Fixed Deposit Account
Time Deposit/Term Deposit/Fixed Deposit: These types of deposit accounts are aimed to resource the long time funds from the public, who may not have immediate cash requirements. These deposits are accepted for a certain fixed time or term which will be repayable after the expiry of the period so fixed. Since these deposits remain in the bank for a longer time than the demand deposits for the purpose of long term investments, Pashtany bank offers attractive interest rates with more safety and security of the customer's funds.
1. Accounts can be opened by individuals & joint holders.
2. Proprietor, Partnership firms.
3. Private Public Limited Liability companies.
4. Education health institutes and any other organizations.
5. Non-profit and Non-Government organizations, clubs, societies and associations.
6. Minors below 18 years of age can open along with their natural / legal guardian and the account could be operated by the guardian only for the benefit of minors.
1. FOR INDIVIDUALS
a. Customer identification (Tazkara / passport).
b. Business license.
c. TIN Numbers.
2. FOR OTHER TYPE OF CUSTOMERS VIZ SOCIAL AND NON-GOVERNMENT, NON-PROFIT ORGANIZATIONS.
d. Copy of license for conducting the business from the concerned authorities.
e. Registration certificate of the organization.
f. Bye-laws and constitutions of the organization.
g. Board resolution / management decision to open account.
h. Tazkiras / passports of the persons authorized to open and operate the account.
i. TIN number (Afghanistan Tax Index Number).
j. Introduction letter from any existing customer.
1. Accounts will be opened in AFS, USD, GBP and EURO.
2. Fixed Deposit Receipt will be issued to the depositor and the same has to be surrendered on the maturity for withdrawing the amount. 3. No cheek books will be provided for withdrawals. However, in case of need, customer can withdraw the amount in fixed deposit prior to the due date of maturity. In that case the interest will be paid at1% less than the applicable rate for the period of which the deposits remain with the bank.
4. But if the FD is closed before maturity for the purpose of renewing for further period, then the penal interest clause will not be applicable.
5. Fixed Deposits will be accepted for a minimum period 3 months and no maximum limit on the period. However currently fixed deposits will be accepted for a maximum period of 5 years and the same could be renewed for a further period as per the requirement and instructions of the custom.