Accounts can be opened by individuals, partnership firms, companies, charitable organizations, trusts or any other organization formed within the legal framework.
Our application form for the Account for which you are applying will contain the eligibility criteria for opening that Account. You should read the application carefully to ensure that you are eligible. The information contained in the application form, including that filled in by you, forms part of our contract. If you have any queries please contact us on our branch phone numbers.
Interest will normally be paid net of withholding tax at the prescribed rate, unless we have received a completed Declaration Form prescribed by the Inland Revenue Department, of the Government of Sri Lanka. This has to be given at the time of opening of your account or by 31st March of the year preceding the financial year for which tax exemption is sought. For example, for the interest receivable by you in Financial Year 2012-13, the Declaration Form should have been received at the branch maintaining the account by 31stMarch 2012. This Declaration Form should be submitted at the end of every financial year for the next financial year, failing which withholding tax would be automatically deducted from the interest paid every month and deposited with the Government at prescribed intervals in the prescribed manner and Axis Bank Limited, Sri Lanka shall have no further responsibility in the matter.The deducted Withholding Tax will not be refunded to you for any reason whatsoever.
The agreement between us relating to the Account is made up of these Terms and Conditions and includes any other special conditions such as interest rates, notice periods and charges whether on our Website or in paper form. Please see sections 6.2 and 15.1 for details of when we may make changes to these Terms and Conditions or your Account.
Proof of your identity and address
When you open an Account with us, we need to obtain sufficient proof of your identity and address to enable us to satisfy our legal obligations and to protect you, the public and us against fraud and misuse of the banking system. Please note that in some instances we may need to ask you to send in further information or documents or ask you to visit your local branch. From time to time, we may also need to update the proof of identity and address we hold for you or make any other enquiries as necessary.
Your account(s) will be opened after verification of identity and address to our satisfaction.
You may have more than one Account with us and these Terms and Conditions will apply to each Account unless you are otherwise notified.
Anyone who is eligible to open an Account with us may be accepted by us to open a joint Account.
We are not able to treat the tax status of each of the joint Account holders differently for the purposes of applying interest, so unless you are all eligible to receive interest gross we will pay interest net of withholding tax. For further details please see section 6.4 below.
Each joint Account holder is responsible for complying with these Terms and Conditions. If one of you breaks any of the terms of your agreement with us we will be able to take action against any or all of you.
If we find out that any one of you is declared bankrupt, we may put a hold on the joint Account and refuse to pay out any amount from it until we receive instructions from the Account holder who has not become bankrupt and the person appointed to handle the bankrupt person's assets.
We will send statements to the First Named Account holder only. A notice to the first named Account holder shall count as a notice to all of you.
Unless you have previously given us instructions to the contrary, we are entitled to accept the authority of any joint Account holder to give instructions on behalf of all other Account holders relating to the Account until it is cancelled by any other joint Account holder(s), or treated by us as cancelled as described in section 13 or by operation of law.
If any one of the joint Account holders informs us of a dispute between them, we may treat this as notice of cancellation of the authority of any single joint Account holder. If we do, any further transactions will need the authority of all the joint Account holders.
In the event of the death of any joint Account holderand subject to any rights we or a third party may have, any money in the Account will be at the disposal of the survivor(s) according to the applicable law in Sri Lanka. The Bankshall pay, deliver to or to the order of the survivor or survivors of the customers all money, security deeds, documents, and other property(including security boxes and other contents) whatsoever standing tothe credit or held by the Bank for any account or accounts in thecustomers' joint names.
We may provide information about a joint Account available to any other joint Account holder by telephone, letter or electronically.
In the event of a Customer Account being a Joint Account the JointAccount holders shall be jointly and severally liable for any overdraft,loan or other credit facilities or accommodation which shall begranted to any such account together with all interest, commissionsand other banking charges and expenses.