October 30, 2026

Bank Accounts in Uzbekistan

Table of contents:

1. Legislation
2. Types of bank accounts
3. Opening and transferring a bank account
4. Suspension of operations and closure of a bank account
5. Conclusion 

1. Legislation.

1. Civil Code of the Republic of Uzbekistan
2. Law of the Republic of Uzbekistan” On Banks and Banking Activities ” No. LRU-580 of 05.11.2019.
3. Law of the Republic of Uzbekistan” On the Central Bank of the Republic of Uzbekistan ” No. LRU-582 of 11.11.2019.
4. Law of the Republic of Uzbekistan dated 22 October 2019 No. LRU-573.
5. Law of the Republic of Uzbekistan” On Electronic Document Management ” No. 611-II of 29.04.2004.
6. Regulation on the procedure for voluntary liquidation of business entities and termination of their activities, approved by Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 704 of 21.08.2019.
7. Regulation on the procedure for exclusion from the state register of Business entities that do not carry out Financial and Economic activities, approved by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 704 of 21.08.2019.
8. Resolution of the Board of the Central Bank of the Republic of Uzbekistan “On approval of the Instructions on the procedure for opening, maintaining and closing bank accounts”, registered by the Ministry of Justice No. 3420 dated 02.08.2023. 

2. Types of bank accounts.

A bank account is a tool of implementing relations that arise between the bank and the client as a result of the conclusion of a bank account agreement, under which the bank (hereinafter “bank” or “servicing bank“) undertakes to accept and credit funds received to the account holder’s (hereinafter “client“) account, to fulfill the client’s orders to transfer and issue the corresponding amounts from the account and to perform other operations on the account;

Clients can open the following types of accounts with banks:

a) demand deposit accounts;

b) savings and deposit accounts;

c) term deposit accounts;

d) metal accounts;

e)representative accounts;

f) other deposit accounts.

Demand deposit account – an account where the client’s funds are recorded, issued, or transferred at his first request.

Savings deposit account – an account that keeps records of funds formed on the basis of periodic contributions from clients, saved for certain purposes and sent for these purposes or returned upon termination of the contract;

Term deposit account – an account that keeps records of client funds deposited for a strictly agreed period of time in the contract;

Loan account – an account that keeps records of credit loans issued to clients in accordance with the established procedure;

Metal account – an account opened by banks for clients to carry out transactions with precious metals and maintain their accounts;

Representative account – a bank account with the Central Bank of the Republic of Uzbekistan (hereinafter “Central Bank“) or another bank, as well as with the Central Bank of organizations authorized to open a representative account intended for making interbank settlements and mutual settlements.

If a legal entity opens a demand deposit account for the first time after its state registration, this account will be considered its main account. All other deposit accounts opened after are considered to be secondary accounts.

Records of the opened bank accounts are kept in the National Database of Bank Depositors.

The national database of bank depositors is a system of the Central Bank of the Republic of Uzbekistan, which ensures that banks provide clients with a unique number (client code) when opening bank accounts, maintain a list of their accounts without storing information about their balance, and also obtain information about accounts owned by clients.

3. Opening and transferring a bank account.

According to the Instructions on the procedures for opening, managing, and closing bank accounts (hereinafter “Instruction“), legal entities and individuals independently choose the bank in which they will open an account, the type of such bank account, and the currency of the bank account. Clients are entitled to open bank accounts in national and foreign currencies with one or more banks. The procedure for opening, maintaining, and closing bank accounts is established by the Central Bank of the Republic of Uzbekistan.

The instruction establishes a separate procedure for opening a bank account depending on the subject:

1) For resident legal entities (business entities);

2) For resident legal entities (not business entities);

3) For representative offices and branches of resident legal entities;

4) For non-resident legal entities of the Republic of Uzbekistan;

5) For individual residents and non-residents of the Republic of Uzbekistan;

6) And finally, for commercial banks of residents and non-residents of the Republic of Uzbekistan.

Opening of demand deposit accounts in national and foreign currency by resident legal entities, individual entrepreneurs and farmers (business entities):

– application for opening a bank account;

– two sheets with sample signatures;

Opening of demand deposit accounts in national and foreign currency by resident legal entities that are not business entities:

– application for opening a bank account;

– sheet with sample signatures;

Opening of demand deposit accounts for representative offices and branches of resident legal entities in national and foreign currency:

– application for opening a bank account;

– applications from representative offices and branches (indicating TIN);

– a sheet with sample signatures of resident legal entities, their representative offices or branches;

– a document defining the powers of the representative office and branch and an identification document authorized to sign payment documents.

Opening a “main account”

After state registration, a main account is opened for legal entities in the manner established by this Instruction. This account can be opened at the request of the founders (participants) in national and/or foreign currency for making initial contributions of the founders (participants) to form the authorized capital of legal entities. . In this case, the person represented on behalf of the founders (participants) submits the following documents to the bank:

– application for opening a bank account

– sheet with sample signatures

– identification document of the person authorized to sign payment documents.

Opening demand deposit accounts for non-resident legal entities (diplomatic missions, international organizations, etc., not engaged in commercial activities), participants in electronic trading on a commodity exchange, sellers of shares and corporate bonds, participants in crypto-asset trading on a crypto exchange:

– application for opening a bank account;

– a copy of the certificate of issue of the TIN by the authorized tax authorities;

– sheet with sample signatures;

– a document certifying the identity of the person authorized to sign payment documents;

– consular or notarized copy of constituent documents;

– a copy of the agreement on the provision of brokerage services between a non-resident legal entity, with participation in open trading on a commodity exchange;

– a copy of the agreement on the provision of brokerage services between a non-resident legal entity and an investment intermediary;

– a copy of the agreement between a non-resident legal entity and a crypto exchange (a participant in trading crypto assets).

Opening of deposit accounts in national and foreign currency by non-resident individuals:

– application for opening a bank account;

– identification document;

– document confirming accommodation.

When opening a bank account for non-resident individuals, banks may require documents confirming their permanent (at least three months) registration in the Republic of Uzbekistan (certificate of permanent or temporary registration in the Republic of Uzbekistan, work or study, documents confirming sources of income).

In accordance with Article 13 of the Law of the Republic of Uzbekistan “On Currency Regulation”, a mandatory condition for opening and using bank accounts by non-resident legal entities is that they conduct activities within the territory of the Republic of Uzbekistan.

Deposit accounts for resident and non-resident individuals are opened based on the personal identification number of an individual (PINI).

The general rule is that the bank is obliged to open a bank account no later than the next business day from the date of submission of documents for opening any type of bank account.

In cases where the loan agreement is the basis for opening a bank account, such an account, which is called a loan account, is opened no later than the next banking business day after the entry into force of the loan agreement. At the same time, as a general rule, in order to open it, the head of the bank or a person authorized by the head must submit an order to the accounting department to open a loan account. Such an order must indicate the amount and interest rate of the loan. An exception to this rule is the issuance of a loan through remote service systems.

Finally, banks can open representative accounts with the Central Bank of the Republic of Uzbekistan or another bank, in which case an agreement on mutual representative relations is concluded.

To open a representative account, resident banks provide:

-an application for opening a representative account indicating all the details of the bank or organization authorized to open a representative account;

– sheet with sample signatures.

To open a representative account, non-resident banks provide:

– an application for opening a representative account indicating the full name of the non-resident bank and its legal address in the country where it is registered;

– sheet with sample signatures;

– legalized or apostilled copy of the license issued by the authorized body of the state of registration;

– information on the application of international standards in the field of combating money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction by a non-resident bank and in the country where it is registered.

When opening a bank account many questions arise about a card with samples of signatures and an impression of seals. Such a card is issued in two copies and it also confirms the list of persons entitled to the first and second signatures. Persons with the right of the first signature are those who perform the management functions of accounting (usually, this is the director), persons with the right of the second signature are those who perform the functions of accounting and financial management (usually, an accountant). Sometimes one person may have the right to both signatures. If the client has a seal (business entities, for example, do not need to have their own seal now), then a sample of the seal impression is also taken. Cards for residents and non-residents differ from each other. If the information specified in the card has been changed, the client provides the bank with a new card.

All documents that are the basis for opening bank accounts of legal entities, individual entrepreneurs, and dehkan farms that are clients of the bank, as well as copies of changes and additions to these documents, are stored in the legal file opened for each client (hereinafter “legal file“). If the client changes the information specified in their legal file, they must provide the bank with copies of the changes and additions made in the constituent documents within three working days.

Clients also have the right to transfer their main account from one bank to another. To do this, the following procedure has to be executed:

(1)  The Client submits an application to his / her servicing bank and returns the checkbooks. Then the servicing bank confirms in writing the balance of funds on the account.

(2)  The Client submits to the bank where the new main account will be opened an application and confirmation of his / her servicing bank. On the basis of these documents, the bank opens a temporary account for the client and notifies the client and its servicing bank in writing.

(3)  The Client submits a payment order to the servicing bank for the transfer of funds from the main account being closed to the temporary account. The Bank makes appropriate changes to the client’s legal file and draws up a report in two copies. This package of documents is then delivered to the new servicing bank, where the main account is opened, by mail or by courier. The bank where the new main account will be opened shall affix the signatures and seal of the authorized persons of this bank and return one copy to the bank where the main account is closed by mail or courier. It is important that such documents are not delivered through the client or third parties.

(4)  Having received the above-mentioned copy of the act, the servicing bank where the main account is closed executes a payment order to transfer the remaining funds to the bank where the new main account is opened. The latter transfers money from the temporary account to the new main account and closes the temporary account. 

4. Suspension of operations and closure of a bank account

Operations on the main bank account may be suspended in the following cases:

(1)  By order of the client;

(2)  The seizure of funds held in the account, by the decision of an official of the body conducting the pre-investigation check, the investigator, the investigator, or by the decision of the court (in this case, the seizure is imposed only on the amount specified in the decision or decision);

(3)  In other cases provided for by law;

In cases when bank account transactions of business entities are suspended, then such suspension is carried out in court, except in cases provided for by the law.

It should also be borne in mind that transactions on bank accounts are suspended only in terms of spending. The bank accounts that have been seized or suspended cannot be transferred to another bank. Moreover, clients whose accounts are seized or suspended are not allowed to open other accounts. At the same time, the seizure of funds applies exclusively to the amount specified in the resolution of the authorized body or in the court decision.

As for closing the account, this is usually possible in two cases:

(1)  Upon termination of the bank account agreement

(2)  In the event of the liquidation of the client business entity

Many bank account agreements are concluded for an indefinite period, so, as a rule, they can be terminated at any time at the request of the client or at the request of the bank.

The contract is terminated at the request of the bank, as a rule, through the court under the following conditions: