Current Account T&C

A current account is a contract whereby the customer agrees to make entries in an account by means of reciprocal and overlapping payments of debts arising from transactions such as the receipt of monies, assets or commercial papers which can be owned and so forth. They likewise agree to replace the settlement of each separate payment by a final settlement resulting in the final balance upon closure thereof.

Unless expressly specified to the contrary in any Specific Conditions, credit balances on a Current Account shall not bear any credit interest.

Current Accounts may only be opened and maintained by residents of Oman. If the Bank has reason to believe that the Customer is not or may no longer be a resident of Oman, the Bank may freeze or block the Current Account. The Customer may, subject to satisfying any relevant conditions, convert such Current Account to a type of Account that the Bank determines is appropriate in the circumstances. If the Customer does not convert the Current Account within the time period prescribed by the Bank, the Bank may either convert the Current Account into an Account that the Bank considers appropriate or close the Account and transfer any available credit balances to the Customer in any manner that the Bank considers fit.

The Bank may issue a cheque book (at the Customer’s expense) in respect of a Current Account. If issued, a cheque book shall be collected by the Customer from the designated branch of the Bank. Any delay in collection of the cheque book shall be at the Customer’s absolute responsibility and risk and without liability on the Bank.. Upon the request of the Customer, the Bank may make the cheque book available for physical collection by the Customer at a specified branch of the Bank.

In the event of a Current Account being closed, the Customer must immediately return to the Bank all unused cheques in respect of that Current Account.

Deposits and withdrawals may be made by the Customer at the office of the Bank in which an account is opened, as well as other digital channels, and at other offices and/or branches of the Bank in Oman.