Current Accounts in Local Currency
1. Current Accounts – Individuals:
Current accounts for individuals are designed at Jumhouria bank to allow you accomplish your banking transactions easily and smoothly. The balance in this account is considered free-of-interest loan under demand from the client "the lender" – the account holder- to the bank "the borrower" and is subject to all the terms and conditions of the ordinary loan including its guarantee and re-payment of the same amount on demand; at the same time the bank holds the right to invest all or part of the balance thus gaining the profits (the Bank) yielding from this investment and bearing all losses alone, without producing any profits for the holder of the account, nor does he bear any losses or risks involved.
Characteristics of the Account:
- In LYD.
- Issuance of Checks Book.
- Issuance of "Friend" Credit Card.
- Allows the option for opening a "joint account".
- Offers the Mobile service to constantly be informed about the details of the account.
The Required Documents:
- Filling the form for opening the current account explaining the type of activity by the client.
- 2 recent photos of the account holder certified by the employer or the local affairs agency for self-employed individuals.
- A photocopy of the ID card for the applicant (the ID number, the personal identity card, the passport).
- A letter issued by the employer (the local affairs agency for self- employed individual).
- The legal custody document when opening a current account for on behalf of non- eligible individuals.
- A special power of attorney including a provision in the event of a proxy.
2. Accounts of Security Pensions Pot for Heirs:
Security pensions signify stability and security for the individual and his family members in his old age, when one is unable to work either because of illness or disability or upon his death. For that purpose the social security law granted security pensions for the heirs when the beneficiary or the holder of the pension has passed away so that his family member can inherit his pensions to provide for their living after he is gone.
The Required Documents:
- A statement from the social security fund or the branch managing the security pension listing the eligible heirs and their legal proxy or power of attorney to manage the account on their behalf.
- A special power of attorney from the eligible heirs of the security pension mandating their proxy for one individual to open and manage the account on their behalf.
the special power of attorney should meet all the legal requirements.
- Filling the current account form.
- A photocopy of the personal identification of the person authorized to manage the account (ID number, personal ID, passport).
3. Accounts for Non- Citizens:
They are individuals from Arab and foreign nationalities living abroad because of the nature of their work and economic activity, or living temporary in Libya to work regardless of the period of their stay.
The Required Documents:
- Filling the current account form.
- A statement from the employer.
- A recent personal photo of the applicant certified by the employer.
- A photocopy of non- expired passport.
- A photocopy of a non- expired residency card.