UAE Commercial Transactions Law

Article 399 — Article (399)

Book Three: Banking Transactions · Part Two: Current Account

1. Payments made by the customer into the current account shall bear no interests, unless otherwise agreed upon. The interest shall be calculated at the rate agreed upon. Where the rate of interest has not been fixed in the agreement, it shall be calculated on basis of such rate of interest prevailing in the market at the time of transaction up to (9%). 2. Interest shall apply to the debit balance as of the date of closure of the account, save where otherwise agreed upon.

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