UAE Commercial Transactions Law

Article 371 — Article (371)

Book Three: Banking Transactions · Part One: Bank Deposits, Transfers and Accounts · Chapter One: Bank Deposits: Article (371)

1. A bank cash deposit is a contract under which a person delivers an amount of money, by any means of payment, to a bank that undertakes to return it on demand or in accordance with the agreed conditions. 2. The bank acquires ownership of the deposited money and may use it for the needs of its own business, while remaining obliged to return an equivalent amount to the depositor in the same currency as deposited.

WAWhatsAppTGTelegram