Company Details Form - C - BMI

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BMI Bank B.S.C.(c.), Bahrain World Trade Center, P.O. Box 350, Manama, Kingdom of Bahrain T +973 17 508080 F +973 17 226641 Terms and Conditions Serial No. GENERAL TERMS AND CONDITIONS GOVERNING OPERATION OF ACCOUNTS WITH BMI Bank B.S.C. (c) These general terms and conditions govern all transactions between BMI Bank and the account holder. There may be specific product/service related terms and conditions which will apply, if the customer avails the product or service, in addition to these terms and conditions. 1. Definitions a. “Account holder” means the person/s in whose name(s) the account is held. b. “Account” means the account/s opened or to be opened in future as mutually agreed or as required from time to time as per BMI Bank’s accounting and internal processes/regulation. c. “Authorized Signatory”, in case of individual accounts and joint accounts means signatory to the document and in case of non-individuals, means persons duly authorised by such non-individual entity by way of a Board resolution in case of companies or partnership deed in case of partnerships, Copy of resolution of a committee in case of clubs and associations or any other applicable document as BMI Bank may request. d. “Place of Business” means BMI Bank’s head office or any of its branches in the Kingdom of Bahrain. 2. Deposits and withdrawals (a) Account holder may withdraw cash in person against BMI Bank cheques or withdrawal voucher. Third party withdrawals can be made only against BMI Bank cheques. Withdrawal by any other means may be allowed at the sole discretion of BMI Bank. (b) BMI Bank shall, without enquiry, honour any cheques or other orders for the payment of money and shall debit the amounts payable as a result thereof to the account, whether the account is in credit or overdrawn or may become overdrawn as a result, without prejudice to BMI Bank’s right to refuse to honour such payments in the event of the account becoming overdrawn or an existing overdraft in the account being increased. (c) Any indebtedness or liability on part of the account holder to BMI Bank must, unless otherwise agreed in writing, be settled on demand from BMI Bank. (d) BMI Bank may, at any time, refuse to accept a deposit, or limit the amount of any deposit, without assigning any reason. 3. Cheque books, cheques/instruments deposited for collection and unpaid cheques (a) Issuance of cheque books shall be at the sole discretion of BMI Bank and for account types as decided by BMI Bank. (b) BMI Bank is not liable in case of cheques dishonoured due to insufficient balance in the account. BMI Bank shall not be liable or responsible for failure to give notice of non-payment or dishonour of any cheque, or for any claims, losses or expenses which may arise as a result of dishonoured cheque. (c) BMI Bank, at its discretion, may honour cheques in case of insufficient balance, causing the account to go in overdraft, it will be the account holder’s responsibility to regularize the account. (d) Acting as the account holder’s collection agent, BMI Bank may agree to accept, but without assuming any responsibility for their realization, cheques, drafts and other similar payment instruments for deposit, provided they are made out in form and substance acceptable to BMI Bank, in favour of the account holder or endorsed to their order. (e) BMI Bank shall collect cheques and other instruments deposited for collection, directly or indirectly or through any agents at the entire risk and responsibility of the account holder. (f) Cheques crossed as account payee only will be deposited only to such specific account. (g) BMI Bank reserves the right to decline deposit of pay order or cheques with single or multiple endorsements. (h) Save for a manifest error, BMI Bank or its agents shall not be held liable for the loss, mutilation or dishonour of a cheque or other instrument or for the failure to credit, late presentation, and granting time, any delay in crediting the account or non-payment and return of cheques or other instruments or for non-compliance with the account holder’s instructions. (i) BMI Bank reserves the right to debit any account or demand payment from the account holder for any amounts exceptionally credited or credited under reserve which are subsequently unpaid. (j) Any discounting of third-party cheques or cheque purchase if made is done with full recourse to the account holder. BMI Bank reserves the right to debit the account with the amount of any cheque which was drawn or endorsed in favour of the account holder (whether or not the cheque is drawn on BMI Bank, its branches, affiliates, subsidiaries) that has been credited to the account and is subsequently unpaid, whether or not the cheque itself can be returned. (k) Reference in any statement of account to a value date for a cheque deposited for collection shall not be interpreted as a representation of that date at all, unless or until such proceeds are actually collected by BMI Bank. (l) In case of abuser of cheque, BMI Bank shall follow the guidelines issued by the Central Bank of Bahrain from time to time. (m) A cheque shall be effective for six months from the date of its receipt by BMI Bank or the date of the cheque, whichever is earlier. (n) The account holder waives the right of protest of any negotiable instrument to which the account holder is a party, acquired or held by BMI Bank or received by it for credit, collection or otherwise. 4. Stop payments (a) “Stop Payment Orders” (instructions given to BMI Bank by the account holder not to honour a cheque or any other payment instruction) shall only be accepted by BMI Bank if given in writing and only in the event of the loss or theft, or the bankruptcy of the holder of such instrument. Where a stop payment order arises as a result of the loss or theft of a blank cheque or a cheque book, BMI Bank shall have the right to require the account holder to close the account and open a new one. (b) BMI Bank shall not be held liable for its failure to act on a stop payment order whether such failure be due to error, inadvertence, oversight or any other reason whatsoever. (c) All costs, claims, and expenses arising from the non-payment of such cheques, instruments shall be borne by the account holder and will be debited to his account. 5. Foreign currency (a) Deposits in foreign currency may be accepted by BMI Bank at its sole discretion. (b) Withdrawal in foreign currency notes shall be subject to their availability. (c) In the absence of specific written instructions, inward remittances can be credited to any account of the customer. 6. Interest (a) Overdraft – Interest on authorized overdrafts shall be calculated at the contracted rate and interest on unauthorized overdrafts shall be calculated at a rate decided by BMI Bank. Such interest shall be debited to the account on monthly basis and shall become an integral part of the indebtedness of the account holder to BMI Bank. (b) Current/savings/Ayadi account – Interest, if any, on current/saving /Ayadi accounts shall be computed at a rate decided by BMI Bank from time to time, and will be credited to the account at a frequency as decided by BMI Bank. Licensed and regulated as a conventional Retail Bank by the Central Bank of Bahrain bmibank.com.bh
(c) Time Deposit - Interest on time deposits shall be paid by BMI Bank at the contracted rate and credited to the account on maturity or at a frequency as agreed between the account holder and BMI Bank. Customer may instruct BMI Bank to automatically roll over the time deposit, in such a case the interest on the new contract will be as decided by BMI Bank. A time deposit may be withdrawn prematurely only at the sole discretion of BMI Bank, and shall be subject to a penalty as decided by BMI Bank. (d) Call Deposit - Call deposit interest rate, as determined by BMI Bank from time to time, shall be calculated on the daily credit balances above the minimum amount stipulated, and credited monthly or quarterly, at the discretion of BMI Bank. (e) BMI Bank reserves the right to change interest rates without reference to the account holder. Interest rate changes will be displayed on the notice board at BMI Bank premises. 7. Ayadi account (a) There is no limit as to the number of entries in to the draw. (b) Draw entries are equivalent to minimum balance of multiple of BD 50. (c) In case a deposit is made by cheque, the eligibility date will be the date the cheque is cleared. (d) Draw eligibility, frequency of draw and draw dates shall be displayed on the Bank’s website at all times. (e) Each draw is independent of the previous draw hence an account drawn as the winner in one draw will be eligible for the subsequent draws as well. (f) All draws shall be held under the supervision of the Bank’s Internal and External Auditors, and Ministry of Commerce. The draw result is final and the customer shall not contest it. (g) Prizes will only be credited to customer account maintained with the Bank. (h) No interest is payable on Ayadi account balances. (i) The Bank reserves the right to use winners’ name and/or photographs for promotional and/or marketing purposes. (j) The Bank shall not issue cheque book or ATM card in relation to this account. (k) The Bank reserves the right to change the frequency of draw, eligibility criteria, prizes and prize structure any time at its absolute discretion. The Bank will notify the customer about the changes through such channels as deemed appropriate by the Bank. (l) This account can be opened by individuals of all nationalities above the age of 21 years and non - individuals with the exception being that all the Bank’s employees, directors and their immediate family member are not allowed to open account and in case of non- individuals, Bank’s subsidiaries will not be allowed to participate. (m) Ayadi Student Account can be opened by students of all nationalities resident in Bahrain between the ages of 6 and 21. Students between the ages of 18-21 must provide a copy of their student ID, current course schedule, current semester payment or any other evidence of being a student acceptable to the Bank. In addition to the above, in case of non-nationals, a valid Bahrain resident permit must be provided at the time of opening the Ayadi Student Account as well as in the case of claiming the draw. For students below the age of 18, the Bank’s requirements on minor’s accounts will apply. 8. Minor’s account (a) Accounts maintained for minors shall be operated by a parent or legally appointed guardian until the minor attains the age of 21. (b) All the monies standing to the credit of such accounts shall be held for the benefit of the minor and shall not form part of the assets of the operator of the account. (c) The operator of the account shall promptly inform BMI Bank on the minor reaching the age of 21, after which the minor will be entitled to operate the account. (d) The Bank may at its sole discretion open savings accounts for minors between the age of 18 and 21 years, in their own names without the requirement of a guardian, provided such a minor submits a proof of employment and any other documents as the Bank may require. 9. Joint account (a) In case of joint accounts, BMI Bank shall rely on the operating mandate as per the instructions given by the account holder and reserves the right to reject any instructions to the contrary. (b) Any overdraft, loans or other obligations incurred on the account or otherwise shall be the joint and several liability of each and every individual constituting the account holder. (c) In the event of the death of any of the individuals constituting the account holder, the surviving individuals shall undertake to notify BMI Bank of the death within 10 days from the date thereof, whereupon BMI Bank shall stop any drawing from the account until the legal successors of the deceased appoint their representative in accordance with the personal law of the deceased. In the case of a Muslim resident in the Kingdom of Bahrain, the disposition of any credit balance, security or property available to the account and remaining unencumbered shall be governed by and carried on in accordance with the order of the competent Sharia Court. (d) BMI Bank is not liable or responsible for honouring instructions that contravene the operating mandate. 10. Dormant account a) A current or savings or call deposit account will become dormant if there are no account holder originated transactions for 12 months. In such a case the account shall be blocked for account holder or a third party originated transactions, such as, but not limited to, cheque debit/credit, inward/ outward remittance, etc. BMI Bank may also decide to withdraw/restrict services such as ATM access, net banking, SMS banking, etc. for dormant accounts. BMI Bank shall not be liable or responsible for any loss to the account holder in such a scenario. b) BMI Bank shall make every reasonable effort to inform the account holders of dormant accounts with a view to ascertaining the wishes of the account holder vis-à-vis continuation/closure of account and having the account reactivated. c) If an account holder wishes to regularise his dormant account he will need to submit the required forms and complete the necessary formalities including providing the required identification documents. Regularizing a dormant account is at the sole discretion of BMI Bank. d) If a dormant account has debit balance or goes into debit balance due to levying of charges etc. BMI Bank may decide to close the account without any liability to account holder whatsoever. In such a case account holder shall continue to be liable for the moneys he owes to BMI Bank. If a dormant account has credit balance, the bank will not close the account but will levy applicable charges (like minimum balance non maintenance, etc) periodically. e) No statement of account will be issued in relation to such accounts. 11. Statement of account (a) Statement of account shall be provided to the account holder periodically as agreed between the customer and BMI Bank except in case of dormant accounts. (b) BMI Bank shall not be liable for any losses to the account holder due to postal errors, delays, theft or for any other claim which may arise due to delay/non receipt on the statement. (c) In case of joint accounts, statement will be mailed to the first account holder. (d) If no objection to the contents of the statement is received within 30 days from the date of the statement, the statement shall be deemed to be correct. No claim whatsoever about the incorrectness of any entry in the statement shall be entertained after this 30 day period. 12. Expenses and charges BMI Bank shall levy applicable service charges as mentioned in the tariff sheet, which may be changed by BMI Bank from time to time. The tariff sheet will be made available at BMI Bank branch and on its website (bmibank.com.bh). BMI Bank has the right, without references to the account holder, to debit the account with all expenses, fees, interest, commissions, taxes, stamp duties, postage, telex, telephone, fax, court fees, lawyers fees and other expenses, whether paid or incurred on the account holder’s behalf or arising out of any dealings between BMI Bank and the account holder including fees incurred by BMI Bank in the course of recovery of its debt. 13. Right to set off and lien (a) BMI Bank shall apply credit funds held in any one account to discharge any debit that the account holder/s may have with BMI Bank in any other account. (b) BMI Bank shall have a right of lien on all properties of whatever nature (whether stocks, shares, placements, bills, precious metals or otherwise whatsoever) deposited with or held by the BMI Bank in the name of the account holder, and shall hold the same as security for the payment of any indebtedness due from the account holder to BMI Bank. Account holder waives the right to interpose any counter-claim or set-off of any nature or description in any litigation between BMI Bank and the account holder. Licensed and regulated as a conventional Retail Bank by the Central Bank of Bahrain bmibank.com.bh
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Company Details Form - C - BMI

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