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8. Opening an Account without Making a Deposit

No: 65681/67 Date(g): 3/7/2019 | Date(h): 1/11/1440 Status: In-Force

Effective from Jan 01 2024 - Dec 31 2023
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The bank must agree to open an account for any customer if the required documents and conditions are submitted and satisfied. The bank must not require the customer to deposit any amounts as a condition for opening the account. If no amount is deposited in the customer account within a period of 90 days, then the bank must close such account. The exception is being made to government entities’ accounts that the Ministry of Finance (MOF) approves opening without the need to deposit any amounts for a period specified by the MOF,As well as the bank accounts for enforcement courts that are established for the purpose of collecting enforcement amounts.