1. 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.

Natural guardian

               Legal guardian

Testamentary guardian

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.