Customers of UBL

MONEY & BANKING

“Customers of the Bank”

Submitted to: Ma’m Bushra

Submitted By: Muhammad Rizwan

09-arid-931

M. Usman Sultan

09-arid-914

Dated: 21-11-2011

Customers of UBL: Customers of a Bank are usually divided into two categories: 1. Special Customer 2. Ordinary Customer

1. Special Customers: Following are the special customers of a bank: a) Illiterate Person:

An illiterate person from the bank’s point of view is the one who can’t put his signatures. For the opening of the account with the bank & honoring the cheques of such customers following precautions are considered: i. ii. iii.

The individual has to come personally in the Bank. Photographs of such customer are attached. Thumb impressions are required while opening the account as well as when such customer comes to the bank with a cheque to be cashed. If individual can sign in urdu it is also used. iv. Reference are not used now while opening an account of illiterate person. b) Pardanashin Women:

Ladies who observe pardah are also bank customers. As they also use to have an account with the Bank and these ladies are Also treated as special customer of the Bank. In this regard bank does the following: i. ii. iii. c)

Photos are required at the time of opening an account. Specimen signatures are required. Has to come personally for withdrawing a cheque. Lunatic:

A person who is lunatic; is of unsound mind can’t be contracted according to Bank’s regulations. Account of such individuals can’t be maintained with the

Bank. In case a person was having an account and he lost his senses later on Bank  will not make him/her payments, in such case orders of court are followed. d) Drunkard: These are usually very rare cases. Normally persons coming to the Bank are in senses. According to Bank rules contract can’t be made with the individual who is not in senses. e) Minor: A person under the age of 18 years is a minor; though Bank usually do open an account of the minor while the account is usually operated by the Guardian.  Normally father operates such an account. In the case of Minor’s account Bank has to consider the following: i. ii. iii.

Birth certificate of the Minor is required. Father of the minor normally operates the account. Bank has to consider the source of fund of the account (source of income of  the minor’s Father). iv. In case a mother opens an account on behalf of the minor, the letter of  Indemnity as per format of the Bank will be signed by her. v. The title of the account will be “Father’s / Mother’s” or a court appoints guardian’s name. vi. On attaining the age of majority the minor is allowed to have an account with the UBL. vii. In case of death of death of the father or court appointed guardian, any further operation in the account will be permitted only in terms of valid certificate/letter/ order issued by the court of law. f) Married Women: A married woman is competent to enter into a valid contract. UBL do open an account in the name of a married woman. In case of a debt taken by a married woman, her husband shall not be liable except in the following circumstances: i.

If the loan is taken with his consent or authority

ii.

If the debt is taken for the supply of necessaries of life to the wife

The husband shall not be liable for the debts taken by his wife in any other circumstances. The creditor may in that case recover his debt out of the personal assets of the married woman. While granting a loan to a married woman UBL examine her own assets and ensure that the same are sufficient to cover the amount of the loan.

2. Ordinary Customers: Ordinary customers of the Bank are those who can enter into the contract under the laws of the court. An individual, a corporation and a firm can open an account with the bank. UBL UniFlex PLS Savings Account: UBL has introduced a new checking account ideal for small investors, traders, businessmen and customers from middle income group.They can now afford an amazing rate of return plus value added benefits only available from the UBL UniFlex PLS Savings Account.    

Amazing rate of return Convenience of a cheque book  Power of Wallet VISA ATM / Debit Card Online Banking Facility

Terms & Conditions i.

ii.

iii.

All individual and joint account holders and sole proprietorships are eligible for the UBL UniFlex Account (scheme); Corporations and partnerships are ineligible for the scheme. Only one UBL UniFlex account per Computerized National Identity Card (CNIC) shall be allowed to be opened in UBL, regardless of the branch; no doubling shall be allowed even as joint account or sole proprietor. If the minimum balance touched during any calendar month exceeds Rs.200, 000/-, interest/return/profit shall only be paid on Rs.200, 000/- and no interest /profit will be paid on the amount exceeding this limit.

Joint Account customers: Account of two or more persons maintaining an account together is termed as joint account. They collectively operate that account. While opening such account Bank  consider the following: i. ii. iii.

Joint names of the account holders Signatures of the joint account holders While if delegated to an individual he can withdraw at the behalf of others

Sole Proprietorship Account: i. ii. iii. iv. v. vi.

The documentary requirements in respect of individual accounts will apply. Attested copies of the following documents are optional. Application to open an account on the official letter head of the sole proprietorship. National tax number(NTN) / Sale tax registration certificate (if available) Evidence of membership of and trade organizations / chamber of commerce  / professional bodies etc. (wherever applicable) List of officials authorized to operate the account and their specimen signatures (wherever applicable). Rubber stamp of proprietor to be affixed on all documents along with account opening form & specimen signature card.

Partnership Account: Partnership is the relation between persons who have agreed to share the profits of  the business carried on by all or any of them acting for all. In case of a partnership account Bank consider the following: i. ii. iii. iv. v.

attested photocopies of identity cards of all partners. Application to open an account on the official letterhead duly signed by all partners. Attested copy of “Partnership Deed” duly signed by all partners of the firm. National tax number (NTN) / sales tax registration certificate (if available) Attested copy of registration certificate with register of firm. In case of  partnership is unregistered, this should be clearly mentioned on the account opening form.

vi. vii.

Authority letter, in original, in favor of the person authorized to operate on the account of the firm. Rubber stamp of partnership is to be affixed on the all document along with account opening form & specimen signature card.

Joint Stock Companies: A joint stock company is an association of individuals for the purpose of profit and common capital contributed by the members constituting it. For a company to have an account with the bank they have to provide certified copies of: i. ii. iii. iv. v. vi.

Resolution of Board of directors for opening of account specifying the persons authorize to operate the company account. Certificate of incorporation Memorandum & article of association Certificate of commencement of business Attested photocopies of ID cards of all the directors Rubber stamp to be affixed on all documents apart from the Account opening form and specimen signature card.

Reference: Noshad khan Customer Service Manager Commercial Centre, RWP.