Using it network of reputable correspondent banks around the world, Karafarin Bank’s International Department provides a wide range of services including opening various types of letters of credit, opening foreign currency accounts, dealing hard currencies, sending and receiving F/X payment orders, granting F/X loans, refinances, documents issuing different kinds of letters of guarantee, discounting term L/Cs, etc. We also open different types of foreign currency deposit accounts upon customer requests. The foreign currency deposit accounts available at Karafarin Bank are as follows:
1. Foreign Currency Interest-Free Accounts (Gharz-al-Hassaneh)
These accounts are based on a particular kind of foreign currency. Regulations for opening such accounts are the same as IRR Interest-Free Accounts. Minimum balance required for opening this type of bank account is one hundred units of the foreign currency in which the account has been opened.
2. Current Foreign Currency Accounts (Gharz-al-Hassaneh)
Customers are given a chequebook to make withdrawals from this kind of account. Minimum balance required for opening current foreign currency account is ten thousand units of the foreign currency in which the account has been opened. Other conditions are the same as IRR current accounts.
3. Term Foreign Currency Investment Deposit Accounts
This kind of account offers interest on foreign currency savings. Minimum balance required for opening current foreign currency accounts is eleven hundred units of foreign currency in which the account has been opened. Other conditions are the same as IRR Investment Deposit Accounts.