For the purpose of the terms and conditions (“Terms”) specified in this Account Opening Form (the “Agreement”), the word Bank or UBL shall refer to United Bank Limited, its successors-in-interest and assigns:

1. Terms following hereunder form the contract between the Branchless Banking Account holders (hereinafter referred to as “Customer”) and UBL for opening and operation of Branchless Banking Account (“Account”) and utilization of all the branchless banking services through the channels (including but not limited to [UBL assigned Agents throughout the country, any UBL Branch in the country, Mobile, Internet, ATM, Cash Deposit Machines, KIOSK, POS, Phone Banking and IVR]) as may be provided by the Bank, from time to time (“Services”).

2. The Customer shall apply to UBL through UBL designated agents (herein after referred to as “Agent”) / UBL Branches in the prescribed form for use of Account and Services. UBL shall be entitled at its sole discretion to accept or reject such applications.

3. Customer is responsible for providing Bank with correct information and instructions when making payments to beneficiaries. Bank shall not be liable for any loss or damage occurring due to customer’s error, in making incorrect /unintended payments.

4. Any person opening or operating an Account is deemed to have read, understood and accepted these Terms and the applicable schedule of Bank charges issued and amended from time to time by the Bank.

5. The Account shall function as a current account with the exception that this Account can be accessed from any of the aforesaid channels.

6. No overdraft facility is allowed unless the overdraft limit is approved to Customer as per bank policy.

7. For the purpose of availing Accounts and Services, the Customer is required to be a GSM mobile user which must be registered in the name of the Customer as appearing on the CNIC. UBL will in its sole discretion, advise from time to time the compatible devices, mobile operator and software.

8. The Customer would have to ensure that the telephone and mobile operator he/she uses meets the criteria required to open and operate the Account and Services.

9. No profit or markup will be paid on funds held in Accounts.

10. UBL may discontinue the Services at its sole discretion any time without assigning any reason.

11. Proper identification/KYC of the Customer will be required, at the time of opening the Account subject to the verification as per bank policy / procedures and /or instruction of regulatory authority.

12. Each Account shall possess a distinctive number, which shall be quoted in all correspondence with the Bank relating to the Account and Services.

13. The Customer irrevocably and unconditionally undertakes to ensure that the PIN and other confidential information is kept confidential and to not let any unauthorized person have access to the mobile phone and the PIN.

14. Bank is not liable, if anyone gets / has access to Customer’s PIN and SIM with Bank’s registered account numbers and Customer fails to inform Bank. The transaction(s) done by impersonator will be considered legitimate and will be acted upon by the Bank. Bank accepts no liabilities and shall not be held liable for compensation against Customer’s loss.

15. Mobile / Cell number provided by Customer must be registered in Customer’s name appearing on the CNIC. Bank may take action to penalize Customer including account blocking / closure in case of providing any incorrect information.

16. The Customer shall take all necessary precautions to prevent unauthorized and illegal use of their Accounts.

17. The Customer’s registered phone/SIM shall only be used by the Customer and he/she shall take all necessary precautions and care to ensure that the same are not misplaced, lost or stolen. If Customer’s registered phone/SIM is lost or stolen, Customer shall immediately notify his/her mobile operator to block and prevent misuse of the phone/SIM. The Customer shall also promptly notify UBL Customer Service to block access to his/her Account, failing which, the Bank shall not be held liable for any cost, charges, expenses, losses (direct, indirect or consequential), claims (including third party claims) or damages suffered or incurred by the Customer. The time at which the Bank receives instructions to block access to the Account will be determined and certified by the Bank and such determination shall be binding and conclusive on the Customer.

18. The Customer expressly agrees that the Bank is not liable for sending semiannual statement of account to the accountholders. However, Customer has an option to view at least the last five (05) transactions using BB channels (e.g. mobile phone) free of cost.

19. If the Customer believes that his/her Account has been accessed without his knowledge or consent, or that his/her PIN has been fraudulently used, he/she shall contact UBL immediately to block account.

20. Accounts have special deposit, withdrawal, balance, bill payment and transaction limits which shall be notified by the Bank to Customers from time to time.

21. Any transaction that could breach either the limits of crediting or debiting Account shall be rejected.

22. Only one Account will be opened per CNIC and mobile number. The number of Account limits shall be operated on CNIC basis and not on Account basis.

23. Minimum deposit amount and continuing balance requirements will be notified by the Bank from time to time. Any failure or omission to maintain such deposit or balance criteria may result in the levy of penalty as deemed fit by the Bank.

24. The Bank in its sole discretion shall be constrained to close those Accounts whose average balance during the half year is less than prescribed minimum balance and they show nil balance after deduction of service and other charges at the time of half yearly closings.

25. The Customer is responsible for the correctness of information supplied to UBL for operation of Account. UBL accepts no liability whatsoever for any consequences whether arising out of erroneous information supplied by the Customer or otherwise.

26. If the Customer notices an error in the information supplied to UBL either in the registration form or any other communication, he/she shall immediately advise UBL in writing so as to allow UBL to correct the error wherever possible on a "reasonable efforts" basis.

27. All instructions for operating the Accounts and availing Services shall be given by the Customer (“Customer Instructions”) in the manner prescribed by UBL. The Customer is also responsible for the accuracy completeness and authenticity of the payment instructions provided to UBL and/or its agents/service providers (hereinafter referred to as “Affiliates”) and the same shall be considered to be sufficient to operate the Accounts.

28. UBL shall not be required to independently verify the Customer Instructions and shall be effective unless countermanded by further instructions from the Customer within reasonable time frame. UBL shall have no liability whatsoever if it does not or is unable to stop or prevent the implementation of any Customer Instruction which is beyond banking limitation.

29. The Customer Instructions shall be affected only after authentication of the Customer in accordance with the prescribed procedure for Account. In case of transactions initiated through SMS channel UBL shall have no obligation to verify the authenticity of any transaction received from the Customer other than by Caller Line Identification and PIN (in case of higher limits) .

30. All the records of UBL generated by the Customer Instructions, including the time of the transaction and payments requested when availing Services and using the Account), recorded shall be conclusive proof of the genuineness and accuracy of the transaction and accompanying Customer Instructions.

31. When a Customer completes providing payment instructions and the same are received by UBL, transaction shall be deemed to be fixed and finalilsed and Customer may not subsequently raise any objections with respect thereto. Once the Customer Instructions are received the transaction may not subsequently be changed or reversed in any way. UBL may seek clarification on Customer Instructions as and when it deems fit.

32. UBL may refuse to comply with the Customer Instructions without assigning any reason whatsoever and shall not be under any duty to assess the prudence or otherwise of any Customer Instruction and have the right to suspend the operations through standard process if it has reason to believe that the Customer Instructions will lead or expose to direct or indirect loss or may require indemnity from the Customer before continuing to operate Account.

33. The Customer undertakes and agrees not to use or permit the use of Account and Services for any illegal or improper purposes and shall comply with all applicable laws and regulations governing the Accounts.

34. For this, the Customer undertakes and represents that:

i. He/she has full right and/or authority to access and avail Account and Services obtained and the goods purchased through it.

ii. He/she shall provide UBL such information and/or assistance as is required by UBL for the operation of the Account and performance of Services and/or any other obligations of UBL under this Agreement.

iii. He/she shall not at any time provide to any person, with any details of the Accounts held by him/her with UBL including, the passwords, card numbers and PIN which may be assigned to him/her by UBL from time to time.

iv. The Customer shall be held liable for any illegal funds transfer and money laundering done through his/her Account.

35. The risks associated with Account and Services and the liabilities and responsibilities accepted by Customer with respect to the same (and disclaimed by UBL) include the following:

a. The Customer acknowledges that in case any third person obtains access to the Account or to account access information, he/she would be able to instruct fund transfers and provide Customer Instructions. In order to reduce such risk, the Customer shall ensure that the terms and conditions applicable to the use of PIN are complied with at all times.

b. The electronic channel is susceptible to frauds, misuse, hacking and other actions that could affect payment instructions to the Bank. Whilst UBL shall aim to provide security to prevent the same, there cannot be any guarantee from such frauds, hacking and other actions that could affect payment instructions to the Bank. Customer shall be solely responsible and UBL shall not be liable for any loss (direct, indirect or consequential) if access is gained to Customer’s Account through forgery, wiretapping, theft or divulgence of PIN by Customer.

c. The technology for enabling the transfer of funds and other services offered by UBL could be affected by issues relating to telecommunication network of mobile operator and/or UBL or its subsidiaries and Affiliates. Account and Services may be interrupted/made unavailable by natural calamities, force majeure, legal and/or regulatory restraints, faults in the telecommunication network, network failure, or any other reason beyond the control of UBL. The Account could also be affected by virus or other malicious, destructive or corrupting code, programme or macro.

d. The transaction for transfer of funds or payments to Affiliates as per Customer Instruction may not be completed as requested for various reasons, including, but not limited to those specified in paragraph immediately above. In all such cases, the Customer shall not hold the Bank responsible in any manner in the said transaction and contracts and the Customer’s sole recourse in this regard shall be with the beneficiary of the transaction.

e. While UBL and the Affiliates shall endeavor to carry out the Customer Instructions promptly, they shall not be responsible for any delay in carrying on the Customer Instructions for any reason whatsoever, including failure of operational systems.

f. Bank shall not be liable if observe due diligence in good faith for any damages whatsoever whether such damages are direct, indirect, incidental, consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by the Customer, Supplementary User or by any other person.

g. Illegal or improper use of the Account shall render the Customer liable for payment of financial charges as determined by UBL and/or result in partial or complete suspension of the Account. Any penalties levied by any regulatory authority with regard to the Customer’s use of Account shall be purely to the Customer’s sole Account.

h. UBL shall under no circumstances whatsoever be held responsible or liable by the Customer for any delay in delivery of the electronic statements and/or Alerts, nor the inaccuracy of the information contained in such electronic statements and Alerts. UBL shall not be liable for its inability to deliver the Alerts altogether. Also, it is being clarified and understood that electronic statements will only be issued to the Customer upon his/her specific written request.

36. The Customer shall not have any recourse against the head office or any branch of the Bank outside Pakistan in respect of the payment of any deposits, account balances thereon maintained or/and accruing with the Bank in Pakistan, and all facilities provided by the Bank through Account and Services. Any such rights of recourse are expressly waived by the Customer.

37. The Customer irrevocably and unconditionally authorizes UBL to access all his/her Account for effecting banking or other transactions performed by the Customer through the Accounts and Services. The right to access shall also include the right at UBL’s sole discretion to consolidate or merge any or all accounts of the Customer with UBL and the right to set off any amounts owed to UBL without prior notice.

38. Any and all Branchless Banking products are sold by Affiliates and Bank shall only act as a payment facilitator. These transactions shall be effected by debiting the Account with the purchase amount plus any fee charged and crediting Affiliate account with the purchase amount.

39. UBL, in compliance with laws and regulations may intercept and investigate any payment messages and other information or communications sent to or by the Customer or on the Customer’s behalf via other bank and this process may involve making further enquiries and stoppage of transaction.

40. The Bank would be within its right to make investment of credit balance deposits in any manner in its sole discretion and to make use of funds to the best of its judgment in the banking business.

41. The Customer hereby agrees to bear the charges as may be stipulated by UBL (and notified to the Customer) from time to time for availing Account and Services.

42. Bank may amend charges from time to time in accordance with Schedule of Charges as per the Branchless Banking Guidelines.

43. Bank shall not be held responsible for any service issues if the same occur to Customer’s having mobile numbers with MNP (Mobile Network Portability).

44. The Customer hereby authorizes UBL to recover any service charges by debiting the Account of the Customer or by sending a bill to the Customer who will be liable to make the payment within the specified period. Failure to do so shall result in recovery of the service charge by UBL in a manner as UBL may deem fit along with such markup/interest, if any, and/or withdrawal of funds from Account without any liability to UBL.

45. The Bank reserves the right without prior notice to the Customer to debit the Account for any expenses, fees, commission, markup/interest, Zakat, withholding tax, stamp duty, tax, duty, or any other cost, charges or expenses arising out of any transactions or operation of the Account with the Bank as may be payable to the Provincial or Federal Government as may be levied, from time to time. All applicable taxes shall be recovered as per tax laws in force.

46. UBL and the Customer agree that if the Customer opens further accounts with UBL and/or subscribes to any of the products/services of UBL or any of the Affiliates, and UBL extends the Services to such accounts, products or services and the Customer opts for use thereof, then these Terms shall automatically apply to such further use of Account and Services by the Customer.

47. The Customer agrees that UBL and/or Affiliates or their contractors may hold and process his personal information and all other information concerning his Account on computer or otherwise in connection with Account and Services as well as for analysis, credit scoring and marketing.

48. The Customer also agrees that UBL may disclose, in strict confidence, to other institutions, such personal information as may be reasonably necessary for reasons inclusive of but not limited to participation in any telecommunication or electronic clearing network, in compliance with a legal directive, for credit rating by recognized credit scoring agencies, for audit, provi sion of services by any third party collection and fraud prevention purposes.

49. The Bank is authorized to make such disclosures in respect of the Account and Services as may be required by any court order or competent authority or agency under the provisions or applicable laws and/or otherwise to safeguard the interests of the Bank.

50. Changes in Bank terms and conditions will have to be duly informed to Customers within thirty (30) days of advance notice.

51. Such change to the Terms shall be communicated to the Customer through either its website, e-mail, or via, IVR, voice mail and/or text message sent to Customer’s mobile phone. Such amendments/alterations may also be displayed at the Bank's premises from time to time and shall be binding on the Customer. By continuing to use any existing or new services as may be introduced by UBL, the Customer shall be deemed to have accepted the changed Terms.

52. Where no charges have been imposed for certain services offered under Account and Services, the Bank reserves the right at any time to impose charges for the use of such services.

53. The grant to, and operation of, Account and Services by a Customer is purely personal in nature and not transferable under any circumstance.

54. The Customer may request termination of Account and Services by giving instructions to UBL any time in a manner prescribed by UBL. The termination shall take effect on the completion of the Customer request. The Customer will remain responsible for any transactions made through Account and Services until time of such termination.

55. Customer will also be liable for account closing charges applicable at the time of closing before he/she will be paid the last remaining credit balance, if any.

56. UBL may withdraw or terminate Account and Services anytime either entirely or with reference to a specific service or Customer, or in case of breach of Terms by the Customer without any prior notice, or if it learns of the death, bankruptcy or lack of legal capacity of the Customer.

57. The Bank reserves to itself the right to close without prior notice, any Account which in its opinion is not satisfactorily operated upon, or for any other reason whatsoever on the sole discretion of the Bank, and it shall not be incumbent on the Bank to disclose its reasons for doing so to the Customer.

58. Bank may correct erroneous and incorrect posting of entries and inform the Customer subsequently.

59. In case of delay in receiving transaction completion alerts at Customer’s end on Customer’s request, the Bank will follow-up with the concerned for swift resolution.

60. The Bank shall have discharged its liability with respect to an Account which has been closed by sending an electronic notification to the Customer on his/her registered mobile phone or email address along with an eCheck included in the notification. This eCheck will be 16 digit code upon the production of which at any UBL assigned agent in the country or any UBL Branch in the country, the Customer will be able to receive the remaining balance of his/her account. The remaining balance will be the amount of the then credit balance of such Account, less deduction in respect of the amount of any claim that the Bank may have on such funds constituting the credit balance.

61. Any change in the address or constitution of the Customer should be immediately communicated in writing to the Bank. The post office and other agents for delivery shall be considered agents of the Customers for delivery of letters etc. and no responsibility shall be accepted by the Bank for delay, non delivery of communications sent to the Bank.

62. Accounts that remain inoperative for one year or where account holder’s Computerized National Identity Card (CNIC) is not in branch/Bank’s record as per SBP directive, will be classified as dormant/ inactive. Credit Transactions will be allowed in such accounts. The Bank reserves the right to disallow debit transaction in the Customer account while the account remains dormant / inactive. However, Debits under the recovery of loans and markup etc. any permissible Bank charges, Government duties or levies and instruction issued under any Law or from the Court will not be subject to Debit or Withdrawal restriction.

63. Any change of address can be requested during the period of dormancy of account but will not change the status of dormant/inactive account. For reactivation of Dormant/inactive account, the account holder must call contact center from their registered number. After necessary verifications account will be reactivated provisionally by the Contact Center for a period of 48 hours for conducting any financial transaction after which account will be activated permanently.

64. In case of the Bank receiving official notice or as and when become aware of it from any other reliable source. regarding demise of , or bankruptcy of the account holder/depositor the Bank will stop operations immediately in the account and will not be obliged to allow any operation or withdrawal except on production of a Succession Certificate or other Court orders, from a Court of competent jurisdiction.

65. If a deposit/instrument remains inoperative for a period of ten years, it will become unclaimed deposit and will be surrendered to SBP as per the provisions of Banking Companies Ordinance 1962 and SBP directives operative at that time.

66. UBL may publish notices of general nature, which are applicable to all Customers in newspapers or on its web site. Such notices will have the same effect as a notice served individually to each Customer. Moreover, UBL can send notifications regarding services and general instructions to Customers through different “Channels”.

67. UBL shall be entitled to sell, novate, assign or transfer (1) UBL's rights and obligations under this Agreement; (2) all assets, liabilities, deposits held, and all services and facilities offered under the Account and Services; and (3) any security in favor of UBL (including all guarantee/s) to any person of its choice, including an affiliate or subsidiary company of the Bank in whole or in part and in such manner and on such terms and conditions as UBL may decide. Any such sale, assignment or transfer shall conclusively bind the Customer and all other persons, including Supplementary Users.

68. Customers agree to be bound by the terms and conditions that may be agreed between the Bank and purchaser/acquirer on which a sale/transfer of Account and/or Services may be affected by the Bank.

69. The Customers, his/her heirs, legal representatives, executors, administrators and successors are bound by the Terms and the Customer is not entitled to transfer or assign any of his rights and obligations under this Agreement.

70. The Customer agrees and acknowledges that UBL shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future, on the deposits held in the Account or in any other account, whether in single name or joint name, to the extent of all outstanding dues, whatsoever, arising as a result of Account and Services extended to and/or used by the Customer.

71. The Customer agrees to fully indemnify and hold harmless UBL and/or the Affiliates, as the case may be, including both their officers / employees and agents, (1) against all losses and expenses which UBL may incur, sustain, suffer or is likely to suffer in connection with UBL or Affiliates' execution of the Customer Instructions; (2) against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses incurred by UBL or Affiliates as a consequence or by reason of providing the Account and Service to Customers; and (3) for any action taken or omitted to be taken by UBL and /or the Affiliates, its officers, employees or agents, on the instructions of the Customer.

72. Neither UBL nor the Affiliates shall be liable if observed due diligence in good faith for any unauthorized transactions occurring through his/her Account and the Customer hereby agrees to fully indemnify and hold UBL and the Affiliates harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereto.

73. The Customer understands that UBL disclaims all and any liability, whether direct or indirect, whether arising out of loss of profit or otherwise to honour any Customer Instruction for whatsoever reason.

74. The Customer undertakes to separately indemnify the Bank against any / all risks and losses arising out of unauthorized access gained into Customer’s Account by any person, in any manner that does not directly arise due to any fault, negligence, act or omission, or mistake of the Bank.

75. The Customer will pay UBL and /or the Affiliates such amount as may be determined to be sufficient to indemnify it against any loss or expense mentioned hereinabove, even though they may not have arisen or are contingent in nature.

76. The Customer acknowledges that the software underlying Services, any software provided by UBL to be downloaded to Customer’s mobile as well as other related electronic services software which are required for accessing the Accounts are the legal property of UBL and relevant vendors and does not.convey any proprietary or ownership rights in such software. The Customer shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying Account and Services or create any derivative product based on the software.

77. UBL may sub-contract and employ agents to carry out any of its obligations under this Agreement.

78. This Agreement shall be governed by the substantive and procedural laws of the Islamic Republic of Pakistan. The Parties hereby agree that any legal action or proceedings arising out of or in connection with this Agreement shall be brought in the competent Courts at Karachi in Pakistan and irrevocably submit themselves to the jurisdiction of such Competent Courts. UBL may, however, in its absolute discretion, commence any legal action or proceedings arising out of or in connection with this Agreement in any other Court, Tribunal or other appropriate forum, and the Customer hereby consents to that jurisdiction.

79. The Customers and the Bank shall be subject to all applicable circulars, orders, directives, rules, regulations, laws, decrees, and restrictions issued by Competent Governmental and other Regulatory Authorities in Pakistan (including the Branchless Banking Regulations issued by the State Bank of Pakistan, from time to time).

80. Interpretation of terms and conditions mentioned in account opening form will be considered final and binding, however, in case of any dispute, matter should be referred to SBP and the decision of SBP will be final and binding in that case.

81. Any discrepancy in the account activities for transactions and receiving of alerts should be promptly brought to the notice of the Bank in writing within forty five (45) days from the date of issue, failing which the activities of account regarding for transactions and receiving of alerts shall be deemed to be final and conclusive, for all purposes whatsoever. In the case of any error, the Bank reserves its rights, at all time to make adjusting entries to rectify the error without notice and inform the customer subsequently, and recover any amount wrongly paid or credited to any person together with any accrued interest /profit. However, the bank shall not be liable for any loss or damage due to such error(s) or any consequential loss arising there from to any party.

82. Bank shall not be responsible if prepaid products purchased through Bank finds any error in loading of prepaid products or airtime.

INDEMNITY AND UNDERTAKING

83. In consideration of your acceptance of oral instructions from me over the telephone, fax or implementation of other instructions where transmitted by electronic means in connection with such facilities as may from time to time form part of the Account and Services offered by you in accordance with your policy, I irrevocably and unconditionally agree and undertake to accept the veracity of any such instructions and your implementation of the Account and Services for all purposes whatsoever. I further irrevocably and unconditionally ratify the same and hereby waive any claim against you as a consequence of or in respect of the provision by you of the Account and Services, and not to use, or allow any third party to use the Account and Services on my/our behalf and/or for any fraudulent or unlawful purpose. I confirm that any instructions given by me/us to you using any means may be used as evidence in any court of law or other proceedings of whatsoever nature or in resolving any dispute between us. I further irrevocably and unconditionally agree to indemnify and hold you harmless from and against all liabilities, losses, actions, proceedings, claims, costs, damages and expenses which may be incurred or suffered by you, or made against you, as a consequence of, or in respect of, the provision by you of the Account and the Services. I further agree that you may debit any of my/our accounts with you for all costs, charges, expenses or other amounts which you may incur as a consequence of, or in respect of, the provision of the Account and Services. I agree that you may ignore, or suspend action on, any instructions received from me/us if you, in your absolute discretion, deem it appropriate to do so.

84. I further confirm my understanding that compliance with such instructions and provision of the Services shall be subject to the internal policies of the Bank, which may change from time to time, and the relevant circulars of State Bank of Pakistan.

85. I also confirm that the provision of Account and Services shall also, where relevant and applicable, be governed by the terms and conditions governing my/our existing account with you. I confirm that my / our Personal Identification Number shall be kept confidential. I shall be liable for any misuse of the same, and agree to indemnify you against all consequences of such misuse. I confirm that all information and data contained in this form is accurate and true and there is no undisclosed material information which would affect UBL's decision to extend any of the Account facilities and Services to me/us.

86. In consideration of your agreeing to send/provide me the electronic statements and Alerts via website, e-mail, text message, voice mail, IVR or other electronic means, I hereby waive any requirement to send any paper or electronic statements or notices by post or courier to my/our address.

87. For the purpose of this Indemnity and Undertaking the word “Account” and “Services” shall be deemed to include banking services or products that UBL may offer Customers from time to time via mobile phones. This Indemnity and Undertaking shall be deemed to be an integral part of this Agreement, executed by me/us as amended from time to time.

I declare and confirm that I have read and understood these Terms while opting for all / any Branchless Banking Account and agree to observe and be bound by the above Terms of the Agreement and agree to accept any changes, supplements or modifications thereto that may be made by the Bank from time to time.