Bank account

Bank accounts can be opened and operated in both national and foreign currencies. The accounts can be used either for settling with the third parties or for keeping and saving funds of a client. The accounts can be both interest bearing and non-interest bearing depending on a contract conditions and are divided into:

  • Transaction account
  • Accumulation account
  • Time deposits
  • Transit account

Transaction account is an account meant for saving money and implementation of current payments made by corporate bodies and individual businessmen (incomings, payments, reciprocal settling with other physical persons or corporate bodies, transfer to other financial-credit institutions) according to a bank account agreement.

Money from the transaction account is paid upon the first requirement of a client, without any prior notification. All cash and settlement operations are implemented upon the order of a client, the account owner, in accordance with the Law of the Kyrgyz Republic and Regulation «About non-cash payments in the Kyrgyz Republic», confirmed by resolution of the Government of the Kyrgyz Republic and NBKR dated from December,10, 2001, # 773/30/8.

Accumulation account is meant for depositing a part of an authorized fund by the founders in accordance with the law of the Kyrgyz Republic «About state registration of corporate bodies.» The document on the depositing a part of an authorized fund by the founders should be put in the registering authority to get the state registration of corporate bodies together with founding documents. Only operations on money accumulating are implemented on these accounts until they have been closed.

Transit account is meant for cash contribution, for the transaction account replenishment, (and transfer of money to the transaction account the same day.)

Time deposits are money on deposit account placed there by corporate bodies and individual businessmen according to the bank deposit agreement for a certain period of time, bringing income to the owner on the accrued interests. The account of this type is used for saving money and not meant for settling with the third parties.

In case when time or any other deposit except a demand deposit returns to a client upon his request before the expiry date or other circumstances defined in the agreement, the interests on the account are paid in accordance with the rate of interest paying out by the bank on the demand deposits, if the agreement doesn't cover a higher interest rate.

Additional deposits and partial payments of the basic sum of the deposit are not implemented on this deposition.

By maturity of the time deposit saving a client can re-execute it for a new term. The deposition can be re-executed for a new term of saving with an increase or decrease of the time deposit sum.

The accounts opening for deposit accounting is implemented in accordance with normative legal acts of National Bank of the Kyrgyz Republic, regulating the order of opening, keeping and closing the bank accounts of corporate bodies.

The clients serviced by the Bank should only sign a Bank Deposit Agreement and an application for an account opening. They don't need any additional documents.

List of the documents required for a transaction account opening for corporate bodies – residents of the Kyrgyz Republic:

  1. Account opening application by Bank’s form signed by persons indicated in signatures card affixed by a stamp of corporate body on it.
  2. Copies of state registration documents of the corporate body in the Department of Justice and in the Department of Statistics. The corporate bodies registered in FEZ need to have copies of the registration document, attested by the FEZ Direction Board. The copy of registration document will be compared with the original obligatory.
  3. Contract for settlement and cash service by Bank’s form in two copies.
  4. Permission of Central Treasury Office for the opening of account in the Bank (for budget enterprises and institutions).
  5. Articles of Agreement, including amendments and additions (for political parties and religious organizations note of registering body is obligatory)- in case of registration of corporate body before 01/04/09 copy must be notarized.
  6. The copy of the Founders Agreement (in case of registration before 01/04/09 copy must be notarized), affixed by stamp of corporate body or the extract from list of shareholders, affixed by the stamp of corporate body.
  7. Minutes (Decision) of an enterprise foundation (a copy affixed with the seal of a corporate body in case State registration document issued before 01/04/09 and notarized copy in case State registration document issued after 01/04/09).
  8. Copy of a taxpayer registration card of State Tax Inspection of the Kyrgyz Republic (for corporate bodies. registered without maintenance of “common window” principle).
  9. The reference from tax service body about the fact of tax registration
    (in accordance with Article 126 of Tax Code of KR).
  10. Notarized and sealed signature card in 3 copies.
  11. Document about appointment of a Head manager and a Chief accountant of the corporate body indicated in the card (copies of minutes from meeting of shareholders or order affixed by the seal of corporate body; when necessary, power of attorney).
  12. Copy of a registration number in the Social Fund of the Kyrgyz Republic (for corporate bodies registered without maintenance of “common window” principle).
  13. Copies of licenses for type of activity subject to obligatory licensing in accordance with Law of the KR “About Licensing”.
  14. Copies of passports of authorized persons stated in the card, and preferably, passports of shareholders.

List of the documents required for a transaction account opening for corporate bodies – non-residents of the Kyrgyz Republic:

  1. Account opening application by Bank’s form signed by persons indicated in signatures card affixed by a stamp of corporate body on it.
  2. Notarized copy of the Articles of Agreement registered in justice bodies including amendments and additions.
  3. Notarized copy of the Founders Agreement on the enterprise foundation.
  4. Minutes (Decision) of an enterprise foundation (a copy affixed with the seal of a corporate body).
  5. Contract for settlement and cash service.
  6. Notarized card with signatures examples, 3 copies.
  7. Copy of a registration card of State Tax Inspection and Social Fund of the Kyrgyz Republic. (On the condition of economic activity conducted on the territory of the Kyrgyz Republic for corporate bodies registered without maintenance of “common window” principle).
  8. The reference from tax service body about the fact of tax registration (in accordance with Article 126 of Tax Code of KR).
  9. Document certifying powers and nomination of a director and an accountant general of the corporate body, stated in the card (copies of minutes of the founders meeting or an order affixed with a seal of the corporate body).
  10. Extract from a trade registration of the receiving country upon a company registration as a corporate body (1 copy).
  11. Copies of licenses for type of activity subject to obligatory licensing in accordance with Law of the KR “About Licensing”.
  12. Copies of passports of authorized persons stated in the card.

The copies of the documents mentioned above should be officially translated into Russian, legalized either in Embassy (Consulate) of the Kyrgyz Republic abroad or in Embassy (Consulate) of a foreign country in Kyrgyzstan, or in other order established by law and notarized.

List of the documents required for a transaction account opening for businessmen without a corporate body organization:

  1. Account opening application by Bank’s form signed by persons indicated in signatures card affixed by a stamp of corporate body on it.
  2. Copy of state registration document in the Statistics bodies of the entrepreneur.
  3. The reference from tax service body about the fact of tax registration (in accordance with Article 126 of Tax Code of KR).
  4. Notarized card with examples of the businessman’s signatures and impress of a seal, 3 copies.
  5. Contract for settlement and cash service in two copies.
  6. Copy of a registration card of State Tax Inspection of the Kyrgyz Republic and copy of registration number in the Social Fund of the Kyrgyz Republic (for corporate bodies registered without maintenance of “common window” principle).
  7. Copies of licenses for type of activity subject to obligatory licensing in accordance with Law of the KR “About Licensing”.
  8. Copies of passports of authorized persons stated in the card.

List of documents required for a transaction account opening for Embassies:

  1. Account opening application by Bank’s form signed by persons indicated in signatures card affixed by a stamp of Embassy on it.
  2. Document confirming an Embassy accreditation (copy affixed by the Embassy) according to the Vienna Declaration on diplomatic relations 1961, the Vienna Declaration on consular intercourse 1963 and Regulation on accreditation order for representative offices of foreign countries and international organizations, their employees in the State Protocol Department of Ministry of Foreign Affairs, KR.
  3. Notarized card with examples of signatures and impress of the Embassy seal, 3 copies.
  4. Document confirming authorization of the persons stated in the card (accreditation card D-series).
  5. Contract for settlement and cash service in two copies.
Bank has the right to request additional documents for the opening of settlement account (subject to the form of legal entities).

For detailed information please turn to specialists.