Prime-bank Limited

Islamic Mode of Deposit

Al-Wadiah Current Account
Al Wadiah Current Deposit is a deposit product operated according to Islamic Shariah where the depositor will deposit money in the Bank in the form of ‘Amanat’ and thus expects on profit or loss. The Bank takes permission from the depositor to use the deposit according to Islamic Shariah but guarantees that the amount deposited would be available to depositors whenever s/he demands. If Bank does loss using this deposit then bank will incur all responsibilities. Since depositors do not take any risk of loss, so they cannot demand any profit. The customers whose transactions are random and frequent are advised for this product. Thus, it is generally observed that this account is operated by various Business houses, Public Institution, Corporate bodies and other organizations whose banking transactions are numerous and frequent. A moderate charge is made on a half-yearly basis to cover incidental expenses. The following types of Al Wadiah account are operated in our Bank.
01.	Individual/Joint Current Account
02.	Proprietorship/Firm Account
03.	Partnership/Firm Account
04.	Private Limited Co. Account
05.	Public Limited Account
06.	Club/Society/School/College & Trustee A/C

Some Important features of Al-Wadiah Current Account
01.	This is a non profit and loss bearing product.
02.	Frequent and random transactions do not have any impact on profit calculation as it is a non-profit bearing product.
03.	Depending on the amount of deposit there is a yearly excise duty to be charged on this type of account.
04.	There is also a specific amount of service charge, chargeable on half-yearly basis.

Rule and Conditions for Al-Wadiah Current Account

01.

Client can open an Al-Wadiah Current Account by depositing at least the minimum amount specified by the Bank.

02.

The Client has to provide sufficient Identification document before opening an account.

03.

Deposit is taken in the account according to the policies of Al-Wadiah and Bank uses the deposit according to Shariah along with other deposits. Client will not have any share in the profit or loss for his/her deposit.

04.

To cover incidental expenses the Bank will charge a specific amount on a half-yearly basis, even if the account closes within six months of opening.

05.

Cash withdrawal is only possible through designated cheques supplied by the Bank. Here all the regulations of Negotiable Instrument Act will be applicable.

06.

Initially the Client has to apply for cheque Book in a separate form. From next time on Client has to apply using the application form attached to the cheque book.

07.

The Client should count the leaves of a cheque book while taking it from the Bank. The safety of the cheque book is the sole responsibility of the Client. For any fraud or forgery using lost cheque book or leaf, the Bank can not be held accountable.

08.

The Client has to sign cheques according to the signature card kept with the Bank. If the Client wishes to change his/her specimen signature, s/he has to inform the Bank before hand.

09.

The Client has to deposit using Bank’s specified deposit slip. In the deposit slip the Client has to mention his/her account no, account name, deposit amount and particulars of the deposit. The Client can deposit in cash or cheque. If cheque is deposited then it has to be marked as account payee.

10.

Stop payment of cheque is taken under notification with proper caution and attention but if payment is made by mistake then the Bank cannot be held responsible.

11.

Bank provides monthly statement, free of charge.

12.

Bank holds the authority to deduct any necessary expense from the account.

13.

Bank reserve the right to close any account without showing any cause. Specially those accounts which are non-profitable or dormant for a long time with little deposit. Bank can take those deposits to its income after closing the accounts.

14.

The Client has to inform the Bank of any address change immediately. Bank from time to time will communicate with the Client through mail. Bank cannot be held responsible if mail does not reach the Client in time or not at all received by the Client.

15.

In case of death of one or more persons of jointly operated Al-Wadiah Current Account, if no agreement is made, the balance is made available to other live partners. Inversely, if there is any credit due to investment, linked to that account, the live partners will be accountable to pay back.

16.

The Bank does debt/credit to an account with full and proper caution. If by mistake the Bank fails to credit any amount, will do so any time later. On the other hand, if any amount is being credited by mistake the Bank cannot be held responsible for the any loss of the Client for such incident.

17.

Bank reserve the right to change, append or amend any rules or regulations from time to time and those will be applicable to the clients.

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