- Personal Accounts:
Individual Account, Minors Account, Joint Account, Illiterate Person’s Account
- Individual Account:
Opening of Individual Accounts
- Bankers have to be conscious while opening account in the name of the Individuale. person aged 18 years old.
- Due to Contract Act 1872 & Negotiable Instrument Act 1881
Nature of Individual Account
In the name of the Individual
Identity Verification: National ID, Passport, Birth Certificate.
Tax Payer’s Identification Number, if available.
Signature of Individual needs to obtain.
Instructions about the account: Transaction Profile.
Account can be stopped by the person any time with deposit of cheque leaves.
Giving Mandate of Transaction to other person, if needed.
- Minors Account:
Opening of Minors Account
- Bankers have to be conscious while opening account in the name of the minor i.e. position of minor in relation to bank is complex.
- Due to Contract Act 1872 & Negotiable Instrument Act1881
Nature of Minors Account
In the name of the minor himself.
In the joint names of the minor and his/her guardian.
In the name of the guardian in the following manner.
Minor is 10 years and can sign uniformly.
Account must show credit balance.
Guardian is liable for all transactions.
- Joint Account
A joint account is the bank account conducted in the name of two or more persons.
Considerations to Open Joint Account
Signature of all need to obtain
Either or Survivor instructions
Instructions about the account
Account can be stopped by any of them by written request.
In case of insanity of any of them mandate is revoked.
It does not extend to overdraft.
In case of insanity or bankruptcy of one of them the banker should stop the account.
In case of borrowings all the joint account holders must make a joint demand.
- Account of Illiterate Person
Left thumb impressions of the account holder is obtained on both account opening form and specimen signature card.
Bankers must explain terms and conditions of the account to the account holder.
Withdrawals are allowed when the client personally visit the branch.