N.I.D.A.

ACCOUNT

 The NIDA Account can be opened in N.B.P. N.I.D.A. stands for NATIONAL
INCOME DAILY ACCOUNT the features of this account are same to the
features of the saving or PLS account except the following ones:

1. In this account the minimum balance required to acquire the benefits of this
account is Rs 2 million, and the maximum limit is 5.0 million.

2. When the above condition is fulfilled, then the bank will pay interest on daily
basis, which is that if the deposit is minimum of 2 million than the mark up
rate is 5.2%p.a.and if it is at maximum that is 5.0 million than the rate is 7.00
%p.a.

3. In this account the daily balance of account is taken, products are

calculated and the interest is calculated on that balance.

4. If the balance on any day comes below the lower limit, which is Rs 2 million
then interest will not be given.

FOREIGN CURRENCY / ACCOUNT

• The bank shall accept foreign currency cash deposits in US $,
pounds sterlings, japanese Yen, and Euro or such other currency that
the state bank of pakistan may allow.

• The depositor agrees and accepts that there are risks associated
with the Accounts in foreign currency. Accordingly, depositor agrees and
accepts that withdrawals for Foreign Currency Accounts shall be subject
to availability of Foreign Currency notes at the time of withdrawal and
subject to prevailing terms and conditions of the State Bank of Pakistan
and the Government of Pakistan.

• The return of Foreign Currency saving Accounts will be paid on

six-monthly basis as at June & December, whereas the return on Term
Deposit / SND will be paid on maturity or as prescribed by the Bank or
the State Bank of Pakistan from time to time.
 • All the Foreign Currency Saving Accounts and TDR(s) (Term
Deposit receipt) shall be governed as per laws and terms and conditions
of the State Bank of Pakistan and Foreign Exchange Regulations, as
amended from time to time. Return on Foreign Currency Term Deposit
will be paid upon maturity, at the determined at the time of placement of
the deposit.

• The account holder acknowlegdes that the rate of return on the

foreign currency savings accounty is subject to fluctuation as determined
in accordance with state bank of pak directives.

• Any funds or profits thereon shall only be payable in the currency

of the account. The bank shall have no responsibility for any decrease
due to taxes or devaluation in currency.

Dormancy, Suspension and closing of account:

 The account holder may close any account by giving written notice to the
bank.
 The bank has right to suspend the operation of a dormant/ in-operative
account. An account will automatically be tagged as dormant by the
bank. If no transaction is carried out by 6the account holder through the
account for a minimum period of 6 months in case of a current
account / BBA and 12 months in case of pls saving account or such
other period as may be decided by the bank from time to time. Similarly
the current /BBA and saving accounts will be tagged as inoperative if
they are not operated by the account holder consecutively for a period of
2&3 years respectively.
 The bank will activate the dormant/in-operative account against the
account holders written request along with a n attested copy of his/her
CNIC. In addition, the account holder may be asked by the bank to
present himself/herself for activation of account.
 Notwithstanding the foregoing, any amount in the form of taxes, charges,
zakat (if applicable) or profits etc. may be debited or credited as the case
maybe, to the dormant/in-operative account and such transactions shall
not be considered as the start of any activity in the account.
 The bank will levy service charges on dormant/in-operative account as
per tariff of bank’s charges fixed from time to time.
 On closure of an account, any unused cheque relating to the account
must be return forthwith by the account holder to the bank.
Alternatively, it must be confirmed by the account holder to the bank
that the unused cheques have been destroyed.
 Unclaimed accounts:
 As per prevailing banking laws in Pakistan, an account will become
unclaimed if no transaction is made by the account holder in that
account or no statement of the account is requested or acknowledged by
the account holder for a period of 10 years except for a deposit in minor
account or Government account or a deposit by a court of law.
In case of an account becoming unclaimed, the bank will serve a notice
as per directives of SBP in writing to the account holder at his last
known address on bank’s record for activating his account. Subsequent
to the notice, in case of no response from the account holder/no
operation in the account, the bank, will surrender the Credit balance in
the account to the State Bank of Pakistan as an “unclaimed deposit”.

DORMANT ACCOUNT/ INOPERATIVE ACCOUNT/ UNCLAIMED

DEPOSITS
Current account not operated for 6 months and PLS saving account not
operated for 1 year falls into the category of Dormant account. While
current account not operated for 2 years and PLS saving account not
operated for 3 years is fall in the category of inoperative account.

Procedure of Closing an Account:

When a customer wishes to close the account, the instructions are as followed:

An account holder has to fill up the account closing form. After verification of
Account holder’s signature, cheque book is collected from the customer.
Account balance should be zero. Charges on closing account are Rs.150.
Approval of account closing is taken from Branch Manager. At the end, S.S
Card is received from Cash; it is attached with the form and pasted in Account
Closing File.