A bank account is an account opened by a bank for its clients in order to conduct cashless payments and accumulate cash.
For individuals, a bank account is opened in both manat and foreign currency.
Accounts are divided into term and perpetual.
For urgent accounts they deposit may accrue rates. Rates may be different in different banks.
What do you need to open an account?
To open a bank account only a passport of an individual is required!
A bank account is governed by the regulation “Regulation on a bank account”. Approved by the order of the Chairman of the Board of the Central Bank of Turkmenistan dated April 25, 2006. In Section “2. Types of bank accounts "in clause 2.7 states" 2.7. A deposit (deposit) account can be opened on the basis of a concluded deposit (deposit) contract between a client and a bank for a period specified in the contract, on an unlimited (demand) basis, and with certain conditions. The purpose of the accounts is determined in accordance with the internal rules of the bank. "
Purpose of opening an account
Accounts can be used to accumulate funds or conduct non-cash payments. The account can be used for remuneration to persons working on the basis of contracts of civil law, royalties, as well as any payments that have a legal basis. Money is credited to cash and non-cash. The withdrawal of funds from the account or transfer to the account of the recipient of funds is carried out by order of its owner.
The state provides a guarantee and safety of money of individuals.
In 2016, Turkmenistan adopted a law “On Mandatory Deposit Guarantee for Individuals”. This Law defines the legal, economic and organizational basis for guaranteeing deposits of individuals in banks of Turkmenistan, participation of banks in the mandatory deposit guarantee system, aims to protect the rights and legitimate interests of depositors and encourage the attraction of people's savings and strengthen confidence in the banking system.
In the article “18. The rights of depositors to the guarantee compensation ”states“ 1. The depositor is entitled to receive a guarantee compensation on the guaranteed deposit in the amount of 100 percent of the amount of the bank deposit, regardless of the number of bank deposits from the depositor in a particular participating bank. ” The guarantor is the regulator, i.e. Central Bank of Turkmenistan.
In the article “19. Authorized Bank "states" 1. Payment of guarantee compensation is made by the Central Bank of Turkmenistan through an authorized bank selected from among the participating banks. ” Based on this law, the investor can be 100% sure in the safety and repayment of their money.
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