Conditions and Regulations for Opening Different Kinds of FX Accounts:
Chapter (1): FX Current Account of Qarz-Ol-Hassaneh
Chapter (2): FX Saving Accounts of Qarz-Ol-Hassaneh
Chapter (3): FX Term Investment Accounts
All of the individuals that have general conditions of the regulations related to the opening Rial accounts (Domestic Accounts), can open FX accounts with Bank ANSAR.
FX Current Account of Qarz-Ol-Hassaneh
The FX current account is a kind of Qarz-Ol-Hassaneh deposit that the account holder use from Bank services.
Opening Account Method:
For opening FX current account, the applicant should have Rial (Domestic) current account with Bank ANSAR and should ask for opening FX current account, by providing minimum USD 10,000 or its equivalent to other valid foreign currencies, opening account will be done after doing the administrative formalities and the acceptance of branch manager.
Note (1): The transportation companies and commercial attach� of foreign countries are not obliged to provide the minimum amount of 10,000$.
Note: (2): It's possible to open all kinds of accounts in foreign currencies as EUR, GBP, USD, and AED.
FX Saving Accounts of Qarz-Ol-Hassaneh
FX saving accounts of Qarz-Ol-Hassaneh are the accounts that all the Iranian and foreign persons, individually or jointly, can open by providing at least USD 100 or its equivalent in other valid currencies.
Required Conditions and Documents for Opening Qarz-Ol-Hassaneh FX account:
Opening Qarz-Ol-Hassaneh accounts for firms is subject to the conditions of opening account specific for such persons and the related documents such as (deed of partnership, memorandum of association, the gazette and latest changes advertisement) is required.
It's necessary to have following conditions and documents for Individuals to open Qarz-Ol-Hassaneh FX account:
1) To present the original pictured birth certificate and its copy.
2) To attend the account holder and or his attorney with the official power of attorney.
3) Two pieces of picture (In case of the customer's request for pictured bank book)
4) The applicant's written request for opening account.
- If the Individuals have a request for opening account jointly, all the above mentioned documents and conditions are obligatory and the account holders should complete and sign the related forms of joint accounts.
- Mother, father and paternal ancestor are authorized to open this account with exclusive drawing right according to law.
Presentable Services to Qarz-Ol-Hassaneh FX Saving and Current Account
- Receiving/ Sending FX orders from / to internal and external banks.
- Transferring FX funds to all kinds of other accounts of Individuals and firms, in related branch in which they have account and or other branches of Bank ANSAR and other banks in and out of the country.
- Receiving cash funds from the balance of the account by account holder or other persons under the request of account holder.
- Depositing FX funds of export documentary credits or bills.
- Providing discount or exemption of paying some of the bank's services commissions for such depositors.
Note: For opening FX accounts for ministries and public organizations observing instructions and getting confirmation of related authorities is necessary. No interest is accrued to Qarz-Ol-Hassaneh foreign currency current and saving accounts.
FX Term Investment Accounts
Required Documents of Opening FX Deposit:
A) Opening this account is possible for all the Individuals (Non-Governmental) persons individually and jointly in case there is no legal prohibition.
B) If the depositor doesn't have account with the considered branch, he should do for completing the form of deposit contract and presenting his deposit request and refer to the branch personally with the original copy of pictured birth certificate and it's copy ( In case of joint deposit, the presence of partners and their birth certificates is obligatory).
If the depositor has another account with the considered branch, for opening the new account, he should complete the deposit form and present his request.
Required Conditions of Opening FX Deposits
FX term deposits can be opened with at least USD 1000 or its equivalent in other valid currencies.
This deposit is opened for period of 1,2,3,6 months and 1 year and it will be extendable if the depositor wants.
Accounting Method of FX Deposit Interest
The profit of all kinds of deposits is calculated according to Libor rate plus specific margin (with respect to deposit term).
Deposit Profit rate is calculated on the basis of the Libor rate of the placement date and if the deposit is extendable, the profit rate of the new term is calculated in accordance with the rate of the first date of the extension term. If the deposit canceled after one month, regardless of the deposit duration, the profit will be calculated based on the Libor rate, appropriate to the period that the deposit has been with the bank and it will be paid to the depositor.
Characteristics of FX Investment Deposits
- Bank ANSAR's FX deposits are in form of a contract concluded between bank and the depositor. This kind of deposit is fixed and inactive, it means that by adding to or deducting from it, before maturity, the deposit will be cancelled.
- Crediting this kind of deposit with funds of FX transfers or transferring any fund from other account of the bank is impossible.
- If the depositor wants, he can transfer altogether the entire amount of the deposit before the maturity or receive it in cash as bank notes.
- The profit of FX deposits proportional to the yield of their utilization in currency or Rial, will be as follows:
A) Payable to the principal of the deposit in maturity in foreign currency.
B) Credit the account introduced in the contract at maturity (depositor's or third party account)
C) Payable in cash to depositor at maturity.
D) Calculatable in date's rate and payable in IRR equivalent to depositor's account.
- For canceling the deposit, it's necessary to present the original deposit certification, written request of deposit cancellation and valid identification certificate.
Subsidiary Facilities of FX Deposits
Depositors can provide the bank with the deposit's contract as a security for receiving bank's facilities or FX and Rial guarantees or opening L/C so while they receive the profit of their deposit, they also provide the necessary security.
Libor rate is the profit rate of the placement of deposit, among the special group of banks in London. This rate is determined daily for hard currencies, and the Libor rate is changeable for different terms of the placement of the deposit.