Approved by Board decision of National Bank of the Azerbaijan Republic of November 3, 2004 the Protocol No. 19

Rules of opening, maintaining and closing of bank accounts

1. General provisions

1.1. These rules are prepared according to the Laws of the Azerbaijan Republic "About banks", "About National Bank of the Azerbaijan Republic", "About currency control", the Civil code of the Azerbaijan Republic and other regulatory legal acts and establish rules of opening, maintaining and closing of the current, loan, savings (deposit) accounts, the current sub-accounts in banks, local branches of local and foreign banks, departments of the banks (further - banks) operating in the Azerbaijan Republic and also correspondent accounts of banks (further - bank accounts). The procedure for opening of special election accounts, maintaining and suspension of transactions is established by Central Election Commission of the Azerbaijan Republic according to the Electoral code of the Azerbaijan Republic by approval of National Bank of the Azerbaijan Republic.

1.2. These rules extend to the bank accounts of residents and nonresidents in the Azerbaijan Republic opened in national and foreign currency (except for the Election accounts of foreign banks in manats). During transactions with the accounts of residents in foreign currency, and also nonresidents opened in national and foreign currency observance of the existing currency mode is necessary.

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