NR Egypt Terms and Conditions

Declaration & Terms and Conditions & Disclaimer for opening account with CIB Bank


I/We hereby declare that I am/we are non-residents Egyptian(s) of Egyptian Origin.

I/We understand that the above account will be opened on the basis of the statements/declarations made by me/us, and I/We also agree that any of the statements/ declarations made herein is found to be not correct in material particulars; you are not bound to pay any interest on the deposit made by me/us. 

The account will be put into use for bonafide transactions not involving any violations of the provisions of any Government / Exchange Control Regulation. 

I/We agree that no claim will be made by me /us for any interest on the deposit / s for any period after date / s of maturity of the deposit / s.

I/We agree to abide by the provisions of the Foreign Currency (Non-Resident) Account. Non-Resident (External) Account Scheme.

I /we herby undertake to intimate you about my/our return to Egypt for permanent residence immediately on arrival. 

I/We authorize CIB to automatically renew the deposit on due date for an identical period (unless otherwise specifically instructed before due date). The earlier receipt given to me will be treated as discharged receipt on due date.

I/We understand that the interest applicable on renewals will be at the applicable ruling rates on the date of maturity and that the renewed receipt will be made available on my / our presenting the duly discharged original receipt on the maturity date or later for payment.

I /We further understand that the renewal will be in accordance with the provisions of the Reserve Bank of Egypt scheme in force at the time of renewal.

I/We agree that if the premature withdrawal is permitted at my/our request the payment of interest on the deposit may be allowed in accordance with the prevailing stipulations laid down by Reserve Bank of Egypt in this regard.

I/We shall not make available to any person resident in Egypt, foreign currency against reimbursement in Egyptian Pounds or any other manner in Egypt.

I/We would confirm that all debits to my / our accounts for the purpose of investment in Egypt and credits representing sale proceeds of investments in Egypt are covered either by general or special permission of Reserve Bank of Egypt. 

I/We authorize CIB to issue a CIB ATM card to me/us. I/We acknowledge that the usage of this card is governed by the terms and conditions are liable to be amended by CIB from time to time. 

I/We further unconditionally and irrevocably authorize CIB to debit my/our account annually with an amount equivalent to the fee and charge for use of the debit card.

I/We hereby confirm that this account will be operated singly and in case of joint account, operated by either or survivor. I/We confirm that the attached photograph(s) and is/our the present true identities of me/us. I/We authorize CIB to issue a Photo-Debit card to me/us. 

I/We accept full to my/our debit card and agree not to make any claims against CIB in respect thereto. And that this condition applies in addition to the terms and conditions of debit card - member agreement which governs use of my/our card(s).

I/We have read, understood and hereby agree to the above-mentioned "Terms and conditions" in respect of all products and channels. 

I/We have read, understood and hereby agree to the "Terms and conditions" relating to Quantum Optima.

I/We understand that any changes in terms and conditions to this relationship would be made available to me/us on request at any CIB branches.

I/We hereby confirm that all accounts in this Customer Id are operated singly and in case of joint accounts operated by either or survivor/anyone or survivor (s). 

I/We do hereby declare that information furnished in this form is true to the best of my/our knowledge and belief.

I/We hereby authorize issuance of debit ATM card and provision of Internet banking services as above. I/We undertake to ratify and confirm all that the user/(s) do/(es) or cause/(s) to do through ATM and Internet banking services. 

This authority shall continue to be in force until anyone of us revokes by a notice in writing delivered to you.

I/We declare, confirm, agree: 

a) That all particulars and information given in the application form are true, correct complete and upto date in all respects and I/We have not withheld any information. 

b) That I/We have had no insolvency initiated against me/us nor have I/We have ever been adjudicated insolvent. 

c) That I/We have read the application form and brochure and am/are aware of all the terms/conditions of availing finance or service or product from CIB Bank.

d) That my/our loan/investment/credit facility shall be governed by the rules of CIB Bank, which maybe in force from time to time. CIB Bank reserves the right to reject any application without providing any reasons.

I/We agree, undertake and authorize: 

a) CIB Bank or their agents to make references and enquiries relative to information in this application which CIB Bank or their agents consider necessary.

b) To inform CIB Bank regarding change in my/our residence/employment and provide any further information that CIB Bank may require from time to time.

c) CIB Bank to exchange, share or part with all the information relating to my/our loan/investment/credit facility details and repayment history information to other CIB group companies/banks/financial institutions/credit bureau/
agencies/statutory bodies as may be required and shall not hold CIB Bank or the CIB group companies liable for use of this information.

Other Terms and Conditions 

Please note that account opening is subject to Commercial Bank, CIB approvals and QCB regulations.