a contract between a customer and a bank whereby the bank obliges itself to honour cheques up to the amount deposited with the bank or up to an agreed overdraft limit. The overdraft is effectively a loan.
In offering the basic deposit account, banks shall adopt clearly-defined written policies, procedures and controls to ensure due diligence and compliance with applicable rules and regulations," according to the circular.
Banks can customize their basic deposit account product to serve wider markets and harness technological innovations to attract more clients and to service their accounts, provided the necessary controls are in place and the specified minimum key features are strictly observed, BSP said.
Commercial Bank encourages everyone to save - regardless of age, background, status and nationality -- but we particularly encourage Qatari nationals to open deposit accounts during the dividend distribution season to make the most of this opportunity to make a headstart on their savings goals.
Currently, bitcoin deposit accounts should not be characterized as bank accounts or securities accounts, so the individual should briefly describe the nature of the account in the space provided on Parts II or III of the Form 114 (31 C.
NRI dual deposit account, which is a part of the NRI banking facility, is designed to provide a convenient banking experience," said regional head of consumer banking Northern Gulf Levant and Oman B Chandrasekhar.