How does a bank deal with accounts of mentally ill or lunatic persons?

Dealing with accounts of mentally ill or lunatic or an insolvent persons remains a delicate job for bankers. Whenever bankers learn that one of their customers is incapable of operating the account due to mental incapacity the operation in such a customer’s account shall be immediately suspended. While dealing with such accounts, bankers need be…

EEFC Accounts of Indian exporters

EEFC (‘Exchange Earners’ Foreign Currency) Account is a facility available to all categories of exchange earners including SEZ developers (except SEZ Units). In this scheme of bank accounts, the exchange earners (resident of India) can maintain their account in any of the permitted foreign currency viz.  USD, GBP, Euro, JPY  etc.  In the other words…