Account Terms and Conditions

I/We the undersigned confirm that I/We have received a copy of BBK’s Accounts Terms and Conditions.

(A) General Conditions Applicable to All Accounts :

1. I/We acknowledge that I/We will use my/our Central Population Registration Card number in addition to my/our Personal Identification number for accessing any of the electronic banking services offered by BBK”.
2. I / We agree to pay fees, services charges, commissions or handling charges and agree to the other rules and terms applicable to my/our account prevailing internally in BBK or as decided solely by BBK from time to time without the necessity of notifying me/us.
3. Cheques drawn on other banks and other instruments accepted for deposit are credited to my/our account subject to clearance and final payment.
4. Accounts in currencies other than Bahrain Dinars shall be subject to exchange control or other Bahrain regulations in force.
5. All funds in credit in designated local currency account shall be payable only at BBK’s concerned branch on demand, and only in local currency or at BBK’s option in such other currencies as may be in local circulation.
6. All funds in U.S. Dollars/Sterling Pounds constituting the balance of the account shall be subject to exchange control rules or other relevant regulations in force in United States, United Kingdom, or Bahrain.
7. Bank may apply credit funds held in any one account to discharge any debit that account holders may have with the Bank in any other account.
8. The Depositor must collect his receipt whenever he makes a deposit and ensure its correctness.
9. Inward remittance telexes will be credited after receipt of funds.Advice will be forwarded to the Account holder subsequently.
10. Cheque drawn on BBK in proper order will be credited on the same day subject to availability of funds.
11. Withdrawals shall be valid only on special forms provided by BBK, by signed letters by account holders or by tested telexes. (Fax instructions are not acceptable without prior arrangement).
12. Withdrawals by way of drafts, traveller cheques, mail or telex transfers are subject to BBK’s schedule of charges.
13. No notice given by me/us to BBK shall be binding until reasonable time has passed after it has been received by BBK.
14. BBK reserves the right to close, or refuse to open the account without giving reasons, or cancel or add to the Accounts Terms and Conditions at any time.
15. I/We agree to indemnify BBK and save it harmless from and against all claims, damages and liabilities howsoever arising which BBK might incur as a result of opening this account for me/us or allowing me/us to operate it.
16. I/We agree and undertake to provide and promptly deposit with BBK any change in my/our address or regarding the information relating to my/our personal /business particulars herein given or provided in any specified account application pertaining to me/us.
17. This Accounts Terms and Conditions, the opening and operation of any account and/or the relation thereby created are governed by the laws of the Kingdom of Bahrain. The parties agree to subject themselves to the non-exclusive jurisdiction of the courts of Bahrain.
18. The Heirs or other persons entitled to receive the property of an account holder must establish their rights in accordance with local laws before payment can be made to them.
19. In the event of an account opened in a minor’s name by a person other than the minor’s father or grandfather from the father’s side that person hereby declares to the bank that the father of the named minor is alive, that the funds which are to be deposited in the minor’s account are availed by the opener of the account and does not include any other funds inherited by the minor or donated thereto and that the account is opened for the benefit of the particular minor named in the relevant attached account application form signed by the opener of the account.
20. The Bank has the right to report any suspected transactions to the appropriate authorities.

(B) Current Accounts :

1. General Conditions Applicable to all Current Accounts: I/We authorise BBK until BBK receives notice in writing to the contrary, to:
   (a) Pay and debit to the promissory account all cheques, orders to pay, bills of exchange and promissory notes, whether the account be in credit or overdrawn or shall become overdrawn by reason of such debiting.
   (b) Grant overdraft, loan or other credit facilities or accommodation for the account.
   (c) Close the account, at BBK’s option and without prior reference to me/us, should balance in the account fall below BD 10 or there be no transaction initiated by customer in the account for a period of six months.
   (d) Respond to requests for credit references made by other banks or financial institutions.
   (e) To close the account, at BBK option and without prior reference to me/us, should 3 cheques bounce due to insufficient funds.
2. Joint accounts and partnerships: We agree that we shall be jointly and severally liable for any overdraft, loan or other credit facilities or accommodation which shall be granted in the name of the account, plus interest, commission and other banking charges and expenses.
3. Joint Accounts: In the event of death of any holder, the survivor(s) accept liability for any claim made by BBK arising from continuation of the account.
4. Companies, Partnerships, Non Corporate Associations: In the vent of alteration in the constitution of the Company, partnership, Non corporate association due notice in writing shall be given to BBK and such notice shall be binding on the Company, partnership, Non Corporate Association, if given in the account holders name by any authorised officer therein.
5. Non Corporate Associations: a. The Members of committee/council/ __________ agree that they will be jointly and severally liable for any overdraft, loan, or other credit facilities or accommodation which shall be granted in the name of the account together with all interest, commission, and other banking charges and expenses.

(C) Saving Accounts

General Conditions

1. An account may be opened in the name of any person, two or more persons jointly or a club or association.
2. Each depositor will be given a passbook at the time of his first deposit. The account number mentioned in this passbook should be quoted in all correspondence with the Bank.
3. The Bank recognizes no owner of a deposit other than the person in whose name the account has been opened and which appears in the passbook. The funds in a savings account are not transferable or assignable.
4. Passbook must be kept in a safe place and the Bank must be informed immediately should a Passbook be lost, stolen or destroyed. The Bank will not accept any responsibility for the consequences should a passbook be misused by a third party. A duplicate passbook will be issued by the bank on payment of applicable fees and against indemnity.
5. The Bank recognizes only entries recorded in the saving passbook by the Bank itself and initialled by one of its official signatories.
6. The balance shown in the balance column of the passbook shall not constitute evidence of the balance to the credit of the account at any time unless expressly verified by the Bank by comparison with its records.

Deposits :

1. Deposits may be made in small or big amounts as often as desired.

Withdrawals:

1. Withdrawals should be made by the depositor in person or by his duly authorised attorney, who will fill and sign relevant forms prepared by the bank.
2. Withdrawals shall be valid only on special forms provided by the Bank and accompanied by the passbook.
3. Depositors unable to sign their names should be accompanied by another individual whose identity is acceptable to the bank before any withdrawal is allowed.

Interest:

1. Rate of interest on balances of saving account, mode of it’s calculation and crediting of interest to account will be determined by the Bank and may be amended from time to time. Any amendment shall be notified to the depositor by the method determined by the Bank.
2. Interest will be credited on dates to be specified by the Bank.
3. Depositors are required to present their passbook to the Bank as soon as possible after date are specified to update the balance with interest credited.
4. Calculation of interest will be made for each calendar month on the lowest balance but will be credited to the account only in accordance with rule 2 above.

(D) Money Maker Account :

General Conditions :

1. A money Maker Account may be opened in US Dollars, Sterling Pounds, Euro, Saudi Riyals, Japanese Yen and Kuwaiti Dinar.
2. An account may be opened in the name of any individual or corporate two or more persons jointly or a club or association.
3. An account number will be provided to the account holder and must be quoted in all correspondence with BBK.

Deposits :

1. No restrictions on frequency or amount of deposits.

Withdrawals :

1. Withdrawals should be made by the depositor or by his duly authorized representative.
2. Withdrawals are restricted to 3 per month.

Interest :

1. Interest shall be calculated on Daily balance and credited to the account at the end of the month.
2. Interest rate shall be fixed by BBK and interest amount credited monthly to the account.

Statement :

1. Statement shall be mailed monthly to the Account holder.