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Business Account Agreement

Business Account Agreement Template for India

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Key Requirements PROMPT example:

Business Account Agreement

"I need a Business Account Agreement for my tech startup that will be opening accounts with multiple Indian banks in March 2025; the agreement should emphasize digital banking services and include comprehensive API integration clauses."

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Document background
The Business Account Agreement serves as the foundational document governing the relationship between Indian banks and their business customers. It is essential for any business entity seeking to establish and maintain banking services in India, whether a local company or a foreign entity operating in the Indian market. The agreement comprehensively covers account operations, digital banking services, compliance requirements, and various banking products while ensuring adherence to Indian banking regulations, anti-money laundering laws, and corporate governance requirements. This document is typically used when establishing new business banking relationships or updating existing arrangements to reflect current regulatory requirements and modern banking practices.
Suggested Sections

1. Parties: Identification of the bank and the business customer, including registration details and addresses

2. Background: Context of the agreement and the banking relationship being established

3. Definitions: Definitions of key terms used throughout the agreement

4. Account Opening and Operation: Terms and conditions for opening and operating the business account

5. Authorized Signatories: Rules regarding appointment and powers of authorized signatories

6. Banking Services: Core banking services provided under the agreement

7. Fees and Charges: Structure and details of applicable fees, charges, and minimum balance requirements

8. Account Statements and Reporting: Provisions regarding account statements, frequency, and dispute resolution

9. Security and Access: Security measures, including online banking access and authentication requirements

10. Customer Obligations: Business customer's responsibilities and compliance requirements

11. Bank's Rights and Obligations: Bank's responsibilities, rights, and service commitments

12. Anti-Money Laundering Compliance: KYC requirements and ongoing compliance obligations

13. Confidentiality: Protection and handling of confidential information

14. Termination: Conditions and process for account closure and agreement termination

15. Governing Law and Jurisdiction: Application of Indian law and jurisdiction for disputes

Optional Sections

1. International Banking Services: Terms for international transfers and foreign currency services, included if the business requires international banking

2. Credit Facilities: Terms for overdraft or credit facilities, included if credit services are offered

3. Digital Banking Services: Specific terms for internet and mobile banking services, included if digital services are required

4. Merchant Services: Terms for payment processing and POS services, included for businesses requiring merchant facilities

5. Trade Finance: Terms for trade finance products, included for businesses engaged in import/export

6. Investment Services: Terms for investment and wealth management services, included if investment services are offered

7. Insurance Services: Terms for banking-related insurance products, included if insurance services are offered

Suggested Schedules

1. Schedule 1: Fee Schedule: Detailed breakdown of all applicable fees, charges, and transaction limits

2. Schedule 2: Authorized Signatory List: List of authorized signatories with specimen signatures and authorities

3. Schedule 3: Service Level Agreement: Specific service standards and response times for banking services

4. Schedule 4: Required Documents: List of documents required for account opening and maintenance

5. Schedule 5: Digital Banking Terms: Detailed terms and conditions for digital banking services

6. Appendix A: Account Opening Form: Standard account opening form with required business information

7. Appendix B: KYC Documentation: List of required KYC documents and verification procedures

8. Appendix C: Interest Rate Schedule: Current interest rates applicable to various account types and balances

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




















































Clauses






































Relevant Industries

Banking and Financial Services

Retail

Manufacturing

Information Technology

Healthcare

Education

Construction

Professional Services

Hospitality

Agriculture

E-commerce

Real Estate

Transport and Logistics

Energy and Utilities

Media and Entertainment

Relevant Teams

Finance

Legal

Compliance

Treasury

Operations

Risk Management

Corporate Banking

Account Services

Business Development

Customer Relations

Relevant Roles

Chief Financial Officer

Finance Director

Company Secretary

Treasury Manager

Accounts Manager

Banking Relationship Manager

Compliance Officer

Financial Controller

Managing Director

Business Owner

Corporate Counsel

Operations Director

Risk Manager

Branch Manager

Account Opening Officer

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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