Change in Terms and Conditions for all Accounts – Re: Khmer Riel Account Opening as per National Bank of Cambodia Requirement

Public Notice : Change in Terms and Conditions for all Accounts – Re: Khmer Riel Account Opening as per National Bank of Cambodia Requirement

Dear Valued Customers,

Pursuant to guidelines issued by the National Bank of Cambodia (the supervisory authority for banks and financial institutions such as Krungthai Bank PCL, Phnom Penh and Siem Reap Sub- Branch), we are required to establish a Khmer Riel account for existing customers to facilitate the making and receipt of payments in Khmer Riel and to promote the use of Khmer Riel in Cambodia.

As such, we would like to announce that over the coming months, a Current account denominated in Khmer Riel will be opened for every existing customer who does not have a Khmer Riel account in which payments in Khmer Riel can be made and received.

This account will be identified by an account number that is the same as your existing (non-Khmer Riel denominated) account, except with “01” in the seventh and eighth digits of your account. For example, if your existing account number with us is 0xxx xx 02 xxxxx99, your subsequent Khmer Riel account number will be 0xxx xx 01 xxxxx99.

Please note that:
• You will not be charged anything in relation to the opening of your new account.
• A passbook will be issued to you in relation to your new account without charge. Passbook will be directly provided to you in person at our branch upon your visit.
• There is no requirement to maintain a minimum balance in your new account.
• You may also apply for a debit card to be used with such Khmer Riel account if you desire by either applying through our website or alternatively by visiting our branch. The same terms shall apply regarding the relevant charges on your existing (non-Khmer Riel denominated) account.

In order to implement the National Bank of Cambodia’s requirements, the terms and conditions applicable to your current account(s) and the new account that we open for you will be amended by the addition of a new Clause 2 for all types of accounts opened with the Bank as follows:

“2. Where a Depositor opens or has opened any account with the Bank that is denominated in a currency other than Khmer Riel (“KHR”), the Depositor acknowledges and acknowledges that the Bank is required by law to establish an account in the name of the Depositor in KHR (a “New Account”). The New Account will be a current account and shall be subject to the terms and conditions set out herein provided that:

a) the Depositor shall be entitled to receive a passbook without charge;
b) the Depositor may apply for a debit card via the Bank’s website or at any of the Bank’s branches;
c) no minimum balance shall be required to be maintained by the Depositor in the New Account and the provisions of [Clause 24 / Clause 8.10 / Clause 26]¹ shall not apply to an account that has a balance of zero.”