Claim settlement by banks where survivor/nominee clause does not exist

There are two possibilities in a bank account maintained by a customer viz. (i)  a deposit account is opened in a bank with a valid nomination or with the survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or survivor’ or ‘latter or survivor’ etc.  (ii) A deposit account is opened in…

Who are bank customers?

 Whether authorized signatories of a company are customers of the bank? Whether Power of Attorneys or Mandate holders or intermediaries who operate the bank accounts on behalf of someone are the customers of the bank? Whether the walk-in customers who do not have the account with the bank but use the services of the bank…

KYC documents for current accounts of all varieties

KYC is necessary for opening and maintaining current accounts of individuals, proprietorship, partnership firms, corporates, trusts, Associations, societies, clubs etc. When the bank accounts of individuals are opened, banks mainly look into the identity and address proof of the applicant such as official valid documents (OVDs) like Aadhar card, Voter ID, PAN card, Driving License,…