• Definitions

    The following words shall have the meaning stated here under, unless the context otherwise requires:

    “Account” means the bank account held or to be held with the Bank in the name of the Cardholder (whether solely or jointly with another person), the number of which is or shall be specified in the application form for the Card and communicated to the Cardholder as appropriate.

    “Account Holder” means a person(s) who maintain(s) one or more accounts with the Bank.

    “Application” means any request, instruction or application made by an Account holder through an application form in respect of the card or supplementary card or such form or means as may be prescribed by the Bank from time to time.

    “ATM” or ATMs” means Automated Teller Machines installed and operated by the Bank in Pakistan and/or Automated Teller Machines of Banks participating in the Linked Network and/or the Automated Teller Machines of Banks or financial institutions in Pakistan and/or abroad where VISA is accepted.

    “Bank” means Mobilink Microfinance Bank Limited, a banking company incorporated under the laws of Pakistan and having its registered office at Plot no.3-A/2, F 8 Markaz, Islamabad, and includes the Banks successors in interest and assigns.

    “Card” means the VISA Classic plus and VISA Classic card issued by the Bank to the card holders and bearing the VISA logo on the terms and conditions contained herein.

    “Card holder” means an “Account Holder” maintaining an Account with the Bank and to whom a VISA Debit Card is issued and who has the power to operate it.

     “Card Transaction” means a cash withdrawal or payment made by a Cardholder using the card, and includes without limitation fees debited by the Bank to effect a Card Transaction or in connection with a transaction and the term ”Card Transaction” shall be construed accordingly.

    “Linkage Accounts” means Accounts which are linked by the Bank to the Card at the request of the Accounts Holder, for the purpose of the Card Transaction or other Services.

    “EFT” means Electronic Fund Transfer which includes all the electronic transactions excluding the merchant payments.

    “Link Network” means the 1-LINK and MNET network which honors the Card and /or any other networks which the Bank becomes a member of.

    “Merchant Service/ Retail Outlet(s)” means any serviced or retail outlet(s) of merchants located in Pakistan.  

    “Pakistan” means the Islamic Republic of Pakistan.

    “PIN” means the confidential Personal Identification Number allocated to the Cardholder by the Bank chosen by the Cardholder from time to time in relation to the Card and which enables the Cardholder to withdraw cash from the ATMS; to carry out banking transaction through the ATMs; make purchases by singing a sales receipt at Merchant Service/Retail Outlet(s) having POS Terminals that are equipped with PIN pads; and avail such other Services offered by the Bank through the ATMs from time to time.

    “POS TERMINALS” shall mean Points of Sale electronic terminals at Merchant Service/Retail Outlet(s), enabling the Cardholder to use the Card to access funds in the Account or Linkage held with the Bank to make purchases.

    “Rupees” means the lawful currency of Pakistan.

    “Statement of Account” means the periodic statement of account sent by the Bank to a Cardholder setting out, amongst other matter, transactions carried out and the balance for the related period.

     “Services” mean services availed by use of the Card as an ATM CARD or as a paying Card (DEBIT CARD), the Internet banking service and for any other services that the Bank may in its sole discretion provide from time to time.

    Schedule of Charges

    The Schedule of Charges are available at branches of the Bank and on the following website of the Bank: www.mobilinkbank.com

    “Terms and Conditions” mean the terms and conditions governing the use of the Card and the Services. “Net banking” means the internet banking facility provided by the Bank to the Cardholder through the following website: www.mobilinkbank.com

  • Issue and validity of card

    2.1. A Card will only be issued where a new Account is opened or where there is an existing Account of an Account Holder. An Account Holder’s Application for a Card shall be an offer that the Bank may, in its sole discretion, accept. The offer and acceptance shall be subject to the Terms and Conditions.

    2.2. A Card may be collected by the Cardholder from the Bank or at the request of the Cardholder, couriered by the Bank at the Bank’s discretion and subject to such terms and conditions as maybe specified by the Bank.

    2.3. The Card may be collected by the Cardholder or sent to the Cardholder’s address on the record of the Bank. In the event of the Card being sent by the courier, the same shall be at the sole risk of the Cardholder. All renewed and replace Cards thereafter will be sent by courier to the Cardholder’s last known address on record, at the sole risk of the Cardholder.

    2.4. A Card must be signed by the Cardholder immediately on receipt thereof in the space provided for signature and retention or use of the Card shall be deemed as confirmation of the Cardholder’s acceptance of the Card and these Terms and Conditions.

    2.5. In order to activate the Card, the Cardholder shall contact the Bank. The Card will be activated after the Bank verifies the necessary particulars of the Cardholder.

    2.6. A Card is only valid for the period shown on the face of same. Upon the expiry of the validity of the Card, the Cardholder must destroy the expired Card by cutting the same in half through the magnetic strip. Upon expiry, the Bank may at is sole discretion issue a new Card unless instructed otherwise by the Cardholder .The Cardholder shall continue to remain bound by these Terms and Conditions and any amendment thereto.

    2.7. A Card belongs to the Bank and accordingly, the Cardholder shall not use the Card if the Bank or an authorized officer, employee, associate or agent of the Bank has for any reason whatever advised the Cardholder to stop using the Card. The Bank or any authorized officer, employee, associate or agent of the Bank may instruct the Cardholder to handover the Card(s) or otherwise require the Cardholder to return the Card(s) to the Bank. The Cardholder shall handover or return the Card(s) immediately upon being so instructed.

    2.8. In the event of the Account being closed or its /her operations having being stopped or suspended for any reason whatsoever by the Bank, the card(s) shall immediately returned to the Bank by the Cardholder and the validity of the Card(s) would cease as of the date of closure, stoppage or suspension of the Account or Linkage Accounts.

  • Use of card

    3.1. The Bank may in its sole discretion allow the Cardholder to use the Card for availing the following Services:

    i. As an ATM Card for use on ATMs in Pakistan.

    ii. As a paying Card (Debit Card) for the payment of goods and services at Merchant Services/Retail Outlet (s) in Pakistan and abroad wherever VISA is accepted.

    iii. For any additional Services that the Bank provide for its Cardholder’s from time to time.

    3.2. On an Application, the Bank may at its sole discretion issue a Supplementary Card to any person nominated by the Cardholder and approved by the Bank. All Supplementary Card’s including renewal and replacement Cards may be collected from respective Branch or will be sent in accordance with Clause2.4 to the Cardholder last known address on record at the Bank at the sole risk of the Cardholder. The Supplementary Cardholder shall immediately sign on the signature space on the Supplementary Card and retention or use of the Card shall be deemed confirmation of the agreement of the Supplementary Cardholder to these Terms and Conditions and acceptance of the Card. If a Card issued to a Supplementary Cardholder, the Cardholder who is the Account Holder, shall be solely responsible for any and all Card Transactions, charges, liabilities, costs and expense incurred or payable by the Cardholder and/or the Supplementary Cardholder.

    3.3. The Card shall only be used by the holder of the Card. The Cardholder shall also not give the Card to any third party and shall take all necessary precautions and proper care to ensure that the Card is kept in a safe place and is not mislaid, lost or stolen. The Cardholder shall immediately notify the Bank through calling on Helpline number or written instructions to block and prevent usage of the Card, if the Card is lost, mislaid or stolen or if it otherwise comes into the hands of any third party. The time at which the Bank receives such instructions to block and prevent usage of the Card will be determined and certified by the Bank and such determination shall be binding and conclusive on the Cardholder. The Bank reserves the right at its sole discretion act on oral or electronic instructions subject to the same being confirmed by written instruction as soon as reasonable so as to block and prevent any usage of the Card ,as the case maybe. Notwithstanding the above, the risk and liability of any acts or omissions of any Bank personal in this regard remains solely that of the Cardholder.

    3.4. The Cardholder shall accept all Card Transactions, including without limitation, all debits made to the Account or Linkage Accounts, except, after notice of loss, theft fraud, or pilferage where instructions to block or prevent usage of the Card has been advised by the Cardholder to the Bank in via calling on helpline or in writing, and such written notice has been duly acknowledged by the Bank. The time at which The Bank received such instructions shall be determined and certified by the Bank and such determination shall be binding and conclusive on the Cardholder. The Bank reserves the right as its sole discretion to act on oral or electronic instructions subject to the same being confirmed by outbound call to the Cardholder or written instructions as soon as reasonably possible so as to lock or prevent any usage of the Card. Notwithstanding the above, the risk and liability of any acts or omissions of any Bank personal in this regard remains solely that of the Cardholder.

    3.5. A Card Transaction cannot except as provided in these Terms and Conditions, be cancelled by the Cardholder after it has completed. The Cardholder shall retain charge slips/receipts of all Card Transactions which shall be submitted to the Bank should the Bank requires same for any purpose.

    3.6. The Cardholder agrees to pay and authorize the Bank to debit any Account or Linkage Accounts of the Cardholder with all debits, including charges, fees, rates, levies or losses as maybe due from the Cardholder to the Bank from time to time howsoever arising as a result of the use of the Card.

    3.7. The Bank shall debit the amount of any Card Transaction from the Account as soon as the Bank receives notification from the Merchant Service/Retail Outlet(s).The Bank shall be liable for any loss resulting from any delay in debiting the amount of Card Transaction. The Cardholder’s obligation to reimburse to the Bank any amount due or becoming due from the Cardholder for all Card Transaction continues even after closing of the Account of Linkage Accounts.

    3.8. If a Merchant Service/Retail Outlet(s) makes a refund or reversal for a Card Transaction, the Bank will credit the relevant Account after it receives the Merchant Service/Retail Outlet(s) proper instructions and the funds in respect of such refund or reversal. The Bank will not be responsible for any delay in receiving such instructions and refund from any Merchant Service/Retail Outlet(s).

    3.9. The Cardholder should ensure that a sufficient credit balance is available in the Account or Linkage Account to which Card relates, before using the Card. If for any reason, the Account or Linkage Accounts are over drawn by the Cardholder or Supplementary Cardholder by use of the Card, the Cardholder authorize the Bank to charge markup and/or service charge at the prevailing rates from time to time on the over drawn amount .The Cardholder shall immediately repay any overdrawn amount. The Bank at all time is authorize to cancel the Card without prior notice and demand the payment of the over drawn balance together mark-up and liquidated damages, without prejudice to any other rights that the Bank may have hereunder or at law.

    3.10. The Bank shall not be liable for any loss or damage resulting from the refusal of any Merchant’s Service/Retail Outlet(s) or ATMs, to accept the Card.

    3.11. Any amount stated on the screen of ATMs or on the printed transaction record/charge slip shall not for any purpose whatsoever be taken as conclusive as to status of the Cardholder’s Account with the Bank .All transaction shall be deemed conclusive by the Statement of Account issued by the Bank from time to time and otherwise by the records of the Bank.

    3.12. The cardholder further undertakes to accept full responsibility for any and all Cards Transaction made by the use of the Cards whether made with or without the personal knowledge or authority or consent of the Cardholder and the Cardholder shall accept the Bank’s records of cards transaction generated electronically or otherwise as conclusive and binding for all purposes.

    3.13. The Bank reserves the rights without prior notice at any time or from time to time to reduce or increase total cash allowed to be withdraw by any cardholder from the ATMs during any period. The Bank also reserves the right to limit or increase cards transaction carried out through POS terminals. Daily minimum / maximum transaction limits also apply to and may vary between different ATMs belonging to different Banks or a linked network. The Bank is not responsible for any loss or inconvenience that the cardholder may suffer due to lack of uniformity in these limits, for transaction through different ATMs or a linked network.

    3.14. Should the cardholder have any complaints regarding or dispute with the merchant service/retail outlet (s), the matter should be resolved by the cardholder with the merchant service / retail outlet (s), and the Bank shall be under no obligation or bear any responsibility what so ever in connection with such complaint or dispute.

  • Issuance of PIN

    Cardholder can generate or change his ATM Card PIN by calling Bank’s helpline where agent will facilitate after getting proper verification. The security of the PIN is very important and the Cardholder shall not disclose PIN to anyone. If the Cardholder fail to observe any of the security requirements, the Cardholder will be liable for consequences. If the PIN is held with the Card and subsequently lost or stolen, the Cardholder will be liable for all PIN related Transactions.

  • Internet banking

    5.1. Internet baking will be available to the cardholders in respect to their individual and linked accounts upon their consent of having the EFT services.

    5.2. In order to use the internet baking, the cardholder must be registered with the Bank to use the Internet baking service.

    5.3. The Bank will give the cardholder initial login password and a user identification code and the cardholder will use the password and the user identification code for accessing Inter net banking service.

    5.4. The cardholder must safeguard the passwords and user identification code and will change the same regularly and shall make changes to the login password and user identification codes whenever the internet banking service requires the cardholder to do so.

    5.5. The cardholder agrees and undertakes to indemnify the Bank and hold the Bank harmless against all liabilities, losses, and cost. Claims, actions, proceedings, demands, and expenses of what so ever nature that may be suffered incurred, or sustained as a result of the Inter net banking service and utilized by the cardholder.

    5.6. The Bank does not undertake any responsibility and shall not be liable for carrying out any instructions issued through the Internet banking service even where such instructions have been issued without the Cardholder's authority.

  • EFT Consent

    6.1. EFT services will be available to the customer upon their consent.

    6.2. In order to avail the EFT services their ways to it

    6.2.1. For new customers, EFT consent is incorporated in the account opening form.

    6.2.2. For existing customer, the customers will have to visit branches and provide consent upon Biometric verification.

    6.3. The customer agrees and undertakes to indemnify the Bank and hold the Bank harmless against all liabilities, losses, and cost. Claims, actions, proceedings, demands, and expenses of what so ever nature that may be suffered incurred, or sustained as a result of the EFT service and utilized by the customer.

    6.4. The Bank does not undertake any responsibility and shall not be liable for carrying out any instructions issued through the EFT service even where such instructions have been issued without the Customer’s authority.

    6.5. Limits of EFT are available on our website as schedule of charges www.mobilinkbank.com/Resources#

    Channel EMV Visa Classic Core (Daily Transfer Limit) EMV Visa Classic Plus (Daily Transfer Limit)
    ATM 250,000 500,000
    Internet Banking 250,000 500,000
    Mobile App 250,000 500,000
  • Complaints

    The Cardholder will write to the Bank if the Cardholder believes that the Statement of Account is incorrect in respect of any matter, or if the Cardholder believes there has been an error involving the Card, if the Cardholder needs more information about a transaction shown on a Statement of Account, within seven (7) days of the Card Transaction or receipt of the Statement of Account. The Cardholder will provide all details with the written notice to enable the Bank to investigate the matter. The Cardholder shall provide any further information required by the Bank. The Bank will investigate the matter following receipt of all relevant information and the findings of the Bank shall be conclusive and binding for all purposes.

  • Statment of account

    The Cardholder must check the Transaction Records from the Account Statement sent by the Bank as per the set frequency or the service can be availed through internet banking and through mini statement from an ATM using Card or Biometric.
    The Cardholder will inform the Bank in writing within 7 days of Transaction or issuance of Statement, whichever is later, if any irregularities or discrepancies exist in the Transaction particulars of the Account or in the Account Statement that the Bank sends to the Cardholder. If the Bank does not receive any information to the contrary within 7 days, the Bank is entitled to assume that all Transactions are correct and can be treated as conclusive evidence for all purposes. In addition, in the event that the Card/Biometric is used at any ATM or the Card is used online through permissible digital channels and the Cardholder receives short payment or no payment despite the Transaction having been successfully executed, he/she must inform the Bank in writing within 7 working days of the impugned Transaction, otherwise the Bank’s Statement of Account and records shall be deemed to be conclusive of the matter. Furthermore, in the event the Cardholder uses the Card at any ATM which is not operated by the Bank, then the Bank shall be entitled to rely on the records provided to it by the 1-Link switch and any omission or failure by the Bank to contemporaneously debit the Cardholder’s Account for any Transaction by the Cardholder may be completed by the Bank on any subsequent date by direct debit without prior reference to the Cardholder.

  • Fees, Charges & Taxes, Levies etc

    9.1. The Bank shall charge to each Cardholder in respect of the Card in accordance with the Bank's Schedule of Charges

    9.2. Charges for usage of the Bank's ATMs or Linked Network ATMs shall believe according to the Bank's Schedule of Charges (Where applicable).

    9.3. The Cardholder shall be liable for the payment of all taxes, levies, duties or expenses that may be attracted in relation to the issuance and use of the Card.

  • Liability & Indemnity

    10.1. The Bank shall not be responsible or liable for any loss suffered as a result of the Bank being prevented from or delayed in providing services in relation to the Card or any Services.

    10.2. The Bank shall not be responsible or liable for any loss or damage arising directly from any malfunction of the Card or ATMs or POS Terminal, or for any technical or non-technical defect or breakdown of any ATMs and/or any part thereof or the temporary or prolonged non-availability of any Services or in respect of the Card, ATMs or POS Terminal for any reason whatsoever, including without limitation due to any dispute of whatsoever nature.

    10.3. The Bank shall not be responsible or liable for any loss suffered as a result of the Bank being prevented from or delayed in providing any service pertaining to the Card or any other Services including due to strike, acts of war, failure of power supplies or equipment or any other cause beyond the Bank's reasonable control.

    10.4. The Cardholder hereby agrees to indemnify and keep the Bank indemnified from and against all actions, claims, demands, proceedings losses, damages, personal inquiry, costs, charges and expenses whatsoever which the Bank may at any time incur, sustain, suffer as a consequence of providing the Cardholder the facility of the Card or by reason of the Banks acting in good faith and taking or refusing to take any action on the Cardholder's instructions or otherwise by providing the Services or if the PIN is lost, mislaid or stolen or in the event of a breach of these Terms and Conditions by the Cardholder.

    10.5. The Bank is not liable in any way for the quality, quantity, sufficiency or acceptability of any goods or services purchased by the use of the Card by the Cardholder or for any additional amount charged by a Merchant Service/Retail Outlet(s), or for any breach of a Card Transaction by a Merchant Service/Retail Outlet(s). In any such event or in the event of a dispute between the Cardholder and a Merchant Service/Retail Outlet(s), the Cardholder's liability to the Bank shall in no way be affected, reduced or suspended.

  • Services

    The Bank may, at its discretion, make available to the Cardholder more Services on the Card, ATMs, POS Terminals, and /or the Linked Network for the Cardholders convenience and use. All fees and charges, related to same shall be as determined by the Bank from time to time and will be recovered by a debit to the Cardholder's Account or Linkage Accounts. The Bank may also, in its sole discretion at any time, without notice to the Cardholder, be entitled to withdraw, discontinue, cancel, suspend or terminate the facility to use the Card and/or any Services within or outside Pakistan and shall not be liable to the Cardholder for any loss or any damage suffered from such suspension or termination.

  • Disclosures

    12.1. The Cardholder hereby expressly authorizes the Bank to disclose at any time and for any purpose, any information whatsoever relating to the Cardholder's personal particulars, accounts, transactions or dealings with the Bank, to the head office or any other branches, subsidiaries or associated or affiliated entities of the Bank wherever located; any government or regulatory agencies or authorities in Pakistan or elsewhere: any agents or contractors which have entered into any agreement to perform any service(s) for the Bank's benefit: credit information bureaus; any member of the International VISA network; and any other person(s) whatsoever where the disclosures are required by law or otherwise to whom the Bank deems fit to make such disclosure. The Cardholder shall provide the Bank information required by law or regulation, or any other information the Bank may reasonably request from time to time. The Bank reserves the right to disclose the Cardholder's information to any court of competent jurisdiction, quasi-judicial authorities, law enforcement agencies and any other relevant authority, or any other person in the conduct of the Bank's business.

    12.2. lf there is any claim or dispute arising from the use or the purported use, loss or misuse of the Card, the Bank may disclose to parties who are privy to the Card Transactions arising there from to any competent authorities, any information regarding the Account and the Linked Accounts that the Bank deems necessary in its sole opinion for the purposes of investigating a claim or dispute or for the purposes of recovering any amount outstanding through the services of debt collecting agencies.

  • Trems & Conditions

    13.1. The Term and Conditions for the use of the Card as specified herein shall be deemed to have been unconditionally agreed to and accepted by the Cardholder by signing the Card application form, or by signing the reverse of the Card, or by performing any Card Transaction with the Card or by requesting the Bank for activation of the Card or after three (3) days from the date of dispatch of the Card to the last known address to the Cardholder on the record of the Bank. These terms and conditions will be in addition to and net in derogation of the terms and conditions relating to any Account of the Cardholder.

    13.2. The Bank reserves the right to alter, amend or revise any feature offered by the Card and also to alter any of these Terms and Conditions and may notify the Cardholder of any changes to the Terms and Conditions for use of the Card in any manner the Bank considers appropriate. The Cardholder must notify the Bank of any changes address. The Bank may also give the Cardholder notice of variation of these Terms and Conditions by displaying a notice on or within the vicinity of the Bank's branches, the site of an ATM or by a press advertisement or by a message in the Cardholder's Statement of Account or by any other means the Bank may deem fit.

  • Death of card holder

    In case of death of card holder legal heirs should inform the bank, Bank will not be held responsible in case account is unauthorized debited.

  • Bank’s right to consolidate

    Notwithstanding any provision to the contrary contained in these Terms and Conditions, the Bank shall have the right at any time and at its sole discretion to consolidate, combine and/or merge all or any Accounts in the name of the Cardholder without prior notice to the Cardholder and such right to consolidate, combine and/or merge shall include the right to adjust or set-off any indebtedness that the Cardholder may incur in favor of the Bank. If subsequent to such consolidation, combination or merger, a shortfall or deficiency arises in the favor of the Bank, the Cardholder shall be bound to pay the same forthwith upon first demand by the Bank.

  • Notices

    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 validity effected or sent if served to the Cardholder personally or delivered or send by telex or fax or registered mail/courier to the Cardholder'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, within three days of dispatch and the next day after posting, if sent by courier. In the case of any communication sent by telex or facsimile transmission such communication shall be deemed to be effected on the date the telex or facsimile transmission was actually sent. All notices under these Terms and Conditions sent to the Cardholder shall be deemed to be communications sent also to the Supplementary Card member.

    16.2. Any notice or instruction to be given by the Cardholder to the Bank under these Terms and Conditions shall be given in writing and delivered personally or sent by registered post or courier and shall take effect after one business day or such longer period as the Bank may require after the Bank's actual receipt of such notice.

  • Termination

    17.1. The Cardholder may discontinue the use of the Card and the Services at any time by giving a written notice to the Bank accompanied by the return of all Cards cut into two diagonally. The Cardholder shall be liable for all charges incurred up to the date of receipt by the Bank of the written notice along with the cut up Cards, and duly acknowledged by the Bank.

    17.2. The Bank shall be entitled at any time to cancel the Cards without assigning any reason whatsoever and with or without giving any prior notice to the Cardholder. Upon cancellation of the Cards, the Cardholder shall return all the Cards to the Bank cut into two diagonally. The Cardholder shall be liable for all charges incurred up to the date of receipt of the cut up Cards and duly acknowledged by the Bank.

  • Waiver

    The Bank may at any time waive either unconditionally or otherwise any of these Terms and Conditions or any default or breach of the Cardholder, provided that such waiver is given in writing by the Bank, save as aforesaid, no condoning or excusing of and no neglect or forbearance on the part of the Bank of the default or the breach of these Terms and Conditions shall operate as the waiver of the Bank's rights and powers and no waiver shall be inferred from or implied by anything done or not done by the Bank unless expressed in writing by the Bank. Any waiver if given in writing shall operate only as waiver of the particular mailer to which it relates and shall not operate as a waiver of any of these Terms and Conditions.

  • Governing Laws

    19.1. These Terms and Conditions and use of the Card shall be governed by the substantive and procedural laws of Pakistan, including all notifications, directives, circulars and regulations of the State Bank of Pakistan.

    19.2. The Cardholder / Supplementary Cardholder submits to the exclusive jurisdiction of the competent courts in Pakistan in respect of any dispute arising out of these Terms and Conditions, though the Bank Shall have the right to pursue legal recourse/remedies in Courts outside Pakistan if deemed appropriate by the Bank to recover any amount due from the Cardholder to the Bank. The Card is governed by these Terms and Conditions and the retention or use of the Card by the Cardholder or Supplementary Cardholder shall amount to acknowledgement that the Cardholder or Supplementary Cardholder, as the case may be, shall be bound by these Terms and Conditions. I hereby declare and confirm that I have read, understood and received the copy of Terms and Conditions for ATM/Debit Card services relating to the establishment and operation of ATM/ Debit Card with WMBL and here by covenant and agree to observe and be bound by the said Terms and Conditions and any changes, supplements or modifications thereto that may be made by the Bank from time to time.

  • Account Opening Form (Individual/Joint)

    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, 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.
    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).
    13.    Return on Accounts (Savings, Term)
    13.1    In case of a profit and loss sharing Account, the amount in the Account and the profit thereon, shall be subject to these Terms.
    13.2    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.
    13.3    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.
    13.4    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.
    13.5    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.
    13.6    Early encashment of a time 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.
    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 rules and regulations of the State Bank of Pakistan. This statement of balance shall assist the Bank in seeking a 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 which 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 regulation 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 maintenance and operation of such Accounts. This shall include but not be limited to persons who are visually impaired, illiterate and/or otherwise require a 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 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 send if served to the Customer personally or delivered or send by telex or fax or registered mail 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, 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 which are revealed to be duplicate or erroneous;
    Instructions purported to have been given by the Customer, which 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 tothe 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 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.