The Business Account Agreement serves as the foundational document governing the relationship between Indian banks and their business customers. It is essential for any business entity seeking to establish and maintain banking services in India, whether a local company or a foreign entity operating in the Indian market. The agreement comprehensively covers account operations, digital banking services, compliance requirements, and various banking products while ensuring adherence to Indian banking regulations, anti-money laundering laws, and corporate governance requirements. This document is typically used when establishing new business banking relationships or updating existing arrangements to reflect current regulatory requirements and modern banking practices.
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1. Parties: Identification of the bank and the business customer, including registration details and addresses
2. Background: Context of the agreement and the banking relationship being established
3. Definitions: Definitions of key terms used throughout the agreement
4. Account Opening and Operation: Terms and conditions for opening and operating the business account
5. Authorized Signatories: Rules regarding appointment and powers of authorized signatories
6. Banking Services: Core banking services provided under the agreement
7. Fees and Charges: Structure and details of applicable fees, charges, and minimum balance requirements
8. Account Statements and Reporting: Provisions regarding account statements, frequency, and dispute resolution
9. Security and Access: Security measures, including online banking access and authentication requirements
10. Customer Obligations: Business customer's responsibilities and compliance requirements
11. Bank's Rights and Obligations: Bank's responsibilities, rights, and service commitments
12. Anti-Money Laundering Compliance: KYC requirements and ongoing compliance obligations
13. Confidentiality: Protection and handling of confidential information
14. Termination: Conditions and process for account closure and agreement termination
15. Governing Law and Jurisdiction: Application of Indian law and jurisdiction for disputes
1. International Banking Services: Terms for international transfers and foreign currency services, included if the business requires international banking
2. Credit Facilities: Terms for overdraft or credit facilities, included if credit services are offered
3. Digital Banking Services: Specific terms for internet and mobile banking services, included if digital services are required
4. Merchant Services: Terms for payment processing and POS services, included for businesses requiring merchant facilities
5. Trade Finance: Terms for trade finance products, included for businesses engaged in import/export
6. Investment Services: Terms for investment and wealth management services, included if investment services are offered
7. Insurance Services: Terms for banking-related insurance products, included if insurance services are offered
1. Schedule 1: Fee Schedule: Detailed breakdown of all applicable fees, charges, and transaction limits
2. Schedule 2: Authorized Signatory List: List of authorized signatories with specimen signatures and authorities
3. Schedule 3: Service Level Agreement: Specific service standards and response times for banking services
4. Schedule 4: Required Documents: List of documents required for account opening and maintenance
5. Schedule 5: Digital Banking Terms: Detailed terms and conditions for digital banking services
6. Appendix A: Account Opening Form: Standard account opening form with required business information
7. Appendix B: KYC Documentation: List of required KYC documents and verification procedures
8. Appendix C: Interest Rate Schedule: Current interest rates applicable to various account types and balances
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