Who can open Savings Bank (SB) Account in Banks ?
Generally, anyone who is of legal age (18 years or older) and meets the bank’s eligibility criteria can open a savings account. Minors can also open savings accounts, usually through a guardian or jointly with a parent. Entities like associations, trusts, and societies may also be eligible, but they must meet specific requirements. Savings Bank…
Read article Revised guidelines on Inoperative Accounts /Unclaimed Deposits in Banks
Current accounts or SB account not operated during the past six months will be treated as dormant accounts. In March every year all dormant accounts in which there had been no operation for a total period of two years or more (including the period reckoned to classify them as dormant) will be transferred to inoperative…
Read article
Documentation Required for Opening Various Types of Current Accounts
The documentation necessary to open a current account varies based on the legal structure of the business entity—whether it is a sole proprietorship, partnership firm, company, trust, society, or government body. Each applicant must provide specific documents relevant to their entity type. Additionally, banks are required to perform a comprehensive Know Your Customer (KYC) verification…
Read article
How banks settle claims of a missing person on presumed death?
Settlement of Claims in Respect of Missing Persons Presumed Dead: A Formal Overview Banks in India typically settle claims related to missing persons who are presumed dead by adhering to established legal provisions and regulatory guidelines, primarily those issued by the Reserve Bank of India (RBI). When a person has been missing for a legally…
Read article
Bank Accounts of Government/Semi Government departments:
Government departments or semi Government departments need a bank account to carry out the financial transactions of the departments. Government business like Salary payments, Pension payments,Fee collection, tax collection,PPF, Sukanya samriddhi, Senior citizen savings scheme,etc.are routed through banks.Most of the public sector banks eying for government business as they they get huge amount of deposits…
Revised Guidelines for Settlement of Claims of Deceased Depositors and Locker Hirers
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…
Read article