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Operating Agreement For Bank Account

Operating Agreement For Bank Account Template for India

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Key Requirements PROMPT example:

Operating Agreement For Bank Account

"I need an Operating Agreement for Bank Account for our tech startup's corporate account in India, with provisions for multiple authorized signatories and specific clauses for international transactions and digital banking services with daily transaction limits of INR 50 lakhs."

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Document background
The Operating Agreement For Bank Account serves as a foundational document establishing the relationship between a bank and its account holder(s) in India. This agreement is essential when opening and maintaining bank accounts, whether for individuals, joint holders, or corporate entities. It comprehensively covers account operation parameters, services, and obligations of all parties involved, ensuring compliance with Indian banking regulations, including the Banking Regulation Act, 1949, and RBI guidelines. The document is particularly crucial in today's banking environment, where traditional banking services intersect with digital banking solutions, requiring clear guidelines for secure and efficient account operations while protecting both the bank's and account holder's interests under Indian law.
Suggested Sections

1. Parties: Identification of the Account Holder(s) and the Bank

2. Background: Context of the agreement and purpose of the bank account

3. Definitions: Key terms used throughout the agreement

4. Account Details: Specific information about the account type, number, and currency

5. Authorization and Operation: Rules for account operation, authorized signatories, and signing powers

6. Transaction Parameters: Daily/monthly transaction limits, minimum balance requirements

7. Banking Services: Description of services provided with the account

8. Fees and Charges: Details of applicable banking charges and fee structure

9. Account Statements: Frequency and mode of statement delivery, verification process

10. Security Measures: Security protocols for account access and transactions

11. Representations and Warranties: Declarations by the account holder regarding account operation

12. Bank's Rights and Obligations: Bank's responsibilities and rights in managing the account

13. Account Holder's Rights and Obligations: Account holder's responsibilities and rights

14. Term and Termination: Duration of agreement and conditions for account closure

15. Governing Law and Jurisdiction: Applicable laws and jurisdiction for dispute resolution

Optional Sections

1. Internet Banking Services: Terms for online banking access and operations, used when digital banking services are requested

2. Joint Account Operations: Special provisions for joint account holders, included when account has multiple holders

3. Corporate Account Provisions: Specific terms for corporate accounts, included for business entities

4. International Banking Services: Terms for international transactions, included if foreign currency transactions are enabled

5. Overdraft Facility: Terms for overdraft services, included if overdraft facility is provided

6. Special Instructions: Any special operating instructions specific to the account holder

7. Force Majeure: Provisions for extraordinary circumstances affecting account operations

Suggested Schedules

1. Schedule 1 - Authorized Signatories: List of authorized persons with specimen signatures and signing powers

2. Schedule 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges

3. Schedule 3 - Transaction Limits: Detailed limits for different types of transactions

4. Schedule 4 - KYC Documents: List of submitted Know Your Customer documents

5. Schedule 5 - Additional Services: Details of additional services opted for by the account holder

6. Appendix A - Account Opening Form: Completed account opening form with customer details

7. Appendix B - Terms and Conditions: Bank's standard terms and conditions

8. Appendix C - Digital Banking Terms: Specific terms for digital banking services if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions















































Clauses




































Relevant Industries

Banking

Financial Services

Corporate Services

Legal Services

Regulatory Compliance

Business Consulting

Financial Technology

Retail Banking

Corporate Banking

International Banking

Relevant Teams

Legal

Compliance

Operations

Risk Management

Customer Service

Account Management

Corporate Banking

Retail Banking

Treasury

Digital Banking

Regulatory Affairs

Financial Control

Relevant Roles

Bank Manager

Compliance Officer

Legal Counsel

Account Relationship Manager

Banking Operations Manager

Risk Manager

Corporate Banking Officer

Branch Manager

Financial Controller

Treasury Manager

KYC Officer

Operations Director

Chief Financial Officer

Company Secretary

Regulatory Affairs Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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