Common use of Opening of Account Clause in Contracts

Opening of Account. a) The Customer may open an Account with the Bank if the Customer is an Omani citizen or a resident of Oman, in accordance with the laws of Oman. Non-resident Individual Customers may open certain Accounts with the Bank, subject always to the laws of Oman. b) The Customer shall duly complete and sign the Personal Account Application and submit all documents as required pursuant to the opening of the Account, following which the Account may be opened subject to fulfilment of such conditions as determined by the Bank from time to time. c) A Customer may open an Account in his own name or jointly with other individuals. d) The Bank may upon the Customer’s request, and subject to the Bank’s discretion and any applicable minimum balance requirements or Charges, open additional accounts in the Customer’s name. Unless agreed otherwise, such Accounts will be governed by these Terms and Conditions. e) The Bank reserves the exclusive right to close or to refuse to open any Account, and claim settlement of any balance due to the Bank without assigning any reason whatsoever. The Customer represents and warrants that the information contained in the Personal Account Application is true and correct as on the date it was given. The Customer must inform the Bank promptly in writing if the Customer changes his name, address or contact numbers or any other details and customer assumes responsibility in the case of failing to provide such information.