Savings Interest-free Deposit
Savings interest-free account is a type of account to which no interest accrued. Individuals who are willing to do benevolent and charity acts open this type of account. Customer may refer to the bank at any expedient time and withdraw from the said account balance partly or entirely. In order to open this account, customers may refer to any of branches of this bank. From among the advantages of this account is to take part in drawing lot.
Requirements and conditions for opening the account:
Any person who has reached the age of 18 or has obtained a legal maturity order issued by the court is able to open an account in his/her name or in the name of persons who are his/her guardian or custodian.
- Being at least 12 years old for opening a booklet account;
- Being at least 15 years old for opening an account (Maskan Card);
- For minor children (below the age of 18), their guardian, custodian or relatives and any other persons will be able to open a savings interest-free account.
- For the incapacitated, absent and persons of unknown whereabouts, a trustee appointed by the court will open a savings interest-free account.
- Opening a savings interest-free loan account in the favor of legally mature individuals who are legally competent, by other persons not lawyers or their legal deputy is possible on the condition of confirmation of their identity.
- Two or several persons are able to jointly open an account with the bank.
- Opening an account for legal entities by authorized signatories is free of impediment.
Required documents for opening an account in the favor of natural entities:
- Original copy and photocopy of the National ID Card and Birth Certificate of the accountholder;
- Original copy and photocopy of the birth certificate and National ID Card of the custodian or guardian at time of opening an account for the incapacitated, minors, absent and persons of unknown whereabouts;
- Original copy and photocopy of the National ID Card and Birth Certificate of the guardian and confirmation document of his/her position as custodian and trustee who open an account as attorney;
- It is necessary to submit the original copy, and photocopy of the birth certificate and National ID Card of the attorney and original copy and photocopy of the power of attorney to open an account by the attorney.
- Original copy and photocopy of passport and residence permit if the person opening an account is of foreign national;
- Photo and seal for illiterate persons;
Required documents for opening an account for legal entities:
- Certified copy of articles of association of the legal entity and I.R. Iran State Gazette indicating the notice of last changes and authorized signatories are published;
- Confirmation of Ministry of Labor and Social Affairs or Central organization for Cooperatives of Iran as the case may require for housing cooperative (workers or non-workers);
- Original copy and photocopy of the National ID Cards and Birth Certificates of authorized signatories and seal of legal entities;
Conditions for withdrawal from account:
- The individuals who has reached the age of 18 years old by submission of the original copy of the birth certificate and National ID Card;
- Any entity who is below the age of 18 and is authorized to take possession of his/her property according to court order by submission of the legal maturity order and original copy of birth certificate and National ID Card;
- If the account is opened by the mother in the name of her minor child, the mother is entitled to withdraw from the said account until the said minor child reaches the age of 18.
- Withdrawal from the account of a minor person by his/her guardian and trustee is pending on court order (guardianship) and submission of the original copy of Birth Certificate and National ID card of the guardian and trustee.
- Before the minor reaches the age of 18 and/or until legal maturity order is submitted by the said minor (before the age of 18), the guardian may withdraw from the said account by submission of the National ID Card.
- Withdrawal from the account is possible for the legally mature individuals opened by other persons not lawyer or their legal substitute by referring of the accountholder to the branch and confirmation of his/her identity.
- Withdrawal from the account of legal entities is possible only by authorized signatories and by submission of the original copy of Birth Certificate and National ID Card.
- For joint accounts, term of withdrawal will be the same as the procedure specified by the accountholders at time of opening the account.
Least amount of payment and participation in drawing lot:
- The least amount for opening the account is IRR 10,000 and the least balance needed for participating in drawing lot is IRR 500,000.
- For IRR 500,000 and above, one point will be granted per IRR 100,000 per day.
- Condition for granting the reward is that the account should be still open on date of drawing the lot with the least balance for IRR 500,000 for three consecutive months or 90 complete months.
Conditions and criteria for opening special interest-free account:
Article 1- Special interest-free account refers to the account that is opened by the bank under this title and sums of money deposited with natural and legal entities for this account shall be specified at discretion of depositors of money and according to the conditions put forth according to commissioning contract concluded between the depositor and the bank and is granted to charity and public interest institutions and natural entities.
Article 2- Least amount of deposit for opening the special interest-free n account is IRR 10,000,000.
Article 3- Least amount of interest-free facilities grantable to any applicant through special interest-free account is given as IRR 3,000,000 and refund period of the same s given as maximum 5 years.
Article 4- An equivalent of total amount of interest-free granted out of amounts deposited with special interest-free accounts will be blocked and surplus amount will be withdrawn by the depositor and it will be subject to participating in drawing the lot for rewards like other savings interest-free accounts.
Article 5- Holder of special interest-free account may indicate type and pledges concerned according to agent’s contract and request the bank to obtain the specified pledges in return for granting interest-free loan. In case, type and amount of pledges are not specified, obtaining the said pledges by the bank will be governed by the directives of interest-free granted by banks.
Article 6- By virtue of commissioning contract, the bank may follow up collection of installments of interest-free granted and take the necessary legal measures as the case may require. However, refund of amounts deposited with special interest-free account is pending on refund of interest-free granted and no responsibility is assumed by the bank in this respect.
Article 7- Amounts collected by the bank for installments of interest-free granted will be reused at discretion of depositor.
Article 8- For the services provided by the bank for any of special interest-free accounts, certain commission will be paid to the bank in consideration of type and extent of these services. The amount of the said commission will be fixed upon mutual agreement between the bank and depositor of sums of money by virtue of commissioning contract. commissioning contract.
Article 9- Depositor of sums of money may request the bank to collect the principal amount of interest-free granted and commission fee from the recipients of interest-free for provision of the bank commission fee partly or entirely. The amount of the said commission shall not exceed the commission stipulated by Monetary and Credit Council for interest-free granted by the banks to remove essential needs of natural entities.