Belarus authorizes individuals to open fee basic accounts at designated banks to receive social assistance and wages – ordinance
<p> MINSK, Sep 24 - PrimePress. Natural persons in Belarus are entitled to open free basic accounts for receiving social assistance and wages, in accordance with presidential ordinance #363 of 23 September 2021 “On the current bank account of an individual with the basic conditions of service”, the main provisions of which will enter into force on 1 March 2022. </p> <p> </p> <p> “The ordinance entitles an individual to open one basic account in the banking system and sel ect a bank for servicing fr om the list of banks that open basic accounts. According to the ordinance, banks with more than 50% of shares (stakes) in the statutory fund belonging to the Republic of Belarus are obliged to open basic accounts. Other banks are granted the right to open basic accounts for individuals," the National Bank of Belarus (NBB) said in commentary. </p> <p> </p> <p> According to the National Bank, the main distinguishing feature of a basic account fr om the usual current (settlement) bank account is the possibility to open and close a basic account free of charge. It also allows transferring funds between the basic account and other accounts of the same owner, provided the accounts are opened in the same bank; transferring funds fr om the basic account to another account because of its closure, transfer to another bank, as well as transferring payments of welfare nature, wages and equated payments and scholarships to it. </p> <p> </p> <p> It is also possible to make payments for goods (works, services) through a basic account, including on the Internet or via ERIP, when using payment instruments or remote banking systems; cash withdrawals through cash registers, ATMs and other infrastructure of the bank where the basic account is opened. </p> <p> </p> <p> The existence of a basic account does not lim it the right of an individual to open other accounts with banks and use various payment instruments in accordance with banking legislation. Individuals are obliged to open a basic account only in cases wh ere they wish or are obliged to receive social and equivalent payments in non-cash form in accordance with legislative acts. End </p>
2021-09-25
Primepress
Belarus authorizes individuals to open fee basic accounts at designated banks to receive social assistance and wages – ordinance
MINSK, Sep 24 - PrimePress. Natural persons in Belarus are entitled to open free basic accounts for receiving social assistance and wages, in accordance with presidential ordinance #363 of 23 September 2021 “On the current bank account of an individual with the basic conditions of service”, the main provisions of which will enter into force on 1 March 2022.
“The ordinance entitles an individual to open one basic account in the banking system and sel ect a bank for servicing fr om the list of banks that open basic accounts. According to the ordinance, banks with more than 50% of shares (stakes) in the statutory fund belonging to the Republic of Belarus are obliged to open basic accounts. Other banks are granted the right to open basic accounts for individuals," the National Bank of Belarus (NBB) said in commentary.
According to the National Bank, the main distinguishing feature of a basic account fr om the usual current (settlement) bank account is the possibility to open and close a basic account free of charge. It also allows transferring funds between the basic account and other accounts of the same owner, provided the accounts are opened in the same bank; transferring funds fr om the basic account to another account because of its closure, transfer to another bank, as well as transferring payments of welfare nature, wages and equated payments and scholarships to it.
It is also possible to make payments for goods (works, services) through a basic account, including on the Internet or via ERIP, when using payment instruments or remote banking systems; cash withdrawals through cash registers, ATMs and other infrastructure of the bank where the basic account is opened.
The existence of a basic account does not lim it the right of an individual to open other accounts with banks and use various payment instruments in accordance with banking legislation. Individuals are obliged to open a basic account only in cases wh ere they wish or are obliged to receive social and equivalent payments in non-cash form in accordance with legislative acts. End