Limit on Bank Account Numbers Enforced

EghtesadOnline: As per the directive recently implemented in the banking system, natural persons are only allowed to open a total of six accounts with each bank while none of the accounts can be of the same kind, the head of the Banking Research and Regulations Department at the Central Bank of Iran said.

News ID: ۷۸۰۸۸۴

25 December 2017

“In accordance with the directive, each person can have one joint and one single current account, one joint and one single short-term account, and one joint and one single interest-free account with each bank or credit institution, meaning that each natural person is only permitted six accounts with each institution,” Hamidreza Ghaniabadi also told IBENA.

“However, conditions for opening a long-term investment account are different and not subject to this directive,” he added.

According to the official, the directive is in line with the overall plan to reduce the number of bank accounts because up until now, people were able to open as many accounts as they wished with a single institution, Financial Tribune reported.

The Money and Credit Council–a top financial decision-making body–has also approved regulations based on which dormant bank accounts would be closed.

Inactive accounts without any financial circulation that contained deposits of under 20 million rials ($476) are subject to closure beginning from the start of the ninth month of the current fiscal year on Nov. 22.

“Only 32 days have passed since the directive of closing dormant accounts was implemented by the banks, which is not a significant period. Therefore, in light of the fact that it is a time-consuming process, no report can yet be presented about its performance,” Ghaniabadi said.