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,…

Tax saver fixed deposits of banks

 An individual or HUF can invest in Tax saver fixed deposits of banks, not exceeding the aggregate limit of Rs.150000.00 u/s 80 (C) of IT in a financial year is eligible for tax relief. The ‘deposit’ can be opened in single name or joint names of an adult with a minor or in the joint…