Terms and Conditions
- General Terms and Conditions
- The following terms and conditions is the agreement between the client and PRASAC on using ATM cards or PRASAC Mobile & Internet Banking Service.
- Please kindly read carefully all terms and conditions, and request for any further explanation if needed before performing your transaction.
- Required Documents and Information
- To apply for an ATM card and/or Mobile & Internet Banking Service, the client is required to provide necessary information to PRASAC by filling out and signing on the application form designed by PRASAC. The client confirms that all information provided to PRASAC is true and up to date. The client also agrees to abide by all terms and conditions stated in the specific terms and conditions on using E-Banking Service with PRASAC.
- The client acknowledges and agrees that PRASAC will release the client information, when requested, to the court or other relevant competent authorities (both local and/or international).
- Transaction Limit and Service Fees:
- The limit amount of transaction conducted via PRASAC Mobile & Internet Banking Service or ATM is pre-set per card types or Mobile & Internet Banking Service by PRASAC which is made available at PRASAC office or website.
- To perform transaction via Mobile & Internet Banking or ATM, you are required to pay fee for some specific type of transaction to PRASAC. You agreed to pay for those applicable fees (if any). You authorize PRASAC to directly debit the fees from your account.
- Any transaction prohibited by the law is not allowed to perform via PRASAC’s ATM or Mobile & Internet Banking Service, and the account holder shall fully be responsible for those transactions.
- The client shall maintain sufficient balance at all time to do the transaction via ATM card or Mobile & Internet Banking Service.
- All applicable fees related to ATM or Mobile & Internet Banking Service is available at all PRASAC branches and official website: www.prasac.com.kh.
- PRASAC reserves all rights to change the tariffs or fees or transaction limit without prior notice to account holder.
- Security Tips (PIN code, ATM card and Internet Banking User ID)
- You must keep your PIN, ATM card and Internet Banking User ID at a safe place. The damage or loss due to your negligence is fully at your own risk.
- You are encouraged to change PIN of your Mobile & Internet Banking and/or ATM card frequently.
- Notify PRASAC immediately if you become aware that your user ID and/or PIN of Mobile & Internet Banking or/and ATM were stolen or lost, or any unauthorized transaction performed or contact to our customer service via 023/086 999 911.
- Rights and Obligations of the Account Holder:
- The account holder (applicant) shall ensure that all information provided to PRASAC on Mobile & Internet Banking Service and/or ATM card application form(s) is true, correct and up-to-date.
- The account holder could perform all kinds of banking services via ATM and Mobile & Internet Banking Service provided by PRASAC and the client’s feedback is most welcomed.
- The account holder could request for account statement at any PRASAC branch or print from Mobile & Internet Banking for a specific period of time determined by PRASAC and could request for further explanation if there is any inconsistency.
- Those applicants who apply for Mobile & Internet Banking and/or ATM card with PRASAC shall ensure the accuracy of the information provided to PRASAC, and shall immediately inform PRASAC in writing for any change of his/her information, otherwise, any damage or delay is at the client’s responsibility
- Rights and Obligations of PRASAC
- PRASAC has the rights to review and verify the applicant’s background and to request further information from applicant if needed. The approval shall be at PRASAC’s sole discretion.
- PRASAC reserves all rights to cooperate with competent authorities to investigate and deactivate the services provided based on the laws or the order of the court.
- PRASAC will make best effort to support the client but PRASAC is not liable for any loss or damage resulted from any act of Force Majeure or other specific reason.
- PRASAC reserve all rights to change the fee and other applicable fees depend on it business condition.
- PRASAC will offer its 24 hours hotline supporting service to the client.
- All information of ATM cardholder and Mobile & Internet Banking user will be strictly kept as confidential at all time, unless it is required by the laws, court, or competent authorities.
- Anti-Money Laundering and Combating Financial Terrorism
- The client agrees and is liable to PRASAC that your payment transaction being made via Mobile & Internet Banking Service or ATM does not breach any Cambodian law or any other country jurisdiction.
- PRASAC reserves all rights to change these terms and conditions at any time. All relevant stakeholders shall follow the latest terms and conditions. All relevant stakeholders shall follow all provisions stated in these terms and conditions.
- Any dispute between PRASAC and its client shall be resolved amicably. If the dispute cannot be settled, the concerned party may submit complaint to the court of the Kingdom of Cambodia.
- Other issues that are not stated in these terms and conditions, shall be implemented in accordance with the law of the Kingdom of Cambodian.
- These terms and conditions are made in Khmer and English. If there is any conflict between the two versions, the Khmer language shall prevail.
- All relevant parties are deemed to have read and agreed to abide by all points stated in these terms and conditions.
The general terms and conditions of use of products and services of PRASAC Microfinance Institution Plc. hereinafter called “PRASAC” is created for all PRASAC’s Clients hereinafter called “Client” to understand more about terms and conditions of use of products and services of PRASAC hereinafter called the “General Terms and Conditions” before applying for products and services of PRASAC .
From the date of signing any application forms to use products and services of PRASAC and in case the Client instructs PRASAC without using any PRASAC’s application forms or documents, the Client is assumed to have read and accepted all terms and conditions stated in this general terms and conditions and other specific terms and conditions of each product and service provided by PRASAC.
The Client may directly call to Call Center at 023/086 999 911 or approach our professional staff at any office for further detailed information if he/she is not clear about any points stated in this General Terms and Conditions.
II. Key Terms
– Account : All type of bank accounts which the Client opened with PRASAC.
– Joint Account : Any account jointly opened in the name of two or more persons.
– Account Holder : A person who is an applicant or owner of the account and has right to perform any transaction in the account held with PRASAC.
– Deposit : A sum of money in bank account held with PRASAC.
– Joint-Account Holder : A person who is a member of the account owner.
– Account Statement : A summary report of banking transactions occurred within a given period of time.
– Account Documents : Any document including but not limited to the passbook for Saving Account, the certificate for Term Deposit Account or any other forms/applications created by PRASAC.
– Force Majeure : Refers to any events that are unforeseeable external to the parties, and unavoidable which prevent any party or both parties from performing its obligation as stated in this Agreement such as volcano, flood, earthquake, hurricane, terrorism, riot, war…etc.
– Identification Documents : Any legal documents issued by relevant authority, which may be used to proof a person’s identity. The identity documents that is acceptable to PRASAC include, but not limited to, the Cambodian National Identity Card, passport, birth certificate, and/or other Certification Letter issued by relevant authority.
III. General Terms and Condition of Use of PRASAC Products and Services
- Account Opening
- When opening an account with PRASAC, the Client is required to fill in account application form, provide specimen/thumbprint, identification document(s) and other required document(s) requested by PRASAC.
- The Client agrees to maintain minimum account balance as per PRASAC’s requirement.
- To open an account through PRASAC Mobile Banking Application, the client is not required to fill out an application forms, but the client has to comply with the Terms and Conditions which presented in the PRASAC Mobile Banking Application or other electronic methods provided by PRASAC before making decision of account opening.
- Joint Account
- Joint account is a kind of individual account which is jointly owned by at least 2 account holders.
- Each such person shall be deemed as accountholder of that account, and shall be jointly responsible for all obligations or liabilities of that account toward PRASAC.
- Dormant Account
- An account will be treated as dormant account if it does not have any transactions, other than the transactions made by PRASAC, within a period of 365 consecutive days.
- The Client authorizes PRASAC to debit or deduct any fees related to dormant account from the Client’s account at PRASAC’s sole discretion.
- The Client also acknowledges and agrees that any dormant account with zero or under zero balance will be automatically closed by PRASAC without prior notice to the Client.
- In accordance with the Law on Banking and Financial Institutions, PRASAC is required to transfer funds of any Clients’ accounts which have no transactions for 10 consecutive years to the National Bank of Cambodia.
- Required Information of Account holder
- When requesting for opening any accounts and/or using any services of PRASAC, the Client is required to provide his/her personal information to PRASAC based on request and the Client shall ensure that all information provided to PRASAC is true, correct and up-to-date.
- In case there is any changes to the provided information, the Client must immediately inform in writing to PRASAC.
- The Client acknowledges and allows PRASAC to provide their information to third parties in any certain circumstance, which is required by PRASAC, by the order of the court or competent authorities.
- The Client agrees to cooperate and provide all relevant supporting documents to enable PRASAC to comply with its obligations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
- The Request for Amendment of Client information and the Client Notification
- The Client can request in writing to PRASAC to amend or update his/her information.
- PRASAC is not liable for any damages or losses resulted from any change of personal information made by the Client without giving any notice to PRASAC.
- The change of information can be adding or removing joint account holder(s), the change of account mandatory instruction, account holder’s identification document, phone number, e-mail and/or any other information, which is different from their initial information provided to PRASAC when opening account.
- PRASAC allows the account holder to deposit by cash, check or transfer from any account or any other methods approved by PRASAC.
- Client can deposit money at any counter, POS Terminal, Cash Deposit Machine and any other means that PRASAC will have them available in the future.
- In the event that PRASAC receives counterfeit, old, torn, damaged or deformed note via the Cash Deposit Machine (CDM), PRASAC reserves the right to hold the payment transaction or withdraw the note or contact the Client to replace new note(s), or decrease value of the notes. PRASAC reserves the right to block balance of any suspicious notes until the customer comes to solve the problem, reversed transaction, or authorize PRASAC to automatically charge fee in case the customer does not come to solve the problem per request from PRASAC.
- PRASAC may also reject any deposit transaction(s) in case PRASAC suspicious the source of that fund.
- The Client agrees to pay fee charge for cross branch transaction (if any) based on the rate determined by PRASAC.
- Transfer / Withdrawal
- The Client may withdraw or transfer fund from his/her own account held with PRASAC by filling in withdrawal or transfer slip properly at any PRASAC’s offices.
- Withdrawals or Transfers via PRASAC Mobile Banking Application and / or ATM card are allowed if client requests to use by following its specific terms and conditions.
- The Client may request to withdraw or transfer fund from his/her account with different currency, unless otherwise agreed by PRASAC, and PRASAC’s standard exchange rate will be applied.
- The Client agrees to pay fee charge for cross branch withdrawal/transfer per PRASAC prevailing rate, which is available at any PRASAC branch or official website: www.prasac.com.kh.
- PRASAC reserves all rights to reject any withdrawal or transfer transaction if the Client does not properly fill in withdrawal or transfer slip, or the account is blocked or frozen by the order of court, the National Bank of Cambodia, or any other relevant authorities.
- Overdraft Facility (Minus balance withdrawal)
- The account holder shall always maintain credit balance (greater than zero) at all time or at the minimum balance requirement determined by PRASAC except otherwise PRASAC agrees to provide overdraft facility to the Client.
- The interest shall be daily calculated based on the total amount overdrawn multiply by standard overdraft interest rate from time to time determined by PRASAC. The unpaid interest will be capitalized each month and added to principal for the purpose of subsequent interest calculation.
- The Client agrees to repay for any overdrawn amount at any time upon demand by PRASAC.
- Payment Order
- The account holder may submit his/her written payment order to PRASAC’s office or PRASAC Mobile Banking Application or ATM Card by providing sufficient and correct information of the beneficiary.
- PRASAC is not liable for any losses due to improper or insufficient information provided by the Client on payment order.
- Blocking Account
- PRASAC will block the account of the Client if:
- There is a written request made by the Client
- Client’s request through phone call to Customer Service Officer (Call Center) either PRASAC client or other bank clients in case client transfers or deposits to wrong account number at PRASAC.
- By the order of the court, the National Bank of Cambodia or competent authorities.
- PRASAC will block the account of the Client if:
- Unblocking Account
- PRASAC shall unblock the account for the Client if:
- PRASAC obtains written request made by the account holder (in case the account was blocked upon the Client’s request), or
- Accordingly to the resolution on dispute of transferring or depositing to wrong account number or
- By the order of the court, the National Bank of Cambodia or competent authorities.
- PRASAC shall unblock the account for the Client if:
- Service Fees
- The account holder is obliged to pay all applicable fees and charges as defined in PRASAC standard rate based on the types and conditions of products and services.
- PRASAC shall debit the above service fee from the Client’s account without obtaining prior approval from the Client such as but not limit to the penalty fee, interest, tax, commission and any other fees payable by the Client to PRASAC.
- The Client may find PRASAC standard pricing or service fee list at any PRASAC branch or PRASAC website at www.prasac.com.kh or contact our call center via 023/086 999 111.
- Interest Rate on Deposit
- PRASAC will calculate and credit all accrued interest amount into Client account based on standard interest rate of each account type defined by PRASAC.
- Interest will be calculated daily on outstanding balance divided by 365 days per annum and based on the currency of the account.
- The accrued interest will be credited into the Client’s account monthly, yearly or at the maturity date based on specific account type when Client opened with PRASAC.
- Changing of Service Fee, Interest Rate, Other Terms and Conditions, and Notification
- PRASAC reserves all rights to change its service fee, interest rate or other terms and conditions applicable to the Client’s account at any time based on its sole discretion.
- The Client agrees to accept any change immediately after receiving notice from PRASAC. The Client also agrees that notification may be made among the following:
(1) At any PRASAC office and/or
(2) PRASAC official website or/and social network and/or
(3) Newspaper, magazine, or other mean chosen by PRASAC.
- The Client is assumed to have received and agreed to all amended terms and conditions immediately after PRASAC has publicly announced via any of the above channels.
- Withholding Tax (Tax on Interest)
- The Client is obliged to pay all relevant taxes in connection with interest earned from deposit.
- The Client agrees and authorizes PRASAC to directly withhold the tax amount from his/her accounts without obtaining any consent from the account holder.
- The withholding tax shall be made at the time PRASAC credits interest into the Client account based on the tax rate determined by the tax authority of the Kingdom of Cambodia.
- Exchange Rate
- Any transactions made with different currency, the Client agrees and accepts PRASAC standard exchange rate at the time of transaction.
- Account Closing
- Any request to close an account shall be made by the account holder or by law or competent authority.
- Any request to close an account within 03 months from the account opening date, the Client agrees to pay service fee as determined by PRASAC.
- The Client agrees that any termination or redemption of any term deposit account before the maturity date, the interest to be earned will be decreased and PRASAC reserves all rights to determine the new interest rate for the Client.
- Account Documents (Savings Passbook/Certificate of Term Deposit)
- The Client may request a saving passbook or customer account information card and/or a certificate of term deposit account, but the service fee will be determined by PRASAC.
- The Client shall examine their account statement shown in the saving passbook and/or certificate of term deposit and shall immediately notify PRASAC within 14 days from the printing date if any discrepancy or alteration is found.
- Without any notification from the Client, the account statement shall be considered correct and the Client has no rights to object or claim for any remedies against PRASAC.
- PRASAC has the rights to make any adjustment to the erroneous entry in the saving passbook and such adjustment shall be immediately effective and valid for the Client.
- If the passbook or certificate is lost, the Client shall notify PRASAC immediately in writing by specifying the time, date and place of the losing.
- The Client will receive a new passbook or certificate of term deposit as replacement to the lost one, but he/she has to pay for a service fee set by PRASAC.
- PRASAC shall not be liable to the Client or any third party if there is any transaction occurred before the date of notification.
- Account Statement
- PRASAC will provide account statement to the Client upon request.
- The Client shall examine their account statement shown in the account statement and shall immediately inform PRASAC within 14 days from the printing date if any discrepancy or alteration is found.
- Rights to Offset
- In addition to other specific agreement, PRASAC is entitled to debit any debt from the Client account without giving any prior notice. PRASAC will deduct any debt owed by the Client even though it is a joint or separated debt.
- PRASAC reserves all rights to adjust or debit from the Client account for any deposit, withdrawal, transfer or any payment made with technical error or dispute’s transaction of transfer or deposit to wrong account without obtaining approval from the Client.
- Service Disruption and Force Majeure
- PRASAC is not liable for any damages or losses arising due to system or equipment disruption.
- Likewise, PRASAC shall not be responsible for any damages because of failure to perform its service or obligation due to force majeure.
- Professionalism and Confidentiality
- PRASAC shall strictly keep all Client’s information confidential.
- Without Client authorization, PRASAC will not release any personal information to any other third party, unless such request is required by law or competent authority.
- Anti-Money Laundering and Combating the Financing of Terrorism and Crimes
- PRASAC is obliged to fully comply with the laws and regulations related to Anti-Money Laundering and Combating the Financing of Terrorism and Crimes.
- PRASAC, at its sole discretion, may take any appropriate measure in order to comply with the laws and regulations in force.
- The Client acknowledges and agrees that PRASAC may delay, block or refuse to process any transaction if PRASAC suspects that:
- The transaction may breach any Cambodian or International law.
- The transaction may be directly or indirectly involved with process or the purpose of performing unlawful conduct.
- All provisions in this general terms and conditions shall be implemented in accordance with the laws and policy and procedure of PRASAC.
- Invalidity or unenforceability of one or more provisions of this general terms and conditions shall not affect any other provisions of this general terms and conditions.
- Any dispute that may arises from the difference in interpretation of this General Terms and Conditions between the Client (account holder) and PRASAC, shall be interpreted based on laws of the Kingdom of Cambodia.
- All products and services of PRASAC shall be implemented based on this General Terms and Conditions. In case any provision in this terms and conditions contradict to the provision in the specific terms and conditions, the Specific Terms and Conditions of each product and service shall prevail.
- This General Terms and Conditions is made in Khmer and English. In case there is any conflict or inconsistency between the two versions, Khmer language shall prevail.