Bank Account

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Bank Account

An agreement between a bank and a person or institution, whereby the bank agrees to hold money and/or other assets on behalf of the other party. What the holder may do with those assets depends upon the nature of the account. In a checking account or a savings account, the bank holds money and pays the client a certain percentage in interest. This payment gives the bank the right to lend the money to other clients or invest it within the confines of law and banking regulations. However, the client has the right to withdraw the total amount of money on demand.
References in periodicals archive ?
The agency told the court that its report contained complete details of the former army chief's assets except for some of his bank accounts.
The three affected bank accounts are domiciled in three top generation banks, also numbered 5617984012, 0060949275 and 1011691254, respectively.
"I had close to a million dirhams in various bank accounts which was blocked.
Foreign liquid assets not repatriated into Pakistan was required to be deposited in the declarer's foreign bank account on or before 30th day of June, 2019.
The prosecutor informed that suspicious transactions of billions of rupees had been made in the bank account of the Zardari Group from fake bank accounts, adding that the account was being operated by Talpur.
Yesterday, Pakistan People's Party (PPP) co-chairman Asif Ali Zardari along with his sister Faryal Talpur had appeared before an accountability court in fake bank accounts case.
"No bank account attachment unless the taxpayer's CEO/principal officer/owner is informed at least 24 hours prior to the attachment and the FBR chairman's approval is obtained," said the instructions that the FBR headquarters sent to its 23 field formations.
Barclays had written to the businessman informing him that they had decided to stop providing him with banking services and they would close his bank accounts.
Supreme Court of Pakistan handed over the fake bank accounts case to NAB on January 7 and NAB submitted its first progress report on it on February 4.
Official sources at the Ministry of Industries and Production informed that a private bank has now restored the bank account of PECO, after which the company has started procuring raw materials to restart the production of delayed orders.
According to him, the remaining 18 accounts fall in the category of fake or illegal bank accounts', as these have not been revealed in the PTI annual audit reports submitted to the ECP as required under the law.
According to the law, the owners of bank accounts and cards are responsible for banking transactions, CBI said.