[This web page offers information on how banks open accounts of illiterate persons, blind and partially blind persons other disabled persons] Blind, illiterate, and other disabled persons can open and make certain bank account operations using thumb impressions. Bankers customarily extend helping hand to the disabled persons like sick/old/incapacitate who cannot be physically present to…
(This article explains how the garnishee order and IT attachment orders are different and explain the method of disposal by the Bank branches when they receive such orders from the authorities.) Garnishee order & I.T. Attachments are two different types of attachment orders. The Garnishee order is an order issued by the Court to garnishee…
Bank customers are protected under deposit insurance scheme of DICGC. The benefit of deposit insurance is available to all the customers of banks at free of cost. DICGC is settling claim from its Deposit Insurance Fund (DIF), a corpus created out of the insurance premium collected from the banks. In the events of a bank fails…
A partnership is that two or more people jointly carry on a business and share its profit or loss. All the partners are jointly and severally liable for the debts of the business. The partnership can be made by partnership deed. Registration of partnership deed is optional. In case, partnership deed is not registered, the…
While opening opening Current Accounts of all categories of depositors including proprietor, partners, trustees, settlers, beneficiaries and those holding power of attorney, founders, managers, directors etc.the customers needs to submit ‘know your customer’ related official valid documents of the entities and natural persons behind the entities. As per RBI guidelines, in addition to seeking NOC from…
A current account is a form of demand deposit account, designed for running transactions of a business establishment. The documents requirement at the bank for opening current account depends upon how the business entity has been established (viz formed by Individual owner or Partnership or club, association, society or a Limited Company or a Trust…
While opening the Current Accounts for Clubs, Societies or Associations etc.the customers need to submit ‘know your customer’ related official valid documents of the organisations and natural persons behind operations of such entities. In addition to KYC related documents, let us now examine, what are the other requirements for opening captioned accounts. Accounts of Clubs, Societies, Associations,…
The joint accounts are the accounts which are in the name of two or more persons. The operation instructions in joint accounts in banks like ‘either or survivor’, former/latter or survivor’, ‘anyone or survivor’, ‘both or survivor’ or ‘all or survivor’ are actually a mandate given by the joint holders of the account. Every above operation instructions…
Let us first understand the meaning of Dormant Account and Inoperative account. Dormant Account A Savings Bank account or Current account becomes ‘Dormant Account’ if it is not operated during the previous 12 months. Inoperative Account An SB or Current account becomes ‘Dormant Account’ if the account is not operated during the previous 12 months.…
Savings Bank account (SB Account) is a form of demand deposit account, opened mainly for the purpose of saving and not for any business purpose. Banks are permitted to credit the interest to the account on a regular basis, with regard to the savings bank accounts frozen by the enforcement authorities.The acceptance of interest free deposits in…