Foreign currency Qarz- Ul Hasaneh (non-interest bearing) Saving Account

Because of international banking importance, Shahr bank, according to the directives of the Central Bank of Islamic Republic of Iran and along with the governments Macro-policies about providing the customers with any foreign currency services in Exchange branches of this bank, announces its preparation.

Dear customers can open foreign currency Qarz-Ul Hasaneh accounts with foreign drafts and foreign currency note bill-based origins.

Foreign Currency Qarz-Ul Hasaneh Current Account

Foreign currency current account is one of the available accounts in Shahr bank which is opened for the applicants (real or legal entities) by considering rules and regulations.

Conditions of opening foreign currency accounts with or without a commercial card:

1. Opening a foreign currency Qarz-Ul Hasaneh current account with foreign currency origin-based for real and legal people owning or not owning commercial cards can be done with a zero amount.

2. Opening note bill-sourced foreign currency Qarz-Ul Hasaneh current account for Dollar, Euro and mixed for real and legal people with or without commercial cards is possible. The minimum amount for opening this account is announced based on the current directives of the bank.

3. This deposit bears no rate of interest.

 Foreign currency term investment deposits

• The customers who want to apply for foreign currency term deposit accounts, can refer to one of the Exchange branches of Shahr bank and by presenting the required documents open this account.

The rate of interest in these accounts is deposited based on the current directives of the bank. Currently, the interest of foreign currency accounts with source of foreign note bills is based on the interest rate charts available in exchange area.

In case of closing an account before the deposit maturity, the deposit interest and the fine (as a penalty) for closing the account will be calculated based on the former exchange term deposit investment account.

Conditions of opening foreign exchange term-deposit investment accounts:

• Opening term investment accounts is possible just for currencies with note bill sources and currencies with foreign sources, and the currencies internal sources wont be admitted.

• Acceptable currencies for depositing funds into term deposit accounts with note bill sources are only American Dollar and Euro and acceptable currencies for depositing into term accounts with foreign source currencies are Dollar, Euro and Emirate Dirham.

• The depositor ant any time can cancel their deposit and receive the deposit amount. In order to cancel the deposit, presenting the deposit original document is required. Presenting the deposit before the maturity involves the deposit adjusted rate on the conditions of declared rates.

• Foreign currency deposit is a contract made between the bank and the depositor and making any changes including increase/decrease in deposit amount will result in cancellation of the contract and opening a new contract with current conditions; therefore, decreasing the deposit amount before the maturity without changes in deposit conditions will not be allowed.
• The interest rate of these deposits is paid with the sane currency origin which is deposited.

Paying the interest of Foreign Currency Accounts:

• The interest of three month, six month, and nine month accounts is paid in the maturity and the interest of one year accounts is paid monthly.
• The basis for calculating the interest of these accounts is the declared rate mentioned in the banks directives when opening the account or extending it.
• The interest of accounts which are cancelled will be adjusted according to the declared directives and announcements.
• The accounts which are closed in less than a month after being opened bear no rate of interest.

General Provisions referring to the foreign currency accounts:

1. Opening current deposit accounts for all the state departments involving in Article 22 of the Fifth plan of economic, social and cultural development of Islamic Republic of Iran, is only possible in governmental bank branches.

2. Opening deposit/foreign currency accounts for legal or real people:

- Opening foreign currency accounts is permitted for all Iranian and foreign legal and real people.

- Opening a deposit account for Iranian and foreign legal and real people is based on the regulations for opening Rial accounts.

- Eligible people can open individual or joint accounts. 

- Opening foreign currency accounts by foreign people requires passport and visa, a valid residence license and also registering an inclusive number for foreigners is necessary. It should be noted that the asylum book, ID card special for foreigners, logistics paper and passport are each considered as valid residence license documents and can be offered to the bank as the customers identification documents for opening an account ( only Qarz-Ul Hasaneh saving account). Therefore, opening a current account and receiving loans is not possible only by offering the above documents but follows specific regulations.

Required documents for opening a deposit account:

Real persons:

1. Required documents for real people to open an account include original life certificate, passport, valid visa, and ID card of the depositor plus a certified copy of them for filing.

2. The minimum balance for the opened accounts with note bill-based currency.

3. An inquiry from the Central Bank of Islamic Republic of Iran and a reference (for foreign currency current account).

4. Filling in the application form.

5. For opening a joint account, all the above documents required for partner depositors and the relevant forms must be filled in and signed by the holder/holders of the account. In addition, the portions of shares, withdrawal manner and closing the account must be determined.

• All the contracts of opening joint accounts must be completed and signed by all the account holders.

Note: The copies of all identification documentations of the customers must be certified.

Legal Persons:

1.      Business certificate (for non-joint stock companies).

2.      National identification.

3.      Articles of association (in which the company is allowed to open the required account).

4.      A note of incorporation mentioned in the official gazette.

5.      The latest changes mentioned in the official gazette.

6.      The latest agenda of the board of directors.

7.      Original life certificates and ID cards of the signatories (for Iranians); passport and visa (for foreigners) plus a copy of them.

8.      Depositing the minimum balance.

9.      An inquiry from the Central Bank of Islamic Republic of Iran plus a reference (for foreign currency current accounts).

10.   Filling in the application form.

Note: Original documents will be returned to the applicants after checking and filing the certified copies by the exchange head of the branch.