 If any partner in the partnership firm ("Firm") for which the Account has been opened, ceases to be a member of the Firm by death or otherwise, the Bank is authorised, until it receives notice in writing to the contrary from all the partners or anyone of the partners or the legal representatives of trustees of any of the partners of the Firm, to treat the surviving or continuing partner(s) for the time being as having full powers to carry on the business of the Firm and to deal with its assets as freely as if there had been no change in or dissolution of the Firm.
5. PLS Savings/PIS Notice/ PLS Term Deposits
5.1 The profit and loss sharing scheme of the Bank is limited to the profit/loss of the business of the Bank in Pakistan as bankers and the Bank alone will decide on the use and investment of funds standing to the credit of the Customer's Account.
5.2 Any use, investment, determination, decision or allocation of funds deposited in PLS savings, and PLS notice and PLS term deposits Accounts will be made in such manner and on such basis and in accordance with such principles as the Bank may, in its absolute discretion, decide froM time to time.
6. Death or insolvency of Customer
6.1 In case of the bank receiving notice of the demise of any individual Customer, the Bank will not be obliged to allow any operation or withdrawal related to any of the Customer's Accounts, except on the production of a valid Succession certificate from a court of competent jurisdictions, Letter of Administration or probate or its equivalent.
7. Closing of Accounts
7.1 The Bank reserves the right, at its sole discretion (and with or without prior notice to the Customer) to close the Account, which is not being operated in a manner satisfactory to the Bank or for any other reason whatsoever, without disclosing the reason for closure of the concerned Account to the Customer. The Bank also reserves the right to terminate any other type of relationship(s)
7.2 On closure of an Account, any unused cheques relating to the Account must be returned forthwith by the Customer to the Bank. Alternatively, it must be confirmed to the satisfaction of the Bank in writing that the unused cheques and/or Card have been destroyed.
7.3 The Bank reserves the right to close any Account, including but not limited to an Account that fails to maintain the required minimum balance, without assigning any reason whatsoever for the closure.
7.4 The Bank shall have discharged its liability with respect to an Account so closed by mailing to the Customer at his/her last, known address a bank draft/pay order in the currency of such Account, payable to the order of the Customer in the amount of the then credit balance of such Account less deduction(s) in respect of the Account of any claim that Bank may have on such funds constituting the credit balance.
8. Withdrawals from Accounts
8.1 Cheques and other payment Instructions are to be signed on behalf of the Customer as per the specimen signature(s) supplied to Bank and alterations therein are to be authenticated by the Customer.
8.2 Illiterate Customers will not be liable for cuttings and alterations on cheques, unless duly authenticated by the customer.
8.3 The Bank will record Instructions from the Customer to stop payment on a cheque. The Bank shall not assume any responsibility for Instructions that have not been properly acted upon, executed or delayed and the payment is made to the beneficiary in good faith. The Bank shall not assume any responsibility for Instructions that are mis-communicated in the opinion of the Bank.
8.4 The Bank may, from time to time, impose weekly (or other periodic) withdrawal restrictions on Accounts at its sole discretion.
8.5 The Customer will be entitled to receive payments only from the relevant branch of, Bank where the Account is maintained, unless certain Transactions/ withdrawals are otherwise expressly permitted by the Bank to be availed through other branches in Pakistan of the Bank and subject to such conditions related to Services as the Bank may specify from time to time.
8.6 Any withdrawal of a term deposit before maturity shall be at the Bank's sole discretion and the rate of profit or interest applicable for the period of such term deposit shall be in relation to the amount of the term deposit maintained before withdrawal. Any withdrawal shall also be subject to penalties and costs associated with pre-mature encasement / withdrawal as per the policy of the Bank applicable from time to time and as intimated to the Customer at the time of breaking of deposit.
9. Change of Particulars
9.1 The Customer shall notify the Bank immediately in the event of any change in the particulars of the Account(s). Until such change of particulars has been notified in writing to the Bank and acknowledged by the Bank, the Bank shall be entitled to rely on the existing instructions of the Customer.
10. Cheque Books
10.1 Withdrawal from any Account shall only be made on cheque forms supplied by the Bank, at the express written request of the Customer.
10.2 The Bank will only issue a cheque book to the concerned Customer or such other person, as is duly authorized by the Customer in writing.
10.3 The Customer undertakes to keep any cheque books and other monetary instruments issued by the Bank safely and securely at all times. The Customer shall exercise due care and prudence in order to ensure that all cheques, cheque books and monetary instruments issued by the Bank are not stolen, misappropriated or used for any unauthorized purpose. The Bank shall not be liable for any loss or liability that may occur in connection with the Customer's failure to exercise proper care. In the event that cheques are stolen from or lost by any Customer or forged, the Customer shall immediately notify the Bank and issue stop- payment instructions to the Bank. Loss of any cheque books should also be immediately notified to the Bank by the Customer. If the Customer has reported the theft or loss, before the presentation of the relevant cheque, he shall not be held liable for any loss or damage resulting from the payment of the relevant cheque.
10.4 Cheque Books shall be delivered to the Customer or his authorized representative. If the cheque book is not collected by, the Customer(s) or his/their authorized representative(s) for 60 Days from the date of printing, the Bank shall have the right to destroy the cheque book. In its anticipation the cheque book charges/ any Government taxes recovered will not be refunded. In the event that any cheque lodged for collection with the Bank js delayed or lost, the Bank shall use its best efforts to resolve the matter expeditiously.
10.5 Withdrawals form an Account may be made only upon the presentation of cheques, supplied by the bank, duly signed in accordance with specimen signatures and signing authorities registered with the Bank.
10.6 The Bank reserves the right to refuse to supply cheque book(s) or withdraw the cheque book facility without advance notice and without assigning any reason if, in its opinion, an Account is not satisfactorily operated or for any other reason whatsoever.
11. Deposits
11.1 The Bank may accept cheques, drafts and other instruments payable to the Customer for collection entirely at the Customer's own risk. Un-cleared items though credited shall not be drawn against, and if the same are allowed to be drawn against, the Bank shall have the right to debit the Account if the proceeds of the instruments are not realised.
11.2 The Customer shall indemnify the Bank in full as collecting banker form any loss which may be incurred by reason of the Bank guaranteeing endorsement or discharge on a cheque, bill, note, draft, dividend warrant or any other instruments presented by the custornm for collection.
11.3 Cheques or others negotiable instruments deposited by the Customer that have been dishonored may be returned by special post or messenger tcith-e-Cut-torner at the last known address of the Customer with the Bank atthe risk and expense ofthe Customer concerned, unless prior arrangement has been made otherwise for its collection.
11.4 The Bank may accept cheques, drafts and other instruments payable or endorsed to the- Customer for collection entirely at the Customer's own risk.
11.5 Deposits established with the proceeds of cheques will be value-dated after clearance. All cheques that are deposited with the Bank are to be considered as received by Bank solely in its capacity as the Customer's collecting agent and the Bank assumes no responsibility for the realization of items deposited in the Account for collection.
11.6 The Bank may refuse to accept for collection cheques drawn to the order of third parties. The Customer must make arrangements with the Bank for the confirmation of subsequent endorsements. The Customer assumes full responsibility for the genuineness, correctness and validity of all endorsements appearing on all cheques, orders, bills, notes, negotiable instruments and receipts and other documents deposited in the Account.
11.7 The minimum initial deposit/minimum average account balance required for opening and maintaining an Account may be determined and specified by the Bank from time to time. The Customer agrees to maintain such minimum balance at all times.
11.8 The Bank reserves the right to close any Account, including but not limited to an Account that fails to maintain the required minimum balance, without assigning any reason whatsoeverfor the closure.
11.9 The Bank may deposit the funds in its control with such depository (ies) as it may select in its sole discretion from time to time.
11.10 Except where agreed to the contrary between the Customer and the Bank, every payment received for the credit to Account(s) in a currency other than that of Such Account(s) may be converted by the Bank at its sole discretion into the currency(ies) of such Account(s) at the Bank's then prevailing rate of exchange before the same is credited to such Account(s).
11.11 In the event that the proceeds of the instrument(s) (i.e. cheques, drafts, etc.) deposited for collection are credited into the Account and subsequently remain unpaid for any reason whatsoever or are returned unpaid at any time in the future although previously advised as paid, the Customer undertakes to refund/repay the amount of the instrument(s) together with any expenses incurred by the Bank. The Customer authorizes the Bank to debit such amount and expenses from his/her Account(s).
11.12 The Customer will indemnify the Bank as the collecting banker for any losses which the Bank may incur by reason of guaranteeing any endorsements and/or discharges on any cheque, bill, note, draft, dividend warrant or any other instrument deposited by the Customer for collection and every such guarantee given by the Bank shall be deemed to have been given at the Customer's express request in each and every case. The Customer assumes the responsibility for the genuineness, correctness and validity of all endorsements appearing on all such instruments.
11.13 Paid cheques may at the discretion of the Bank be destroyed by the Bank after expiry of a period of five (5) years. Only images of the same may be available as stored on electronic media or other modern devices with the Bank.
12. Charges
12.1 Charges shall be levied according to the Bank's schedule of charges. Charges for transactions on foreign currency Accounts will be recovered in foreign currency only.
12.2 The Bank would not require any prior permission from the Customer for debiting the Account for any expenses, fees, commission, interest, Zakat, tax, stamp duty, excise duty, etc. arising out of any dealing with the Bank or payable to the Government of Pakistan,
12.3 Zakat, wherever applicable shall be deducted on the valuation date from Accounts having balances in excess of the exempted limit, as declared for the particular Zakat year. In case of exemption from Zakat, the declaration of exemption from Zakat on prescribed format shall be deposited with the Bank at least one (1) month prior to the valuation date or as per the Zakat rules applicable at the time.
12.4 Customer is required at all times to maintain minimum balance for PLS or current Account as determined by the Bank from time to time. If, at any time, the credit balance in the Account falls below the minimum requirement, the Customer shall be liable to pay a penalty as determined by the Bank from time to time and as specified in the schedule of charges. The Bank shall be entitled to debit the Account in respect of this penalty (if the Customer's Account shows zero balance fora period of six (6) months and is dormant, the Bank shall be entitled to close the Account).
13a. Return on Accounts (Savings)
13.1a In case of a profit and loss sharing Account, the amount in the Account and the profit thereon, shall be subject to these Terms.
13.2a The method of calculating any return under the profit and loss sharing scheme is governed by the prevailing regulations/directives of the SBP issued from time to time.
13.3a Any amount allocated as profit/loss by the Bank shall be final and binding on all Customers. No Customer or any other person claiming under him shall be entitled to question the basis of determination of such profit/loss.
13b. Return on Accounts (Term Deposit)
13.1b Unless specified otherwise, the term deposit shall be automatically renewed at the Bank's applicable prevailing rate on the date of maturity. Withdrawals of deposit before maturity shall be at the Bank's discretion, and shall result in forfeiture of any or all of interest or profit earned since the time of original or any renewed maturity date. The Bank also reserves the right to apply any penalties and/or other associated costs for the unexpired period in case of premature encashment.
13.2b In the event that a time deposit matures on a day other than a Business Day, then the Bank shall pay the deposit and/or the return thereon, as the case may be, on the next business day when the Bank is open for business.
13.3b Early encashment of a term deposit will be subject to a reduced rate of return and other charges, premature encashment penalty and associated costs as determined and intimated to the Customer by the Bank from time to time. More over one day notice will be required by the Bank for premature encashment of TDR
13.4b In absence of Zakat declaration or incompatibility with Zakat valuation date, Zakat will be levied on the maturity or encashment of the deposit/ profit.
13.5b The Bank reserves the irrevocable right to refuse execution of any notice/ request from the customer for any assignment, transfer or charge in favor of a third party by way of security except in favor of the Bank itself.
13.6b The accrual of profit on principal and/or profit after maturity date will be ceased unless specific instructions are placed and accepted by the Bank.
13.7b These terms and conditions are deemed to be and construed as a part of the terms and conditions in customer's account opening form agreed between customer and the Bank.
13.8b In case of roll over all information as per fresh placement form will be applicable if not amended hereby otherwise
14. Statement of Account
14.1 The Bank will issue and send to the Customer a statement of Account as may be required. The Customer will inform the Bank within forty-five (45) days of the date of issue of the relevant statement of Account of any mistake, discrepancy, and /or error in the same, after which the Bank's statement will be considered final.
14.2 If the Customer fails to notify the Bank as aforesaid, then such statement of Account shall be deemed to be correct and the balance stated therein shall be deemed to have been verified by the Customer and shall be taken as conclusive evidence for all purposes.
14.3 In case of any error in the entries, the Bank shall be within its rights to rectify the error and shall thereafter notify the Customer of such error and recover/disburse any amount wrongly paid or credited together with any accrued mark-up (or other return) thereon. The Bank shall not be responsible for any loss or damage caused due to such errors and subsequent reversals.
14.4 The Bank shall send the Customer a statement of balance at regular intervals to be set by the Bank in accordance with the rules and regulations of the State Bank of Pakistan. This statement of balance shall assist the Bank in seeking confirmation of the Customer's balance maintained in the Account as of a date specified by the Bank. The Customer agrees to comply with all instructions that the Bank may issue in this regard, including the obligation to inform the Bank of any discrepancies within forty-five (45) days of the issue of the statement of Account, failing which the statement of balance shall be deemed to be correct for all purposes. Statement of accounts shall be sent, free of charge, at least twice a calendar year. The Bank may charge the Customer for duplicates and/or additional statements of account in accordance with the rules and regulations of the State Bank of Pakistan and the Bank's schedule of charges.
14.5 In case of Accounts whose statements of accounts are returned undelivered, such Accounts may be classified by the Bank as 'Whereabouts Unknown'. The Bank shall deal with such Accounts in accordance with applicable laws and SBP directives.
15. Confirmation of Identity
15.1 The Bank shall offer a photo Account facility to persons who satisfy the Bank's criteria for the maintenance and operation of such Accounts. This shall include but not be limited to persons who are visually impaired, illiterate, and/or otherwise require photographic identification to enable the Bank to adequately identify such persons and satisfy the Bank's KYC requirements. Such persons may also be required to provide an indemnity to the Bank to enable the operation of their Account. Cards may be issued to photo Account holders subject to laws, regulations, and SBP directives, as applicable from time to time. Persons holding photo Accounts will be required to operate such Accounts in person at the Bank, including the signing of any instruments and/or documents which will be done before an officer of the Bank.
16. Notices by the Bank
16.1 All correspondences, notices, or demands by the bank, shall without prejudice to any other mode for effecting service, be deemed to have been validly effected or sent if served to the Customer personally or delivered or sent by telex or fax or registered mail or SMS or email or courier to the Customer's last known address in accordance with the Bank's record and shall be deemed to be duly delivered and received, on the actual date of delivery where personally sent or where sent by registered mail/courier, within three days of dispatch. In the case of any communication sent by telex or facsimile transmission or through any other future electronic means, such communication shall be deemed to be effected on the date of the telex or facsimile transmission was actually sent. Provided that the Bank may in the alternate or in addition to the above, serve notices by publishing notices in English and /or Urdu language newspapers, as permitted.
17. Indemnity and Liability
17.1 The Bank shall use its best endeavors to provide error-free operation of the Account and the services to its Customers. Notwithstanding the same, the Customer hereby confirms that the Bank shall not be liable for and indemnifies and agrees to hold harmless the Bank and its respective officers, directors, employees and representatives, agents and contractors from and against any and all losses, damages, liabilities, payments and obligations and all expenses (including without limitation reasonable regal cost) incurred, suffered, sustained or required to be paid, directly by, or sought to be imposed upon the Bank, arising out inter alia:
(i) The Bank acting upon the Customer's written or verbal instructions to stop payment, hold mail, issue and or to act on any other instructions, including standing instructions issued by the Customer to the Bank from time to time, or any unauthorized use of the Card.
(ii) Any claim by the Customer or any other third party concerning the amount, transfer, delivery, or non-delivery of any product requested through the Services or any other matter relating to the Services.
(iii) Any claim by the Customer for any discrepancies, errors, or delay of any Transaction dependent on third-party service providers.
(iv) Any action taken by the Bank in reliance upon:
Instructions that are revealed to be duplicate or erroneous;
Instructions purported to have been given by the Customer, are subsequently discovered to be fraudulent;
(v) Any taxes or other levies due to be paid by the Bank on payments made through or pursuant to the Service.
(vi) Any error, neglect or default, act or omission whether of itself or of its employees or of any correspondent, sub-agent, participating bank or of their employees. Subject to these Terms, any amendment or variation to the instructions.
(vii) Forany instruction not complied with, dueto reasons beyond the control ofthe Bank.
(viii) Any indirect, incidental or consequential loss or loss of profit that the Customer may suffer by reason of disruption or failure in any communication or electronic transmission facility or the services.
(ix) Any loss arising out of unauthorised or fraudulent access of the account or the services or otherwise in connection with these Terms or the Bank'sfailure to provide the Services.
(x) Loss, theft, disclosure of the PIN or the cheque-book.
(xi) The liability of the Bank for non-execution or delay in implementation of instructions will not in any case exceed the amount of value-dated adjustment if the failure or delay is attributable to the Bank.
(xii) Any indirect, incidental or consequential loss or loss of profit that the Customer may suffer by reason of disruption or failure related to the Terminals, any communication or electronic transmission facility or the Services.
(xiii) Any use or operation of any of the Services by the Customer.
(xiv) Unavailability of funds due to restrictions imposed by SBP or any other regulatory body/bodies, including refusal or inability to sell foreign exchange as necessary io meet request(s) for withdrawal, restrictions on withdrawal or on convertibility, or on transferability, or in the event of compulsory transfer or restriction being imposed on or otherwise affecting the Accounting any manner whatsoever. In which circumstances, the Bank's head office, other branches, subsidiaries or affiliates will be under no obligation to pay the amount standing to the credit of such Account of the Customer with any of the Bank's branches in Pakistan.
17.2 In case of the Bank being served any notice or made a party to any action, proceeding or litigation involving the Customer, the Account(s), the Services and/or the Transactions at the instance of any third party (other than when the Customer and the Bank are directly in dispute) the Bank will be fully indemnified by the Customer for all costs and expenses, including legal costs incurred or suffered by the Bank and the Bank may debit such amounts to any Account(s) of the relevant Customer.
18. Amendments
18.1 The Bank may from time to time revise and or change any of these Terms. Such changes shall be notified to the Customer thirty (30) days in advance of the amendments coming into effect. Such changes will either be notified to the Customer through the mail or SMS or email or by notice in the newspaper or by affixing a notice to that effect at a conspicuous place within the premises of the Bank's concerned branch. Such changes shall be deemed to have been approved unless the customer objects thereto in writing The customer's objections must be received by the Bank within one month from the date of notification of the amendments and if the Customer and the Bank fail to resolve the issue within a reasonable time, the customer or the Bank shall be at liberty to terminate the banking relationship.
18.2 The Bank may also from time to time revise and, or make changes to any of the charges liable in respect of the Services, as per the Bank's Schedule of Charges. Such changes shall be effective from the date specified by the Bank for such modification. Such changes will either be notified to a Customer throUth the mail or by notice in the newspaper or by affixing a notice to that effect for seven (7) days at a conspicuous place within the premises of the Bank's concerned branch or in such procedure as may be prescribed by the SBP from time to time.
19. Stop Payment Instructions
19.1 The Bank shall only act upon written stop payment Instructions signed by the Customer and delivered to the Bank. In case the stop payment instructions are received by the Bank after the instrument in question is en¬cashed, the Bank shall inform the Customer accordingly and shall be under no further obligation in regard to the said stop payment Instructions. The stop payment Instructions shall be effective fora period of 6 months commencing from the date of receipt of the same, if the instrument has not been en-cashed. The time at which the Bank received the aforementioned information or Instructions will be determined and certified solely bythe Bank and such determination shall be binding and conclusive on the Customer.
20. Hold Mail Instructions
20.1 The Customers desirous of not wanting the statements, advices and other correspondence relating to their Account(s) maintained with the Bank, to be mailed at their given address (es) shall furnish a duly filled / signed hold mail indemnity to the Bank. The Bank may in its sole discretion, upon a written request of the Customer, provide a "Hold Mail" facility whereby the Bank shall retain for periodic collection by the Customer or its duly authorized agent, all communications or statements of account relating to the Customer's Account.
21. Dormant Accounts
21.1 In case an Account remains inoperative for 1 Year, i.e. no debit transaction takes place for the period; the Account will be marked as inactive/dormant. Operations in the dormant Account shall not be allowed unless specifically requested by the Customer upon presentation of the Customer's original CNIC or any other valid document(s)/ requirements prescribed by the Bank from time to time.
22. Unclaimed Deposits and Instruments
22.1 In the event that an Account remains dormant and unclaimed and/ or any instrument remains unclaimed for ten (10) years or more the credit balance appearing in the account and/or the unclaimed instrument shall be transferred to SBP in accordance with Section 31 of Banking Companies Ordinance, 1962.
23. Miscellaneous
23.1 Governing Law: These terms and conditions shall be governed and be subject to the substantive and procedural laws of Pakistan, including all notifications, directives, circulars and regulations of the SBP and/or provincial or federal government or any other local authority or body, shall be deemed to be modified to the extent required for compliance with such laws.
23.2 No liability of the Bank: It is clarified that the Bank does not assume any liability for any delay or non- execution of any Instruction except on account of established gross negligence or willful misconduct on the part of the Bank. In any case, without prejudice to the above, the maximum liability of the Bank will be limited to interest/mark-up or value-date adjustment or the relevant payment or transfer Instructions.
23.3 In case of any dispute between the Bank and the customer in regard to the interpretation of terms and conditions mentioned in account opening form, the matter will be referred to the State Bank of Pakistan for resolution.
