How to open Current Account of a Limited Company?
Limited companies are of two kinds. They can be classified as (i) Private Limited companies (ii) Public Limited companies. A private limited company is a form of privately held business governed under the provisions of the Indian Companies Act, 2013. The minimum number of members required to form q private limited company is two and…
Read article
KYC policy for opening bank accounts of all varieties (latest update)
(Last updated on August 04, 2024) Know Your Customer (KYC) standards are designed to protect financial institutions against fraud, corruption, money laundering, and terrorist financing. KYC involves several steps to: establish customer identity; understand the nature of customers’ activities and qualify that the source of funds is legitimate; KYC involves several steps to (i) establish…
Read article
Advantages of a Current Deposit Account
A current deposit account, commonly known as a current account, is a type of demand deposit account specifically designed to accommodate frequent and high-volume financial transactions. These accounts are primarily utilized by business entities and individuals engaged in regular, large-scale monetary operations. Current accounts offer a variety of advantages tailored to the operational requirements of…
Read article
Procedure to open Trust/NGO/foundation Accounts in a bank
A trust is a fiduciary relationship between the trustor and the trustee. A Trustor is just the person who creates and opens a Trust. A trustee is a person or an entity created and entrusted with property/assets to deal with for the benefit of a certain person or persons called ‘beneficiaries’. A trust is created…
Read article How to open proprietorship current account in bank?
The sole proprietor is an individual owner of a business or contract. He/ She are liable to pay liability of the proprietorship as personal liability and also pay income tax on personal income earned through business. As such many businessmen do business or trade on their personal name as separate business name is not necessary.…
Main Features of Current Deposit Accounts (Current Accounts) in Banks
A current deposit account, commonly referred to as a current account, is a type of demand deposit account primarily designed to facilitate frequent and high-volume transactions typical of business establishments. These accounts cater to the needs of businesses and individuals engaged in regular financial operations. Eligible Entities for Opening a Current Account The following categories…
Read article