Saving Account – Financial Inclusion

In line with PIB’s policy which aims to reach and provide banking services to all categories of the community by enhancing their access to banking services provided by the Bank, and corresponding to the instructions issued by the Monetary Authority in this regard the service of opening a financial inclusion account has launched which will be exclusively provided to customers of low-income and those working for international platforms (freelancers) to whom specific criteria by the Bank shall be applicable subject to terms and conditions for this account.    Special Advantages of Saving Accounts – Financial Inclusion

• Obtain ATM card free of charge for issuance and zero commission for usage  
• Free e-services, SMS, PIB online and PIB Mobile without any charges 
• No charges for opening a financial inclusion account
• No charges on account management
• No minimum balance is required for opening a financial inclusion account

Services provided to Saving Accounts – Financial Inclusion:

• Direct cash deposit & withdraw money and through the ATM
• Deposit PDC cheques 
• E-Banking services
• Auto payment of bills
• Issue and receive money internally and externally
• Obtain ATM cards and Debit cards

Special terms and Conditions for the financial inclusion accounts:

1. The financial inclusion account is treated as any type of saving accounts where this account is opened for those of low-income; provided that the ceiling of monthly credit transactions shall not exceed ($2000) or equivalent in other traded currencies and shall not annually exceed ($24000) Twenty Four Thousand US Dollars or equivalent in other currencies.   
2. The financial inclusion account is treated as a credit current account – individual if the value of the monthly credit transactions exceeded the maximum limit of six times during one year, or if the value of transactions has exceeded the maximum annual limit twice.  
3. The target group of these accounts are the citizens of low-income and those working for international platforms (Freelancers) through either contracting with these platforms or those who perform jobs in favor of these platforms for a fee.  
4. Instructions and requirements of KYC should be considered in line with the requirements of anti-money laundering and terrorist financing and realize the principle of Know-Your-Customer “KYC” at time of opening the financial inclusion account to customers. The Bank’s policy and internal procedures on opening accounts of customers including this type of accounts shall be applied.    
5. It is not required from customers to buy a banking service or product upon opening the financial inclusion account.
6. Ad hoc preferable advantages will be given to account holders automatically.  
7. Different duty centers shall raise public awareness about this service, clarify requirements of opening this account and benefits of its utilization through the available means at branches, in particular through posting ads on the main bulletin of the branch or office which show the nature, purpose, terms and conditions of this service to be visible to all customers.  
8. Proof of profession / income certificates that issued by credible sources in consistency with the regulations, compliance policies and risks applied by the Bank and that do not contradict with the applicable and in effect laws and instructions in this regard.
9. It is prohibited to issue cheque books for the financial inclusion account / saving account, except for cases in which such account is converted into current account where it will be treated as other current accounts and the applicable conditions for giving cheque books.