This document outlines the key processes for opening and maintaining bank accounts at the central bank, including:
1) The documentation required to open an account, such as certificates of incorporation and board resolutions.
2) How deposits are made into accounts through cash, checks, or wire transfers and processed.
3) The procedures for issuing checkbooks, processing check withdrawals, and returning paid checks to commercial banks.
4) Monitoring accounts on an intraday and daily basis.
2. MAIN FUNCTIONS OF DAU
Deposit Accounts Unit normally performs the
following functions-
Maintenance of Current Accounts of Banks &
other financial institutions
Local Remittance Management
Dealing with Govt. LCs
Maintenance of GL and financial statements
Miscellaneous work
3. MAINTENANCE OF CURRENT ACCOUNT
ACCOUNT OPENING
i. An application in the prescribed form no. Bkg. 34 for
opening an account, in the books of the SBP BSC (Bank)
duly signed by an authorised official,
ii. Certified copy of the license issued by the concerned
department of the SBP to work as a banking company in
Pakistan.
iii. Original Certificate of Incorporation in terms of Section 32
of the Companies Ordinance, 1984 A Certificate of
registration with SECP is also demanded from banks
incorporated in foreign countries. (For inspection &
return.)
iv. Original certificate of commencement of business issued
by concerned department of regulating authority. (for
inspection & return.)
v. Original copy of the Memorandum and Articles of
Association duly authenticated by the Chairman/Secretary
of the Board of Directors of the bank concerned. (for
4. MAINTENANCE OF CURRENT ACCOUNT
ACCOUNT OPENING
vi. A copy of the resolution passed by the Board of Directors
of the bank authorising the opening of an account with the
SBP BSC (Bank). In cases where the officials who have
signed the application form for opening the current
account with the SBP BSC (Bank) have been empowered
by a duly executed Power of Attorney to open account
with the SBP BSC (Bank), production of a resolution by
the Board of Directors need not be insisted upon.
vii. A power of Attorney authorising certain named officials of
the bank concerned to operate on its Current Account
with the SBP BSC (Bank).
viii. Duly attested three specimen signatures of the
authorised officers of the bank concerned on the Bank’s
specimen signature cards dully filled in all respects.
These signatures should be duly verified by an official
known to the SBP BSC (Bank)
5. MAINTENANCE OF CURRENT ACCOUNT
ACCOUNT OPENING
ix. In order to mitigate financial risk, a clear undertaking
in form no. Bkg. 121 will be obtained from the
scheduled banks which will enable the SBP BSC
(Bank) to retain its right to reverse entries of wrong
credits without prior approval of the beneficiary bank.
Note.
If any bank experiences difficulty in furnishing the
aforesaid documents in original to each of our offices,
it will be sufficient if the original documents have
been submitted to our Karachi office who has
checked / verified the same. In such a case other
offices may obtained certified copies of documents
which are needed for opening of Current Account of
the bank with SBP BSC having certified on each
Page “Original seen” under the initials of OG-2 and
affixing round stamp.
6. ISSUANCE OF CHEQUE BOOKS TO BANKS
On the request of the bank Cheque books are issued
after proper scrutiny of the requisition slip
Entries in the Globus system and sign the
forwarding letter.
Cheque book will be delivered to an authorised
representative of the bank.
Cheque books are issued through system and the
particulars of the cheque book to be supplied are
entered in the Cheque Management Menu.
A cheque book fee which is currently Rs. 250 is
automatically deducted in the issuance the process
7. DEPOSITS INTO CURRENT ACCOUNT
Balances in the current accounts are replenished in following
ways
a) …Cash Deposit
b) …Cheque Deposit
c) ….TT/Authorities received from SBP /BSC in favour of
the Bank.
CASH DEPOSIT
Prescribed Green Pay in slip is submitted in DAU
Security of the slip (amount in words figures, detail of cash..)
Signature verification by DAU
Affixing of “ACCEPT CASH” stamp by DAU
Deposit of cash at cash counter in Cash division
Transaction Processing (Inputting and authorisation) by Cash
Div.
Counter folio of the slip is issued to the bank as receipt
Returning of green slip duly stamped and initialled by ATO/TO
to DAU and preserved as credit vouchers by DAU
8. DEPOSITS INTO CURRENT ACCOUNT
CHEQUE DEPOSIT
Cheque is deposited with Pink pay- in -slip in
DAU
Scrutiny of slip vis-à-vis cheque
Passing of cheque by authorised official
Returning of counter folio duly initialled by DAU
officials to the representative of the bank
Input and authorisation in the Globus system by
DAU officials
Cheque as debit and pink slip serves as credit
vouchers
9. SECRUTINY OF CHEQUE –PRESENTED FOR WITHDRAWL
The presenter (generally the cashiers of the banks) will
be made to sign on the back of the cheque in the
presence of the counter staff/official, dealing official will
match his signature with signature alresdy available on
back of cheque and dully verified by authorized officers
of bank. Thereafter, the Staff/Officer will scrutinise
the cheque to ensure that:
1. The cheque is not stale or post-dated.
2. The cheque is free from stoppage
3. The cheque is properly dated.
4. The cheque form is genuine and issued by SBP BSC
(Bank) to the account holder
5. The amount in words and figures agrees.
6. If cheque is for cash payment it is not crossed.
10. SECRUTINY OF CHEQUE –PRESENTED FOR WITHDRAWL
7. The cheque is signed by the authorized signatory to
the account..
8. There are no cuttings in the cheques thereby
changing the beneficiaries of the cheque. If such
cuttings are there, they should be duly authenticated
by the full signature/s of the drawer
9. There are no erasures and over-writings on the
cheques.
10. Credit balance in the account is sufficient to permit
of the withdrawal of the amount of the cheque.
11. Endorsements if any are regular.
12. The signature of presenter (generally cashiers of
the banks) holding authority to obtain cash payments
agrees with that recorded with the Bank
11. WITHDRAWAL THROUGH TRANSFER CHEQUES
In case of transfer, cheques will be received and
passed by applying all the relevant controls By OG-
1/OG-2/OG-3 of DAU and are processed in the
system in DAU
WITHDRAWL THROUGH DEBIT AUTHORITY
Amounts from current accounts are also withdrawn
on the basis of debit advices/authorities duly signed
by the authorised officials , that are received by the
SBP BSC (Bank) from the bank concerned.
Generally, this happens in the case of purchase of
foreign currency repayment of loans and advances
taken by them from the Bank.
12. RETURNING OF PAID CHEQUES TO COMMERCIAL
BANKS
Unlike other commercial banks all the paid
cheques are segregated bank wise on
monthly basis
Tallied with the bank record
Returned to the bank concerned after six
months against proper acknowledgment
13. MONITORING OF ACCOUNTS
Intra day monitoring
End of day monitoring
Recovery of loans/advances
