Opening and closing of bank accounts for federal entities
Managing the Opening and Closing of Federal Entities Bank Account in accordance with Decree 81/2020 to facilitate the banking operations of the entity
There is no fee charge for the service
- Expected Period for Service Implementation: 10 business days
Period of Obtaining the Results: Two weeks
Requirements to get the service
Guidelines for requesting for account opening:
- The account to be opened must be in the name of the federal entity
- The entity must adhere to the types of permitted bank accounts (zero balance account, current account, revenue account, accounts for donation, custody account, petty cash account and call/ deposit account).
- Entities must ensure that there is no dormant bank account, which can be used instead of opening a new bank account.
Guidelines for requesting for account closing:
- The entity must ensure that there are no uncleared cheques and must submit the bank reconciliation report to Ministry of Finance.
- The entity must transfer any available balance in the account to one of the current accounts of the entity before sending the closure request to Ministry of Finance
The Federal Entities must submit the bank account opening request along with the form published by Ministry of Finance which includes:-
- Bank Account Name in Arabic/English
- Bank in which the account to be opened
- Purpose/Type of Account
- Reason for opening new bank account
- List of the Current Bank accounts
The Federal Entities must submit the bank account closure request along with the form published by Ministry of Finance which includes:-
- Details of the bank account to be closed
- Reason for the Closure
- The available balance in the account
Here is how you can avail the service:
Number of Users
Number of Requests
This service requires having a registered user on the ministry website.