General terms & conditions of accounts and banking services

In consideration of Arab Bank for Investment and Foreign Affairs (hereinafter referred to as the “Bank/Al Masraf”) which expression shall include their successors and legal assigns, agreeing to open an Account (as hereinafter defined) to the Customer (as hereinafter defined) or the performance of any transaction or subscription to any Banking Services (as hereinafter defined), the Customer hereby agrees to the following terms and conditions (hereinafter referred to as the “Terms and Conditions”), in addition to any other terms and conditions issued/amended subsequently at any point of time by the Bank in relation to the Account(s) and Banking Services.

These Terms and Conditions shall apply on all the Bank Accounts of any kind opened or maintained by the Customer with the Bank and these Terms and Conditions govern all the transactions conducted through those Accounts. The Customer signature on the Bank’s Account opening forms and applications, subscription or usage of any Services/product offered by the Bank and conducting of any transaction with the Bank shall constitute an acceptance to these Terms and Conditions as amended from time to time.

Phrasing

• Words importing only the singular shall include the plural and vice versa.
• The Customer shall be construed so as to include the Customer’s authorised signatories and, in circumstances and where the relevant Account is a Joint Account, reference to single customer shall be reference to all customers in the names of whom the account is opened, unless the text indicates otherwise.
• The words importing any gender shall include all genders, words importing person shall include a sole proprietor, partnership, firm, company, corporation or other legal person.
• These Terms and Conditions and their amendments constitute an integral part of the Account opening documents and relevant Banking Service documentations offered by the Bank to the Customer.

Definitions

In these Terms and Conditions where the context so admits, the followings expressions shall have the meanings herein designated unless the context otherwise require:

Account: means any of the following accounts: Current Account, Saving Account, Call Account, Fixed Deposit, and any other type of Account and/or Safe Deposit Boxes opened with the Bank under any name.

Agent: means any person or persons such as agent, advisor, auditor, broker, correspondent, market professional, contractor, service providers, vendor or custodian etc. appointed or approved by the Bank to support or provide a Banking Service to the Customer.

Authorized Signatory/Attorney: means, any person who is duly authorized and has legal capacity (in such manner as may be reasonably acceptable to the Bank) to execute or sign these Terms and Conditions or other document or application to be executed or signed under or in connection with the Account(s) and Banking Services on behalf of the Customer. The Authorized Signatory/Attorney commits that these Terms and Conditions are valid, legal and enforceable.

Bank/Al Masraf: means Arab Bank for Investment and Foreign Affairs, its branches, successors and legal assigns.

Banking Services: means any kind of banking service(s) offered by the Bank to the Customers such as and without limitation branches banking, Internet Banking, Phone Banking, Mobile Banking, withdrawals, deposits and payments through Automated Teller Machines (ATM) and cash deposit machines, making payments through the internet or any other technology, and/or any other kind of Banking Services provided to the Customer at any time.

Bank Electronic Instructions: means the Bank electronic documentation via the Internet ATMs, Mobile Banking, Phone Banking, SMS banking and operating instructions or reference guidelines issued by the Bank in any written form or in the guide on the Bank website.

Beneficiary: means the authorized recipient of any funds through Banking Services.

Business Day: means any official working day on which the Bank is open for business.

CBUAE: means Central Bank of United Arab Emirates.

Card: means Automated Teller Machine (ATM) card (i.e. Visa Electron/Visa Debit Card) or any other Card issued by the Bank to its Customers to use it for cash withdrawal from Automated Teller Machines (ATM) or purchase of goods and services through the Internet, phone, or any other mean where the Card is not physically available at the time of the transaction when the Bank allows to do so.

Cardholder: means any individual in the name of whom a Card is issued by the Bank to undertake financial transactions through the Account. The Cardholder includes the principle Cardholder and supplementary Cardholder, if any.

Cooling-Off Period: is a period of time after agreeing to open the Account, allows a Customer to reconsider the opening of the Account and to withdraw from the Agreement without suffering any undue costs, obligations or inconvenience. The Cooling-off Period begins immediately after signing of the Account Application Form.

Customer: means any person individual or corporate who has an Account with the Bank and/or subscribed to utilizing any of the Banking Services.

Customer’s Instructions: means the instructions given by the Customer to the Bank from time to time regarding the Account.

Electronic Communications: means all electronic correspondence including but not limited to facsimiles, emails, Internet, SMS and statement of Account between the Bank and the Customer and any other party related to the placement of these Terms and Conditions shall be deemed as a legal and binding communication.

Internet: means a collection of information stored in a computer available throughout the world.

Internet Banking Services: means a computer based electronic banking service offered by the Bank to the Customer (currently known as Al Masraf Mobile app and online banking portal or any other name determined by the Bank) which enables the Customer to connect with the Bank via the Internet to conduct Banking Services with the Bank from remote locations such as and without limitation balance inquiry, funds transfer, bills payment and/or any other Banking Services offered by the Bank from time to time.

Joint Account: A Joint Account is an Account that is opened in the name of two or more natural persons.

PIN: means the Personal Identification Number issued to the Cardholder and/or selected by the Cardholder to enable the Card to be used at an ATM, retail outlet accepting the Card, and other self-service terminals.

Swift: Society for Worldwide Interbank Financial Telecommunications, a computer network which provides interbank communication facilities worldwide.

TIN: means secret “Telephone Identification Number”, which when used by the Customer in conjunction with the User Identification will allow the Subscriber access to the Phone Banking Service, it may also be the same personal identification numbers of the automated debit card issued by the Bank to the Customer.

UAE: means United Arab Emirates.

User Identification: The Customer Identification number or word advised by the Bank to the Customer for the purposes of identification while using the Banking Services.

Value Date: means the date on which the funds pertaining to a Financial Transaction are made available to the beneficiary.

A. Bank Accounts

In addition to the terms and conditions, if any, set forth in the application form complete by the Customer, the Customer agrees that the following terms and conditions are applicable to all Account types opened with the Bank:

• 1. The Customer acknowledges that no Account will be opened until all documentation required by the Bank at its sole discretion is received.
• 2. The Customer shall have the right to a Cooling-Off Period of five (5) business days from the date of signing the Account application form. During this period the Customer has the right to cancel the Account application form without incurring any undue charges or penalty. However, if the Customer wish to waive the Cooling-Off Period, Customer may sign the waiver letter attached to the Account application form.
• 3. The Bank may at its sole discretion issue the Customer a cheque book which may be made available for collection by the Customer or his authorized signatory/attorney at the branch at which the Account was opened or may either be sent by courier /mail at the Customer’s absolute responsibility and risk and without any liability on the Bank, to the address specified in the Account application form.
• 4. The Bank shall be entitled to debit the Customer’s Account any cheque, bills of exchange, promissory notes or orders for payment drawn, accepted or made by the Authorized Signatory/Attorney and to carry out any instructions relating to the Account notwithstanding that any such debiting or carrying out may cause, such Account to be overdrawn or any overdraft to be increased, but always without prejudice to the Bank’s right to refuse to allow any overdraft or exceeding the limit. The Customer shall be responsible for any overdraft or obligations arising in or in connection with the Account.
• 5. In (or another analogous proceeding) of the Customer (including a Joint Account holder), the Bank shall not be liable for any loss which may arise from any dealings on the Account unless and until the Bank has received a written notice of the same together with satisfactory documents acceptable to the Bank at its sole discretion. In such circumstances, the Bank shall suspend block or freeze all dealings on the Account (whether in whole or in part) in the name of the Customer, whether held singly or jointly with another account holder, from the date of notification until the Account status is corrected according to the applicable laws
• 6. At any time that an Account is blocked or frozen, the Bank may accept deposits into that Account in accordance with these General Conditions but no withdrawals shall be made from such Account other than in accordance with applicable law or in accordance with an order from a competent court or authority having jurisdiction over the Bank.
• 7. The Customer accepts all costs, expenses, and risk whatsoever in connection with any Account denominated in any currency including without limitation, any valid legal or regulatory restriction international or domestic. The Bank shall not be liable for any loss or delay pursuant thereto. Withdrawals in foreign currency notes shall be subject to their availability at the concerned Bank’s branch. Conversion from one currency to another shall be at the Bank’s rate of exchange as determined by The Bank from time to time on the transaction’s date.
• 8. All money’s securities, bonds, collateral, shares, shipping document, banknotes, coins, gold or other valuables and property of whatever nature which are held in the name of the Customer by the Bank whether in the form of Account of whatever type shall be so held as security to guarantee the settlement of any debit balance due to the Bank arising under these Terms and Conditions or any other banking facility agreement or loan granted to the Customer in future. Furthermore, the Customer agrees to keep it within the Bank’s possession as “collateral against credit facilities or loans” until the Customer fully pays his indebtedness to the Bank including due interests, commissions expenses and other due charges. If the Customer does not pay such indebtedness to the Bank’s on its first request, the Customer herewith authorizes the Bank to set off the outstanding balance from his possession held in “collateral against credit facilities or loans” account without having to notify or inform him beforehand. This authorization is irrevocable and the Customer cannot cancel it without the Bank’s written consent. The Bank shall have the right to always set off the credit and debit balances of the Customer’s Accounts. The debit balance of anyone of the Customer’s Accounts will be secured by the credit balance of any other one of his Accounts including Accounts opened in any other foreign currency. The Bank may also debit any of the Customer’s Accounts opened with the amount of any bills, guarantees, cheque and drawings, given or purchased and signed by the Customer.
• 9. Without prejudice to the applicable laws, any delay or omission by the Bank in exercising or enforcing (whether wholly or in part) any right or remedy arising in respect of the Account shall not be construed as a waiver of such right or remedy.
• 10. The Bank shall provide the account statement to the Customer for each Account to the customer’s email address held with the bank at such intervals as the Bank may decide.
• 11. Unless otherwise requested by the Customer, account statements shall be delivered by electronic mail to the Customer’s registered electronic mail address in the Bank’s records. It is the Customer’s responsibility to set up, maintain and regularly review the security arrangements concerning access to and use of the Customer’s electronic mail and internet systems. Any account statement delivered electronically will be deemed to constitute an account statement as required by applicable law and shall, for all purposes, satisfy the Bank’s obligations to deliver to the Customer an account statement.
• 12. In circumstances where the Bank determines it is not reasonably practicable to deliver account statements to the Customer electronically and if the Customer requests, the Bank may deliver such statements of account by regular post or courier to the Customer’s address in the Bank’s records.
• 13. The statement of Account must be carefully checked and reviewed by the Customer on receipt, and notified in writing to the Bank of any error or discrepancy within thirty (30) days of the statement of Account date as it appears in the Bank records, otherwise, the statement of Account shall be deemed to be correct (subject to the Bank’s right to rectify any error) and accepted by the Customer. The Customer may not thereafter raise any objections to the statement of Account and the statements maintained by the Bank as to the status of the Customer’s Accounts shall be conclusive and binding on the Customer.
• 14. If the Customer does not receive the statement of Account for any period, it is the responsibility of the Customer to notify and request a statement of Account from the Bank within one (1) month of the date on which such statement of Account would normally have been sent to him.
• 15. The Customer must immediately notify the Bank in writing of any change in the details given on Customer information / Account opening form. If Customer fails to notify the Bank, the Bank and its employees, officers or representatives shall not be liable for whatever loss incurred until notifying in writing.
• 16. The Customer may be given the option of accessing his statement of Account via the Internet Banking Service if he subscribes to the Bank’s Internet Banking Service. If the Customer opts from this Service, once the statement of Account becomes available on the Bank’s website, the Bank will deliver a notice to the Customer’s email address available in the Bank’s record.

• The Bank shall be deemed to have delivered the statement of Account to the Customer upon receipt by the Customer of the email containing such Statement of Account unless the Bank receives an automated message stating that email has not been delivered.
• The Customer agrees to notify the Bank within seven (7) days of the receipt of the email if he is unable to get access to the statement of Account. Upon expiry of such period, the Customer shall be deemed to have received, accessed and accepted as true and correct all information contained in the statement of the Account.
• In addition to the above, the Customer acknowledges the risk that is associated with the data received / delivered through the internet/e-mail including any confidential information that might have been accessed or seen by third parties. The Customer releases and discharges the Bank, its employees, officers and representatives with regard to damages suffered by the Customer directly or indirectly due to such unauthorized access by or disclosure of confidential information to third parties provided the Bank has maintained the adequate IT safety standards.
• The Customer understands and agrees that the storage of information including without limitation, the user name, password, the Account information, account activity, the transactions conducted in the Account and any other information stored on the Customer’s personal computer shall be stored at the Customer’s risk and liability, the Bank shall not be responsible for any unauthorized access by or disclosure of information to third parties.
• The Bank will ensure to take proper security measures before transmitting any information or data to Customer by email, internet or mobile.
• The Customer agrees that the Bank may at its sole discretion restrict or terminate the Customer’s use of the service stated herein. The Customer further agrees that the Bank may stop sending him statements for his Account by mail if he opts to use the service stated in this clause.

• 17. The Customer agrees that the Bank shall abide by the applicable laws and competent authorities instructions to freeze any funds in the Customer’s Account or take any action necessary if the Bank believes that funds have been obtained through illegal means or transactions. The Bank may report any suspected or confirmed money laundering or other suspicious or illegal activities or transactions in or related to the Account or Banking Services to the competent authorities in United Arab Emirates. The Customer further agrees that the Bank shall have the right to freeze the credit balances in any Account in execution of competent court order, CBUAE instructions or the instructions of any competent authority. Furthermore, the Bank has the full right to stop transaction(s) and close the Account with immediate effect, if there is a sanctions/compliance concern without sending prior notification to the Customer.
• 18. The Bank reserves the right, and the Customer hereby authorizes the Bank to debit the Customer’s Account (in case of insufficient balance to overdraw the account) in case of crediting any funds to the Account due to computer system error, technical error or malfunction, human error, clearing system error, or any other reason without any liability towards the Bank. The Customer hereby waives its right to file any claim or lawsuit against the Bank as a result of exercising its right under this clause.
• 19. The Customer agrees that the Bank shall have the right to modify or change the Account number or User Identification number at any time with prior notice.
• 20. Subject to any minimum balance. Banking Service fees and/or any other requirements, the Customer may request the Bank in writing (or through Internet Banking Service whenever possible) to establish and open an additional Account with a different account number. Unless agreed otherwise, these Terms and Conditions shall apply to the Accounts with prefixes/suffixes and any additional Accounts with prefixes/suffixes opened with the Bank and linked to the Customer primary Account number without any need for executing fresh account opening documentation for each additional prefixes or suffixes.
• 21. Without prejudice to what is stated in the above clause, if at any time cheques issued on the Customer Account return or bounce unpaid due to insufficient balance in the Account, the Bank may close the Account pursuant to the applicable laws and regulations of the CBUAE. The Customer shall return to the Bank the cheque books relating to the Account closed, the Customer understands that the Bank will report such Account and related details to the Central Bank of United Arab Emirates and any relevant authorities.
• 22. Notwithstanding anything to the contrary contained in these Terms and Conditions, it is hereby expressly agreed and declared that the Authorizes Signatory/Attorney and the Customer shall be jointly and personally liable and bound even in the absence of any such actions as foresaid and until settlement by way of payment of the debit balance in the Account together with interest accrued thereon at the stipulated rate and all expenses incurred in case of taking legal action against the relevant party if should deem appropriate to the Bank and on its sole discretion.
• 23. The Customer hereby declare that he/she is the ultimate beneficial owners and no other person owns or exercises effective ultimate control. In addition, the Customer agrees that the Account will not be used for any third party transactions or act on behalf of third party to use the Account.
• 24. The Bank is maintaining files for its Customers’ complaints and has clear handling procedures for receiving, reviewing, and evaluating Customers’ complaints by a formally designated unit. Customers’ Complaints are investigated in a “uniform and timely” manner and the Bank evaluates whether or not Customers’ complaints are handling in line with the CBUAE requirements. For further details, please visit our website as below:

  https://almasraf.ae/contact-us

Closing the Accounts

• 25. The Customer may close the Account by giving prior written notice at any time to the Bank after payment of all monies due to/ from the Bank. The Bank may also close the Account by providing Sixty (60) days written notification to the Customer (immediately and without notice if due to UAE Financial Crime Compliance requirement) and may request immediate settlement of any outstanding balances due to the Bank if any. The Customer hereby agrees that the Bank’s action in closing the Account shall be effective and binding upon him.
• 26. The Bank may block the Account or Account privileges and funds at any time upon instruction from the UAE Central Bank or due to the relevant UAE laws and regulations.
• 27. The Bank may also block the account, a privilege on an account or a determined amount of funds in the Account for a set of period of time by providing written notice 24 hours in the following scenarios.
  • A court order served on the Bank to block the account and/or a defined amount;
  • Upon instruction from the CBUAE;
  • Recovery of amount of funds owed to the Bank by the Customer in relation to the credit facilities and/or unpaid fees;
  • Evidence that the Customer has acted dishonestly, fraudulently, or is convicted of a crime; or
  • Evidence that the Customer has passed away.
• The Bank will inform the Customer for the action the Customer is expected to take and the contact information for the Bank regarding the blockage. However, this provision is applicable if the Bank have reasonable basis of considering the transaction is related to risks of financial crime or as may be prohibited by law.

B. Current Accounts Special Terms

• Subject to the Bank’s sole discretion and the applicable laws and the regulations of the CBUAE, the Customer may be eligible to open a Current Account if he is resident in the UAE and has the full legal capacity.
• 1. Subject to the Bank’s sole discretion and the applicable laws and the regulations of the CBUAE, the Customer may be eligible to open a Current Account if he is resident in the UAE and has the full legal capacity.
• 2. Subject to the Bank’s discretion, the Bank may issue a cheque book to the Customer to enable him to operate his Current Account. The Customer may request the Bank to issue him a customized cheque book, the specification of which shall be determined by the Customer provided that the Customer pays the cost of issuing such customized cheque book. The Bank reserves the right to refuse to comply with any drawing instruction from Current Account unless such withdrawals instruction is made by cheque.
• 3. The cheque books and/or debit card issued may be sent by mail / courier to the Customer’s address in the Bank’s records and at the Customer’s absolute responsibility and risk and without any liability on the Bank, to the address specified in the Account application form or made available for collection by the Customer or his Authorized Signatory/Attorney from the branch at which the Current Account was opened or any of the Bank’s branches specified by the Customer or his representative. If the Customer request the Bank to send him the cheque book by mail / courier, he shall be liable for any loss resulting from any failure or delay in the delivery of the cheque book to him.
• 4. The Customer undertake not to misuse the cheque or use it for any fraudulent activity and acknowledges that in the event of any dishonoured cheques, the Bank shall have the right charge fees, close the account and/or a provide negative report to the Credit Information Agency.
• 5. The Customer undertakes and agrees to keep the cheque book in a safe custody and place to avoid any misuse or fraudulent actions on the cheque book by third parties. In the event of loss or theft of the cheque book or any cheque(s), the Customer shall promptly notify the competent authorities and give immediate notice in writing to the Bank to stop the payment of the lost or stolen cheque(s), the Customer shall bear any losses or damage arising thereof in case the Bank paid the amount of any lost cheque according to the legal and banking principles.
• 6. A Current Account may not become overdrawn except by previous arrangement with the Bank. However, if the Bank and at its sole discretion allows any overdraft whether or not previously arranged for overdraft, or the increase of any overdraft on the Current Account for any reason, or in the event that any cheque causing the Customer’s Current Account to be overdrawn in excess of the permissible limits or funds or if such cheques are inadvertently honored by the Bank, the Customer shall repay the Bank the amount overdrawn together with interest at the Bank’s overdraft rate and the Bank’s prevailing charges on demand. The overdraft amount and due interest shall be payable by the Customer to the Bank immediately upon demand, provided that the Bank is abided to the Customer’s instructions.
• 7. No instructions for stop payment of any cheque(s) shall be accepted unless pursuant to the applicable laws. The Bank accepts no responsibility for any failure to comply with such instructions and shall not be held liable for any consequences and cost including without limitation legal fees and penalties, which may arise out of its compliance with such instructions.
• 8. Acting only as the Customer’s collection agent, the Bank may agree to accept, but without assuming any responsibility for realization, cheques, bank drafts and other similar payment instruments for deposit, provided that they are made out in favor of the Customer or endorsed to his order. For this purpose, the Bank and its correspondents or other agents appointed by the Bank shall be deemed to be the Customer’s agents.
• 9. The proceeds of cheques or other instruments shall not be available for withdrawal until collected by the Bank. The Bank reserves the right to debit any of the Customer’s Accounts or demand payment from the Customer for any amount exceptionally or mistakenly credited or credited under usual reserve, which are subsequently unpaid.
• 10. The Bank shall not be liable or responsible for failure to give notice of nonpayment or dishonor of any cheque in connection with any claims, losses or expenses which may arise as a result of returning a dishonored cheque, whether by ordinary or registered mail or any other means. The Bank reserves the right to debit the Customer’s Accounts with the amount of any cheque which was drawn or endorsed in favor of the Customer (whether or not the cheque is drawn on the Bank, its branches, affiliates or subsidiaries) that has been credited to the Account and is subsequently unpaid, whether or not the cheque itself can be returned.
• 11. Unless agreed to the contrary, the Customer agrees that he is not entitled for interests on the credit balances of the Current Account and that he reserves no right to claim for the payment of any interests on those balances.

C. Joint Accounts Special Terms

• 1. In the event that the Account is opened in the name of more than one Customer (“Joint Account”) any balance now or hereafter deposited in the Joint Account shall remain jointly owned by the Customers in equal basis unless they agree otherwise.
• 2. Each of the Joint Customers hereby authorise and empowers the other the right to endorse a deposit and to deposit in the Joint Account any and all cheques, notes or other instruments payable or purporting to belong to the Joint Account holders or anyone of them. Should any instrument(s) be received by the Bank without being endorsed, the Bank is hereby authorised to endorse it/them on the Joint Customer’s behalf and credit the same to the Joint Account.
• 3. In the event of the death, incapacity, insolvency or bankruptcy of the either of the Joint Account holders or all of them, the Bank may continue to act from time to time in reliance upon the power and authority conferred herein until it shall have received a written notice from or on behalf of one of the Joint Customers of the death, incapacity, insolvency or bankruptcy. Upon receiving such a written notice, the relevant legal provisions shall apply to the Joint Account.
• 4. Upon the death or legal incapacity of a co-owner of a joint account, the other co-owners shall give notice to the bank of such incident within no more than Ten (10) days from the date of death or incapacitation. The bank shall thereupon freeze withdrawals from the joint account as of the date of notification within the limits of this person's share of the balance on the day of his death or incapacitation pending the appointment of his successor.
• 1. The liability of each of the Joint Customers shall be joint and several to the Bank for repayment of all Liabilities owing or incurred under the Joint Account and every agreement and undertaking herein shall be construed accordingly and the liability of any one of the Joint Account holders shall not be discharged or affected in any way by reason of the invalidity, void ability, and unenforceability as regards to (a) any other such personal guarantee which the Bank may hold in respect of the Joint Account or any part thereof and (b) by the Bank’s releasing, discharging, compounding with or varying the liability hereunder or making any other arrangement with any of the Joint Account holders or third parties.
• 2. Each Account holder of the Joint Account hereby agree and authorize that the Bank to assert a lien on the balance in the Joint Account and to all or any part thereof in setting matured or unmatured sums that may then be owing to the Bank by the Joint Customers or any one of them and set-off the amount of indebtedness from the balance of the Joint Account.
• 3. These Terms and Conditions shall not be waived, altered, modified and amended as to any of its terms or provisions without the Bank’s prior written approval, and only to such an extent that the Bank, in its absolute discretion, shall determine.

D. Saving Accounts Special Terms

• 1. The cash withdrawal slips available at the Bank branches or such other instruction acceptable to the Bank shall be used in making all withdrawals from the Savings Account(s).
• 2. Subject to any minimum balance requirement for the Savings Account, the interest rate applicable for the Savings Account shall be available at the Bank branches and website and shall be subject to change with notification. The interest payable on the Savings Account will be computed and credited to the Customer Account in line with the product features as applicable and as determined by the Bank from time to time. Interest rates, tiers, crediting cycle and any other features of the Saving Account are subject to change at any time at the Bank sole discretion and with notification.
• 3. Any Account holder who is a minor (below the age of 18 years) or is otherwise lacking full Legal capacity must attend the Bank personally and be accompanied by his guardian when carrying out any transaction(s) in his/her Account(s).
• 4. If the Customer is a minor (below the age of 18 years), the Savings Account shall be opened by his/her legal guardian who will execute all the Account opening documentation and carry out all the transactions in the Saving Account. Such arrangement shall continue until the minor has attained the legal age or has the permission of his/her guardian or custodian to receive his / her funds and manages his/ her Account. In the case of the minor under guardianship, a decision of a competent court shall be produced regarding the lifting of custody for enabling the minor to operate his/her Account by himself/herself.
• 5. In addition to the above, information related to Accounts of minors should be updated regularly, and the Bank should be informed when the minor has attained the legal age, otherwise the Bank shall has the right to freeze the Account till data updating is completed.

E. Fixed Deposit Account Special Terms

• 1. Subject to the Bank’s sole discretion and minimum balance requirement determined by the Bank from time to time, the Customer may open a Fixed Deposit Account. Upon opening such Account, the Bank will issue confirmation advice to the Customer stating the principle sum the term and the rate of interest payable for the Fixed Deposit Account.
• 1. In absence of any instruction from the Fixed Deposit Customer at the time of placement of the deposit, the Fixed Deposit together with interest accrued, will be renewed at the Bank’s absolute discretion for similar period at the prevailing rate of interest on the date of such renewal.
• 3. The premature withdrawal of the Fixed Deposit shall render the deposit to be subject to lower interest and premature withdrawal penalty as determined by the Bank from time to time.

F. Call Accounts Special Terms

• 1. Subject to the Bank’s sole discretion and minimum balance requirement, the Bank may open a Call Account for the Customer; the Customer may be entitled to earn interest on the Account in accordance with the interest rate determined by the Bank.
• 2. The interest rate applicable on the Call Account shall be available at the Bank branches and website and shall be subject to change without notice. The interest payable on Call Accounts will be computed and credited to the Customer’s Account as determined by the Bank from time to time. Subject to the Bank sole discretion Interest rates, tiers, crediting cycle and any other features of the Call Account are subject to change at any time with notification to the Customer.

G. Dormant Accounts

• 1. In accordance with CBUAE Regulations in respect of Dormant Accounts which regulates and makes provisions for circumstances if Bank Accounts become dormant, and Bank balances are left unclaimed, the Bank aims to regulate the handling of Dormant Accounts and to ensure following the relevant criteria as prescribed by the CBUAE through the Bank’s Dormant Accounts Policy for controlling, protecting of Banks' Dormant Accounts and how to deal with Dormant Accounts and unclaimed balances. The Bank shall have the right to refuse to debit the Dormant Account including cheques, transfers or any other commercial papers. The Customer shall bear full responsibility for any consequences, claims, proceedings or losses related thereto acknowledges that the Bank, in all cases, shall not be liable for such action. The Customer should approach the Bank and submit a request for re-activating or closing the account.
• 2. The Bank shall consider an Account as dormant if no withdrawals or deposits (other than those initiated by the Bank such as interest and charges posted by the system or manually) have been initiated on such Account for a period of Three (3) Years from the date of last transaction on the account or any other period specified by the CBUAE from time to time. The Bank will notify the Customer of its decision to consider an Account as dormant.
• 3. If no response is received from the Customer (whether written or electronic) within three (3) months of the communication following the date the account becomes a dormant, the Bank may be obliged to transfer amounts standing to the credit of a dormant Account to a dormant account ledger maintained by the Bank or the CBUAE as per the CB Regulation.
• 4. Once the account becomes dormant as per the CBUAE Regulations, the banking statements will no longer be generated for the Customer accounts.
• 5. Funds transferred to the CBUAE will no longer generate interest payments by the Bank after the funds are moved to the CBUAE account or moved to the internal dormant ledger.
• 6. The Customer may re-activate a dormant Account by submitting a Request to the Bank with all relevant documentation to prove his/her identity.
• 7. Any unclaimed balances in foreign currencies will be converted to local currency at the Bank’s prevailing customer rates, prior to the balance transfer to the CBUAE. In case of a claim request, the funds will be reimbursed in the AED equivalent amount at the time of transfer.
• 8. The Customer acknowledges that neither CBUAE nor the Bank shall be liable for any currency exchange loss as a result of transferring the amounts available in the Dormant Accounts or Unclaimed Balances to the CBUAE.

H. Account withdrawal Special Terms and Conditions

The following terms and conditions are applicable to The Bank Debit Cards issued to the Customer and any transaction related to these Cards.

• Subject to the Bank sole discretion, the Bank may issue a Debit Card to the Customer who maintains Current Account or Savings Account with the Bank at a branch of the Bank in the UAE.
• In case of closing the Account by the Bank for any reason, the Customer/Cardholder shall promptly return the Card to Bank and it will become invalid.
• The Card shall not be used to obtain credit of any type.
• The Card shall remain the property of the Bank at all times, the Bank may, at its sole discretion, cancel the validity of the Card and request its return at any time by giving notice to the Customer, in which case the Cardholder shall immediately comply with such request.
• The Card is issued entirely at the risk of the Cardholder who shall indemnify the Bank for all loss or damage howsoever caused resulting from the issuance and use of the Card.
• The Cardholder undertakes not to disclose his PIN to any other person. In the event of the PIN becoming known to someone other than the Cardholder, that person may be treated by the Bank as an Authorized Signatory/Attorney of the Cardholder and the Cardholder and the Authorized Signatory/Attorney undertake to bear all loss or damage which may occur as a result of disclosing the PIN.
• The Cardholder shall take the maximum care to prevent the Card from being lost, mislaid or stolen and the Cardholder undertakes not to pass the Card to any other person.
• In the event that the Card is lost or stolen or the PIN is disclosed to any other party, the Cardholder shall immediately, thereafter report the said loss, theft or disclosure, together with the particular of the Card, to the Bank in person or by calling the Bank call center number specified by the Bank from time to time. Until the loss, theft or disclosure of PIN to third party is reported to the Bank as stated in this clause, the Customer will be responsible for the transactions processed by use of the Card. The Bank shall not be liable for any damages or loss resulting from such loss, theft or disclosure of PIN.
• Where oral notice of loss, theft or discloser of PIN referred to in clause (8) above is given to the Bank, it must be confirmed in writing by the Cardholder to the branch at which his Account was opened within forty eight (48) hours of the receipt of the oral notice notified to the Bank.
• The Cardholder shall at all times remain liable for any transaction made by the use of the Card and shall indemnify the Bank for all loss/damage howsoever caused by the unauthorized use of the Card or related PIN. The Bank record of transactions processed by the Card electronically or otherwise shall be conclusive and binding evidence for all-purpose.
• The amount of any Card transaction in a currency other than UAE Dirham (AED) will be converted into AED at a rate of exchange determined by the Bank for the date when the relevant transaction is debited to the Card Account. The Bank will impose charges on all transactions processed through the ATMs of other banks whether in UAE or abroad.
• The Bank debits the Account of the Cardholder/Customer with all the cash withdrawal amounts, transfers, direct debits and payments for goods and services made with the Bank, at any ATM machine or the other points of sales, and any other payments made by using the Card, in addition to the banking charges and expenses and in the events where the balance of the Cardholder Account is in debit for any reason resulting from the use of the Card.
• The Cardholder shall ensure that there is sufficient balance available for drawing in the Card Account before making any withdrawals or transaction. If for any reason such Account is overdrawn by the use of the Card or towards any Bank charges, the Cardholder shall be responsible for settling the overdrawn amount immediately by a direct payment or transfer of funds from any other Accounts maintained with the Bank. Failure to comply with this condition shall entitle the Bank to cancel the Card and/or transfer the overdrawn amount or any amount due from any Account in the Cardholder’s or the Customer’s name maintained with the Bank. If more than one Account is maintained with the Bank, the Bank shall have the right to debit or set off any other Accounts of the Cardholder or the Customer with the Bank in order to cover the overdraft Account of the Cardholder without prior notice.
• The Card shall be used for cash withdrawals within the daily limit determined by the Bank subject to the Bank sole discretion.
• The Bank may, at its absolute discretion, with consideration to the Customer’s interest, change the daily cash withdraw limits without giving any reasons or prior notice to the Cardholder. Such Changes shall apply immediately.
• The Bank may send the Card to the Customer or the Cardholder by normal post or courier to the address of the Customer maintained on the Bank records and at the Customer’s responsibility.
• Upon receipt of the Card, the Cardholder shall sign the signature panel on the back of the Card immediately, such signature and/or Card activation and/or use of the Card will constitute binding and conclusive evidence of the Cardholder’s confirmation to be bound by these Terms and Conditions, notwithstanding that the Bank is not notified of the Cardholder’s receipt of the Card.
• If the Card is not collected/ received by the Cardholder within four (4) weeks (or any period determined by the Bank from time to time) from the date of issuance of the Card (or any period determined by the Bank from time to time) the Card shall be cancelled and the Cardholder will bear the issuance charges. If a replacement Card is issued afterwards, a Card replacement fee shall be levied as per the Bank’s prevailing schedule of service and charges.
• The Cardholders shall be jointly and severally liable to the Bank under these Terms and Conditions if the Account is opened in two or more names.
• The Bank shall not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the Card or the ATM or the temporary insufficiency of funds in such machine.
• The Bank reserves the right at all times and without notice to the Cardholder to refuse to authorize any advance cash, cancel or suspend the right to use any Card or PIN in respect of all or specific or transactions and refuse to renew or replace any Card .
• Cardholder participation in any promotion will be subject to the promotion terms and conditions announced by the merchant and the Bank shall not be responsible of such promotions.
• All Banking Services provided by the Bank to the Customers are subject to these Terms and Conditions in addition to the terms and conditions outlined and described on the website of the Bank.

I. Phone Banking Services

Phone Banking is a telephone based Electronic Banking Service that allows the Customers who have debit Cards and PIN to perform Financial and Non-financial Transactions on the Customers’ Account with The Bank through telephones.

In the following Terms and Conditions, “Subscriber” means the Customer to whom the above Phone Banking Service is provided, where the service mandate is signed by more than one individual, they shall be jointly and severally bound by these Terms and Conditions.

• The Subscriber should maintain an Account with the Bank at any branch in the UAE. In the event of the Account being closed for any reason the Phone Banking Service shall immediately cease.
• The Bank reserves the right to, at its sole discretion, withdraws at any time all rights privileges pertaining to the Phone Banking Service.
• The Phone Banking Service provided entirely at the risk of the Subscriber who shall indemnify the Bank for all loss or damage howsoever caused resulting from the use of the Phone Banking Service.
• The Subscriber should not disclose his/her PIN to any other person treated by the Bank as an acting agent of the Subscriber and the Subscriber shall indemnify the Bank against all loss or damage which may occur as a result of the PIN becoming known.
• The Subscriber hereby irrevocably and unconditionally without any right of objection, accepts all debits made to the Account arising from the use of the Phone Banking service, without limitation.
• The Subscriber shall ensure sufficient drawing power in the Account to which the Phone Banking Service relates before making any transfers, if for any reason an Account is overdrawn by the use of the Phone Banking Service, the Subscriber shall be responsible for immediately making up the deficit by a direct payment or transfer of funds from any other account maintained with the Bank make a transfer on the Subscriber behalf (if more than one Account is maintained with the Bank). The Bank shall have the right to debit or set off any other Account of the Subscriber with the Bank in order to cover the overdraft Account of the Subscriber without prior notice.
• The Subscriber can activate the Phone Banking Service by calling 600 529999 or any other number specified on the Bank’s website. After manual verification (set by the Bank from time to time) over the phone, the Subscriber will be given the Phone Banking ID and he can set his own PIN number. No additional documents will be signed by the subscriber for Phone Banking activation.
• The Bank’s record of any transaction processed by the use of this Phone Banking Service shall be conclusive evidence of such transaction and binding the Subscriber for all purposes.
• The Bank shall not be responsible for any loss or damage arising directly or indirectly from any malfunction or failure of the Phone Banking Service.
• The Bank shall not be responsible for any erroneous payments to utility company (ies) / credit Cards institution(s) arising out of wrong input of consumer / Card number by the Subscriber. The Bank shall not be responsible for any mistake or omission caused in relation to the Phone Banking Service and/or any delay by The Bank due to reasons beyond its control in onward transmission of the funds to the utility company(s) / Card company (ies) which may result in disruption of the utility service and Card related transactions. In the event of part payment of the bill, the utility company may use its power to discontinue the utility service in which event The Bank or the utility company will not be responsible therefore in anyway.
• Where the Phone Banking Service is made available linked to an account with The Bank in two or more names. It is acknowledged that, irrespective of whether the mode of operation of such Account is joint or either or survivor, the Phone Banking Service may be used by one Subscriber acting alone
• Phone Banking Service gives the Subscriber the facility to register the mobile number and will identify the Phone Banking ID immediately if the Subscriber calls from his registered mobile number. The Accountholder will register the number at his own risk and responsibility.
• The transfer limit via Phone Banking Service is up to AED 1,000,000 to any Account in the same currency. Transfers between Accounts of different currencies shall be limited to the equivalent of USD 10,000 (or such other limit which the Subscriber and The Bank may agree) each business day provide that any such limits may be changed by The Bank at any time with or without notice to the Subscriber

J. Severability

The Customer agrees that the invalidity or enforceability of any part of these Terms and Conditions shall not prejudice or affect the validity or enforceability of the other provisions herein.

K. Waiver and Assignment

The Customer agrees that the Bank shall have the right to assign and transfer any of its rights and obligations under these Terms and Conditions to any third party without obtaining the Customer consent. The Customer has no right to assign any of his rights and obligations under these Terms and Conditions without obtaining the Bank’s prior written consent.

L. Fees and Commissions

The Bank may impose any kind of fees and charges on any of the Banking Services provided to the Customer in accordance with rates specified by the instructions of the CBUAE in force.

All charges, commissions and fees are exclusive of Value Added Tax (“VAT”) or any other similar sales tax and the Customer hereby agrees to pay an amount in respect of any applicable taxes.

M. Address

Unless the Customer notifies the Bank in writing about changing his address, the address stated by the Customer in the Account opening form (the “Permanent Address”) and/or the relevant Banking Service application shall be the selected place of domicile on which the Customer shall receive all notices, correspondences, and claims in respect of the Account.

N. Communication and Delivery

• Any communication between the Bank and the Customer to be made or delivered in connection with any Banking Service shall be made in writing. The Bank shall have the right to send such communication in any format it deems appropriate (including in paper form or electronically). If any Customer has notified the Bank that it is incapable of receiving notices by means of Electronic Communications, the Bank shall send such communication by regular post or courier to the Customer’s address in the Bank’s records.
• Any communication delivered in electronic form (through electronic mail or mobile telephone) shall constitute delivery of such communication “in writing” or in “written” form. The Customer will not challenge the admissibility of any such communication on the grounds that it is made in electronic form.
• To avoid disruption to account operations and/or services, it is the Customer’s responsibility to provide the Bank at all times with an up-to-date Emirates ID, Passport copy and/or Trade License, postal address, mobile/ telephone number and electronic mail address and to notify the Bank of any change of contact information previously provided to the Bank.
• The Bank is entitled to rely on any communication sent to it by the Customer and is not under any obligation to verify the authenticity or accuracy of any such communication.
• The Customer agrees that telephone conversations with the Bank may be recorded and agrees that any recordings so made are admissible as evidence in any court, arbitration or other proceedings.
• Any Court order, summons or other process may be served upon the Customer by posting the same to the Customer's address and the same shall be deemed to be good service upon the Customer. The foregoing shall not however preclude the Bank from effecting service of process in any other manner permitted by law.
• The Bank, in its discretion, agree to accept notices and other communications to it hereunder by Electronic Communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. Unless the Bank otherwise prescribed,
• notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and
• notices or communications posted to an Internet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice, e-mail or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.
• The Customer accepts all the risks (including, but not limited to forgery, hacking and transmission failure) involved in using e-mail or facsimile or registered mail.
• The Customer agrees that the Bank shall not be liable for executing any instructions received through telephone, facsimile or other form of electronic communication, including but not limited to, registered email IDs. The Customer further agrees to indemnify the Bank from and against all actual liabilities, costs, claims, losses, damages or expenses (including legal fees and expenses) which the Bank may suffer or incur as a result of or arising out of or in connection with the matters specified herein, his/her acting upon any scanned e-mail or facsimile or registered mail or messenger instructions purportedly given by the Customer or by the Authorized Signatory/Attorney or any imperfection or mechanical failure within the fax or e-mail or telecommunication system between the Bank and the Customer.

O. Variation of the Terms and Conditions

The Bank may, from time to time, and at its sole discretion, with prior notice of Sixty (60) days to the Customer by any means as the Bank deems fit, change or amend any of these Terms and Conditions, such changes shall apply on the effective date specified by the Bank in the notification sent to the Customer.

P. Confidentiality

• The Bank shall keep all Confidential Information confidential and agree to take customary and reasonable precautions to maintain the confidentiality of all Customer Information.
• Without prejudice to the applicable laws, the Customer acknowledge and authorises the Bank, its officers and agents to disclose all such Confidential Information relating to his/her Accounts and/ or financial relationships with the Bank, including but not limited to details of any credit facilities, any security taken, transaction undertaken, balances and financial positions with the Bank, to:
• to any Agent of the Bank to the extent necessary to enable the Bank to provide Services to the Customer
• Any professional advisors and service providers of the Bank who are under a duty of confidentiality to the Bank;
• Any actual or potential participant or sub- participant in relation to any of the Bank’s rights and/or obligations under any agreement with the Bank, or its assignee or transferee (or any agent or adviser of any of the foregoing);
• to any rating agency, insurer or insurance broker, or direct or indirect provider of credit protection to the Bank in connection with the Services provided by the Bank;
• to the Etihad Credit Bureau, any other authorised credit reference agency or credit bureau or the Emirates Movable Collateral Registry;
• as required by any applicable law;
• as required by any court, tribunal, regulatory, supervisory, tax, sanctions, governmental or quasi-governmental authority having jurisdiction over the Bank or that the Bank reasonably believes has jurisdiction over the Customer;
• as may be required in order to preserve or enforce any of the Bank’s rights or remedies against the Customer.
• The Customer authorises the Bank to obtain information, on an ongoing basis, from banks and other financial institutions, the Etihad Credit Bureau, the Emirates Movable Collateral Registry, the Customer’s employer or any other body as the Bank deems appropriate, about the Customer’s financial and non-financial information which includes but not limited to the details of the Customer’s banking facilities, financial position, income and any other information relating to the Customer which the Bank deems appropriate without any reference to the Customer.
• The Customer hereby authorizes the Bank to request any information about the Customer, his residence, address, or the residence address of any of his family members whether in the UAE, home country or any other country where the Customer resides. The Customer also agrees to the Bank inquiring about the telephone numbers and mailing address of the Customer and request any information relating to the Customer whether directly or through any of the Bank agents with reference to or prior permission from the Customer.
• The Customer agreed that the Bank has the right to authorize any lawyers and collection agencies (in or outside the UAE) to follow up the procedures of collecting any due indebtedness from the Customer. The Customer hereby authorizes the Bank to provide such lawyers and agencies with any information or documents pertaining to the Customer’s Account. The lawyers and the collecting agencies are authorized to take the appropriate action on behalf of the Bank while fulfilling their mission including contacting the Customer.
• The Customer further acknowledge that the Bank may disclose Customer information that has become public other than through breach of these confidentiality obligations or which is obtained by the Bank from a third party who is not known by the Bank to be bound by a confidentiality agreement with respect to that Customer information.

Q. Privacy Notice Overview

• The Bank is aware of the importance of safeguarding the privacy and confidentiality of the Customer Data and will maintain appropriate administrative, physical, and technical safeguards for protection of the security, confidentiality and integrity of Customer Data.
• The Bank may collect, use, store or otherwise process any such information (whether provided electronically or otherwise) and may disclose any such information (including, without limitation, information relating to the Customers transactions and accounts) under or pursuant to any court order or by any regulatory authority.
• The Bank may process the Customer’s personal data for the following purposes:
• processing applications for Services, including assessing the Customer’s suitability and performing necessary checks and risk assessments;
• providing Services (including Electronic Banking Services), such as effecting payments or transactions and completing instructions or requests;
• monitoring and analysing the conduct of your account;
• establishing and managing banking relationships and accounts;
• conducting market research and surveys with the aim of improving the products and services offered by the Bank;
• sending the Customer information about the Bank’s Services for the purpose of marketing and promotion;
• preventing, detecting, investigating and prosecuting crimes (including but not limited to money laundering, terrorism, fraud and other financial crimes) in any jurisdiction through identity verification, government sanctions screening and due diligence checks;
• complying with applicable laws, regulations, policies, voluntary codes, judgements or court orders, as well as any request by any authority, regulator or enforcement agency or body;
• establishing, exercising or defending legal rights in connection with legal proceedings (including any prospective legal proceedings) and seeking professional or legal advice in relation to such legal proceedings.
• The personal data requested by the Bank is necessary to perform the Services. If it is not provided to the Bank, the Bank may be unable to comply with its legal or regulatory obligations or to provide the Customer with the Services.
• The Customer’s personal data processed by the Bank is kept in a form which permits the Customer’s identification for no longer than is necessary for the purposes for which the personal data is processed in accordance with legal, regulatory and statutory obligations. At the expiry of such periods, the Customer’s personal data will be deleted or archived to comply with legal retention obligations or in accordance with applicable statutory limitation periods.
• The Customer may have the right at any time to request from the Bank as far as permitted by applicable laws, regulations, access to and rectification or deletion of the Customer’s personal data.
• For our full Privacy Notice please visit our website Privacy Policy

R. Language and Interpretation

The Terms and Conditions are made in bilingual (Arabic/English) text however, if there is any contradiction between the Arabic and English text, the Arabic text shall prevail.

S. Governing Law and Jurisdiction

These Terms and Conditions shall be construed in accordance with the laws of UAE and the rules, regulations and directives of the Central Bank of UAE. The law governing the Accounts or any Banking Service or transaction is the law of the Emirate in which the Account maintained, in the event of a dispute arising in relation to any Account, Banking Service or transaction the courts of such Emirates shall have jurisdiction, provided that the Bank may, if it deems appropriate, bring proceedings in any other jurisdiction, inside or outside the UAE.