Basic Banking Products & Services:
Banking, being an authorised financial intermediary between the Depositors (with excess money to save) and the Borrower (we is in need of financial support), has the basic fundamental functions of “accepting the deposits from the public for the purpose of lending or investment”.
With the above, it is clear that one of the main functions of the banking is accepting the deposits (interest bearing and non-interest bearing) from public as a main source of funds. Maiwand Bank has designed and offers various deposit schemes for the public to invest their excess savings.
Deposits are broadly divided into:
I. Demand deposits: Theses deposits are accepted from the public and repayable on demand by withdrawing the same through the different delivery channels (cheques, drafts, withdrawals, transfers, ATM and Internet banking and any other mode) provided by the bank. And these demand deposits are further bifurcated into:
Current Deposits: These type of accounts are aimed to facilitate the business community to enable them to avail the banking services for managing their business operations in more organized way with proper control and transferancy. In current account there is no restriction on the number of operations. This is not an interest bearing, as such no interest will be paid on the balances held in current account unless otherwise under any specific scheme.
- Accounts can be opened by individuals & joint holders.
- Proprietor, Partnership firms
- Private & Public Limited Liability companies
- Education & health institutes and any other organizations.
- Non-profit and Non-Government organizations, clubs, societies and associations.
- Customer identification (for individuals Tazkara / passport and TIN Numbers)
- For other type of customers viz firms, companies and social and non-government, non-profit organisations.
- Copy of license for conducting the business from the concerned authorities.
- Registration certificate of the organisation
- Bye-laws and constitutions of the organisation.
- Board resolution / management decision to open account
- Tazkaras / passports of the persons authorised to open and operate the account.
- TIN number (Afghanistan Tax Index Number).
- Introduction letter from any existing customer.
- Accounts will be opened in AFS, USD, GBP and EURO.
- No account opening and account maintaining charges.
- One cheque book will be issued free of cost on opening of the account
- Pass book, customer ID card, statement of account will be given free of charges.
- ATM debit card will be issued free of charges.
- Free collection of local cheques.
- Internet Banking Facilities will be provided free of charges on specific request with secured passwords.
- For Minimum balance requirements and other features, refer the details from the relevant specific scheme.
- Current accounts will also be opened for Margin Money purpose from the borrowers as a part of their contribution / security for obtaining fund based and non-fund based credit from the bank. In the case of Margin Money deposits, no minimum amount, no minimum period and no interest will be paid on the amounts held. The margin money deposit will be kept under lien and will be released or repaid on satisfactory repayment / discharge of the liability by the borrower