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.
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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
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
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
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
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