Article 29. Grounds and procedure for unilateral refusal to execute a bank account agreement or a bank deposit agreement The Law on Payments and Payment Systems

Home / Laws / Article 29. Grounds and procedure for unilateral refusal to execute a bank account agreement or a bank deposit agreement The Law on Payments and Payment Systems

1. A bank or an organization engaged in certain types of banking operations has the right to refuse to execute a bank account agreement or a bank deposit agreement in the following cases::

1) the absence of money in the client's bank account for more than one year;

2) the absence of money movement in the client's bank account (with the exception of a savings account, accounts intended for crediting benefits, social benefits paid from the state budget and (or) the State Social Insurance Fund, or pensions paid from the state budget and (or) the unified accumulative pension fund, and (or) voluntary accumulative pension fund, as well as alimony (money intended for the maintenance of minor children and disabled persons) for more than one year;

3) stipulated by the agreement with non-resident banks of the Republic of Kazakhstan.

2. A bank or an organization engaged in certain types of banking operations refuses to execute a bank account agreement or a bank deposit agreement on the grounds and in accordance with the procedure provided for by this Law and the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Proceeds from Crime, financing terrorism and Financing the proliferation of weapons of Mass Destruction."

3. Unilateral refusal to execute a bank account agreement or a bank deposit agreement by a bank or an organization engaged in certain types of banking operations is not allowed if there is:

1) unfulfilled requirements to the bank account or outstanding acts on temporary restriction on the disposal of property, decisions and (or) orders of authorized state bodies and (or) officials on the suspension of spending operations on the bank account, as well as acts on the seizure of money held in the customer's bank account;

2) unfulfilled requirements under a currency agreement providing for export (import) submitted by the client to a bank or an organization engaged in certain types of banking operations in accordance with the currency legislation of the Republic of Kazakhstan.

4. Subject to the conditions provided for in subparagraph 1) According to paragraph 3 of this Article, it is allowed for a bank or an organization performing certain types of banking operations to close a client's bank account in the event of a unilateral refusal to execute a bank account agreement or a bank deposit agreement in the absence of money in the client's bank account for more than one year and (or) liquidation of the client – a legal entity.

5. Subject to the conditions provided for in subparagraph 2) According to paragraph 3 of this Article, it is allowed for a bank or an organization engaged in certain types of banking operations to close a client's bank account in the event of a unilateral refusal to execute a bank account agreement or a bank deposit agreement in accordance with the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction" or international treaties ratified by the Republic of Kazakhstan.

6. A bank or an organization performing certain types of banking operations shall send to the address available to the bank or an organization performing certain types of banking operations a notice of refusal to execute a bank account agreement or a bank deposit agreement in electronic form or by mail with a notification of its receipt, unless another procedure is provided for by the bank account agreement. or a bank deposit agreement.

7. If there is no money in the client's bank account, the bank or an organization performing certain types of banking operations, upon the expiration of three months from the date of sending the client a notice of refusal to execute the bank account agreement or the bank deposit agreement, terminates the bank account agreement or the bank deposit agreement and closes the client's bank account, unless otherwise provided by the bank account agreement or a bank deposit agreement.

8. Relevant acts on temporary restriction on the disposal of property, decisions and (or) orders of authorized state bodies and (or) officials on the suspension of spending operations on a bank account, as well as acts of persons having the right to seize money held in a bank account, within five working days after the closure of the bank account In accordance with paragraph 4 of this article, they are subject to refund by the bank or an organization engaged in certain types of banking operations to the persons who have submitted these claims.

9. If there is a balance of money in the client's bank account (with the exception of accounts intended for crediting benefits, social benefits paid from the state budget and (or) the State Social Insurance Fund, or pensions paid from the state budget and (or) the unified accumulative pension fund, and (or) the voluntary accumulative pension fund, and Also, alimony (money intended for the maintenance of minor children and disabled persons) is provided by a bank or an organization that performs certain types of banking operations., has the right to transfer the remaining money to the notary's deposit in accordance with the laws of the Republic of Kazakhstan and close the bank account.

10. The amount of the commission charged by the bank for maintaining a bank account in the cases provided for in this Article shall not exceed the maximum amount of the commission charged by the bank for maintaining a bank account of other clients.

11. In case of unilateral refusal to execute a bank account agreement or a bank deposit agreement, the bank pays remuneration on the date of unilateral refusal to execute these agreements, taking into account the remuneration conditions set out in the agreements themselves.

12. The rules of this article apply to correspondent account and digital account agreements, unless otherwise provided by the laws of the Republic of Kazakhstan and regulatory legal acts of the National Bank of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.

The article was amended and supplemented by the Law of the Republic of Kazakhstan dated June 24, 2026 No. 325-VIII SAM

This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

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Republic of Kazakhstan

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