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,…

Bank policies for payment of Interest on overdue deposits and Current Deposit claims

(The rate of interest payable by banks on overdue deposits differs depending  upon the instances like renewal or  non- renewal  of the deposit for  a minimum stipulated period, death of the depositor before the maturity of the deposit, death of the depositor after the maturity of the deposit, interest payable on the deposit  amount left…