General conditions for opening an account General conditions for opening an account

Any person who has reached the age of 18 or his/her certificate of legal maturity has been issued by a competent court is authorized to open types of savings and deposit accounts at Bank Maskan in his/her name or to those who are under his guardianship and custody. Moreover, the individuals who have reached the age of 12, are authorized to open an interest-free savings account in person.

*It should be noted that in order to open an interest-free loan Maskan Card, it is obligatory to reach the age of 15 at least.

  • Opening kinds of savings and deposit accounts requires acceptance of conditions and signing of all of the corresponding documents and account opening card by the person who is opening an account.
  • Individuals are able to open an account representing other persons as their attorney (natural and legal entities) by accepting general conditions and submission of a notarized power of attorney indicating the opening of the concerned account.
  • Opening an account for minor children is made by their guardian and custodian and for the incapacitated and absent persons, the court shall open an account for such persons.
  • For illiterate persons, it is compulsory to affix a photo to sample signature card and bank booklet. For these individuals, their seal shall replace their signature. 
  • Two or several persons may jointly open an account with bank including interest-free loan savings and current accounts. The proportional share of any of accountholder and term of withdrawal from the said accounts should be specified (with whose signature withdrawal from the account will be done). In case the proportional share of any of accountholders or term of withdrawal is not specified, deposit belongs to accountholders equally and withdrawal from the said account is made through signatures of all accountholders.
  • Opening an account, transfer or share of types of short-term, special, long-term and preferred investment deposit accounts is possible only among close relatives. 

Note: Opening types of housing savings fund, Youth Housing and housing construction accounts is jointly made with close relatives only (parents, sister, brother, spouse, children, grandfather, grandmother and grandchildren).

  • Legal entities may open types of savings and deposit accounts. Account opening is made by authorized signatories upon submission of the corresponding documents.

Opening types of accounts for minor children by persons who are not guardian or custodian of the said children

  • Opening investment deposit accounts (short-term, long-term and preferred investment deposit accounts) for minor children by persons who are not guardian or custodian of the said children:

The said accounts are opened in the name of account opening party (mother or others) in the favor of the minor.

To open the said accounts, the opening party may waive or reserve the right of withdrawal from the account (including the principal amount or interests thereof). 

Concerning the fact that in opening the said accounts, legal formula of “commitment” is used, if the opening party of the account dies prior to or after  the minor reaches the specified age, the balance of the said account and interests thereof will not be regarded as bequest of the party who has opened the said account.

In case of death of the minor child before he/she reaches the specified age, account balance and interests thereof shall go to the party who has opened the account and he reserves right of withdrawal from the said account as well.

In case of death of the minor child after he/she reaches the specified age, balance of the account and interests thereof shall go to the heirs of the said child.

  • Opening housing savings fund, housing construction savings fund and Youth housing savings accounts: Opening the said accounts for the minor children by the persons who are not their guardian, mother or custodian is not possible.

In the said accounts which are opened by the mother for the minor children:

  1. If obtaining date of the loan facilities is made by the mother after the specified age:

*  In case the obtaining date of the loan facilities is prior to age of legal maturity of the minor child, it is possible to grant the loan facilities to the said minor child through guardianship and custodianship of his/her guardian or custodian.

* In case the obtaining date of the loan facilities is the legal maturity or after date of legal maturity of the minor child, it is possible to grant the said loan facilities to the said child only.

B) If obtaining date of loan facilities is prior to the age specified in the opening document of account by the mother:

* In case the mother does not waive right of withdrawal from the account, it is possible to pay the loan facilities to the mother. Obviously, in case the mother is willing to obtain the loan facilities for her minor child, it is necessary for the natural guardian or his/her substitute to interfere with the case.

C) Opening Savings Interest-free Loan Account 

The individuals who are not guardians or custodians may open savings interest-free loan account for the minor child.

 

Note 1- Right of withdrawal from the minor child’s account before he/she reaches the age of 18 or upon submission of order of legal maturity issued by competent courts is reserved by his/her natural guardian or his/her custodian if such guardian is not available.

Note 2- In such cases as the mother opens a savings interest-free loan account in the name of her minor child, she reserves right of withdrawal from the said account until the said minor reaches the age of 18 or upon submission of an order of legal maturity rendered by competent courts.

Modified Date1398/6/24- 8:40