Current NGO Account

We propose to launch a new product dedicated for NGOs/NPOs. Presently we are opening NGO/NPO accounts under Current Corporate product. We believe NGO sector needs a special product for below reasons:

·         To have better product and enhanced value added-services to this sector

·         For better relationship Management

We propose to open all fresh NGOs/NPOs(foreign and local) under the proposed new product.

Existing NGO accounts will also be migrated to new product.

Below are the parameters and product features for the proposed Current NGO product.

Eligibility: NGOs/NPOs (Foreign and Local) having License from Ministry of Economy

Type of Account: Current Account

Purpose: To facilitate Transactions for NGOs

Eligible sectors: Only Registered NGOs and NPOs

Acceptable KYC

·         AOF and CIF forms

·         Executive committee's decision regarding open, operate & close bank account printed on the letterhead of the NGO matching the name on the license and should be stamped & signed by the authorized signatory

·         Original Board Resolution (in case of a foreign NGO, attested copy of the board resolution by the relevant embassy and ministry of foreign Affairs Afghanistan) on letterhead with signature and stamp. Board resolution should also specify the mode of operation of account by the signatories and their photo and specimen signatures

·         Copy of valid license (MOE)

·         Name and address of Executive committee

·         List of Directors/mem

·         Telephone No. and email address

·         Tazkra or passport copies of the Authorized signatories

·         Letter of introduction of authorized signatories from MOE

·         In case of foreigner authorized signatories, copy of valid passport along with valid visa and valid work permit

·         Copy of Articles of Association and Memorandum of Association, Constitution of the NGO

·         Copy of TIN for signatories as well as NGO

·         Copy of Proof of address of NGO.

ATM Card: Not Eligible

Minimum Amount/Balance: AFN 10,000, USD/EUR/GBP 300

Maximum Amount/Balance: No limit

Standing Instructions required: Facility Available

Standing Instructions charges: AFN 250 & USD/EUR/GBP 5

Minimum amount of cash withdrawal allowed (Not at the time of closure of account): AFN 500, USD/EUR/GBP 50.

Tenor: No fixed tenor. Payable on demand

Account Opening Charges: Nil – Free

Monthly Maintenance Fee: AFN 500 & USD/EUR/GBP 7

Rate of Interest p.a : Product Level - Zero

Account Closure charges: AFN 500 and USD/EUR/GBP 10.

Non maintenance of Minimum Balance fee: AFN 300 USD/EUR/GBP 6

Statement required: Yes

Statement Charges: For Local NGOs Monthly Once Free / For international NGOs Free any time

Duplicate statement charges: 250 AFN (It’s free for international NGOs)

Duplicate ID Card charges: AFN 250. USD/EUR/GBP 5.

Transaction count per month

Withdrawals are allowed any number of times

Transaction Charges: Free

Cheque book charges: AFN 900. USD/EUR/GBP 10 per Cheque book

SMS Alert required: Optional

SMS Alert Charges: AFN 100. USD/EUR/GBP 2

Transaction Alert: Yes

Cheque Book Issuance Alert: Yes

Cheque Book Fee Alert: Yes

Maintenance of Minimum Balance Fee Alert: Yes

Non Maintenance of Minimum Balance Alert: Yes

Non Maintenance of Minimum Balance Fee Alert: Yes

Account Opened Alert: Yes

Account Closed Alert: Yes

Account Level Message facility: Yes

Account Level Message facility: Yes

Standing Instruction Registration Alert: Yes