03. Special Types of Accounts:

Trust Account, Executor’s Account, Administrator’s Account, Account in the Name of Club/Society,

Account in the Name of Non-Government School/ College/ Madrasah / University/ Mosque

1.1  Trust Account:

Trust is an equitable obligation imposing upon a person (Trustee), the duty of dealing with property over which he has control (Trust Property) for the benefit of persons (beneficiary) of whom he may himself be and anyone of whom may enforce the obligation. This is created by TRUST DEED. Trustees open Deposit Account to deal with Trust Properties.

Account Name & Style:

a. “Allar Dargah Trust”

b. “Md Dewan Ali & Md Fakhir Ali Trustees of Allar Dargah Trust”

 

Papers required to open Trust Account:

Copy of Trust Deed – Rules regarding opening and operation of deposit account to be properly examined.

Resolution by Trustee Board – Specifically for opening and operation of Bank Account.

List of Trustees – Names with

Two Passport size photographs of each trustee duly attested by branch official.

Copy of Passport of each signatory, if available, or Certificate from Commissioner/Chairman or letter of introduction by a person acceptable to the Bank.

Bank’s internal papers duly filled in & signed:

Account Opening Form,

Specimen Signature Card,

KYC Profile/Transaction Profile, etc

Special Features of Trust Account:

Trustee can open the account in the name of ‘Trust’ or in the name of Trustee(s).

Trust property to be controlled for the benefit of beneficiary.

Violation of Trust Rules/Deed by the Trustees is called Breach of Trust.

A/C will be operated as per delegation laid down in the Trust Deed.

No trustee can delegate his power to any 3rd

Operation of the Account:

Account will be opened and operated jointly or as per delegation.

Cash transaction should be done cautiously.

Bankers should prefer to open account in the name of trust.

In case of death, lunacy, retirement, or change of trustees, new trustee will be appointed in writing. Trustees should have financial soundness.

Bankers should have vigilant eye on ‘Breach of Trust’.

No transfer is allowed from trust account to personal account.

Mark “Trust Account” in the Ledger boldly.

No borrowing shall be allowed without Head Office approval.

There should always be a clause in the mandate binding the trustees to be jointly and severally liable to the bank for any liability incurred by them in the account.

1.2  Executor’s Account:

An Executor is a person appointed in “Will” to administer the estate of Testator (Person making the Will) in the event of his death.

Executor obtains a “GRANT OF PROBATE” which is the main document for dealing with the property of the Testator.

Account Name & Style:

“Mr Sattyabadi & Mr Nishtaban Executor of the Estate of Gayaram, deceased”

Papers required to open Trust Account:

Certified copy of ‘Grant of Probate’ – Name and address of executors to be examined.

Identity of the executors – A paper detailing identity of the executors.

List of Executors – Name with signatures.

Photograph of executors. – To be attested by branch official.

Executor’s power – To open and operate the bank account.

Bank’s all internal papers duly filled in & signed:

 

Operation of the Account:

May be operated jointly or with everybody’s sign.

Account will be opened in the official capacity.

Not to mix with personal account.

In case of death, lunacy or retirement, new executor will be appointed as per probate.

1.3  Administrator’s Account:

When an Executor is not named in the ‘Will’ or named executor is dead or renounces and is incapable of acting, a letter of administration is issued by Court of Law to an interested person who applies for such letter.

The administrator derives his power from the letter of Administration. This letter may give full or limited power to deal with the estate. In case of ‘Will’ the administrator acts according to the direction given in the ‘Will’. In absence of such will the estate is owned up in accordance with the law.

Account Name & Style:

“Mr Rahim & Mr Karim Administrators of the Estate of deceased Md Halim”

Papers required:

Certified copy of letter of Administration.

Request letter for opening bank account.

Bank’s all internal papers duly filled in & signed.

Two Passport size photographs of each signatory(s) duly attested.

Copy of Passport of each signatory, if available, or Certificate from Commissioner/Chairman or letter of introduction by a person acceptable to the Bank.

Operation & Features:

Opening and operation to be performed as per letter of administration.

Mode of operation should be joint in case of several Administrators.

Mixing with personal accounts is not allowed.

Administrators can not delegate his power to any third party.

When an administrator becomes insolvent or lunatic his appointment stands terminated. A new administrator is appointed under fresh Letter of Administration.

On death of administrator Court will appoint the new one.

  • Account In The Name Of Club/Society:

Documents required:

Certified copy of Certificate of Registration from concerned Govt. Dept.

Certified copy of Charter/Bye-Laws and Regulations/Constitutions.

Copy of Resolution of Managing Committee/Executive Committee for opening & operation of account duly certified by Chairman/Secretary.

List of Members of the Managing Committee/Executive Committee duly certified by Chairman/Secretary.

Bank’s all internal papers duly filled in & signed.

Two Passport size photographs of each signatory duly attested by introducer.

Copy of Passport of each signatory, if available, or Certificate from Commissioner/Chairman or letter of introduction by a person acceptable to the Bank.

Operation & Features:

Account to be opened and operated as per Charter/Bye-Laws/Constitution and subsequent Resolution passed by the Managing Committee/Executive Committee.

Operation of account in contravention of the above will not be allowed.

Name, style and nature of account must be stated in the ‘Charter/Bye-Laws/Constitution’ or ‘Resolution’.

Cash transaction should be done cautiously. Pre advice should be taken in case of cheque drawings.

In case of changing signatory, new Resolution passed by MC/EC to be obtained.

  • Account In The Name Of Non-Government School/ College/ Madrasah / University/ Mosque:

Documents required:

Certified copy of Certificate of Registration from concerned Govt. Dept.

Copy of Resolution of Managing Committee/Governing Body for opening & operation of account duly certified by Chairman/President/Secretary of the MC/GB.

List of Members of the Managing Committee/Governing Body with their address and phone number.

Two Passport size photographs of each signatory duly attested by introducer.

Copy of Passport of each signatory, if available, or Certificate from Commissioner/Chairman or letter of introduction by a person acceptable to the Bank.

Bank’s all internal papers duly filled in & signed.

Operation & Features:

Account to be opened and operated as per Resolution passed by the Managing Committee/Governing Body.

Operation of account in contravention of the above will not be allowed.

Name, style and nature of account must be stated in the ‘Resolution’.

Cash transaction should be done cautiously. Pre advice should be taken in case of cheque drawings.

In case of changing signatory, new Resolution passed by MC/GB to be obtained.

COMPLIANCE TO ENSURE:

Account to be introduced properly.

All required documents to be obtained before opening the account.

All documents have to be verified and to be in order and supportive.

Special precaution to be observed respecting ‘Signature’ and ‘Signing Authority’ of the signatory.