Customers and account holders are explained in these slides. it include varies types of bank account holders like minor account, joint account, company account, partnership account, trust account, etc.,
3. Selection of types of account
Selection of bank
Filling up application
Introducer to open an account
Submission of application form
Verification of the application by
officer
Initial deposit
4. Minor account
Joint account
Joint Hindu Family
Partnership account
Joint Stock company account
Trustee account
Clubs & Associations account
Illiterate Account
Lunatics account
Deceased customer account
Account of married women
Government dept. account
Non-resident account
5. As per section 4 of The Guardian & Wards Act
1890 “Minor is a person who is to be deemed
not to have attained his majority under the
provision of Indian Majority Act 1875”
Agreement with minor is void(invalid).
6. Types of Guardian:
◦Natural Guardian
◦Testamentary Guardian (by will)
◦Guardian appointed by court
7. Precaution while opening bank
account (above 14 years)
Precaution for date of birth
Granting loans to minor
Guarantees
Minor as an agent
Minor as partner
8. Bank account shared by two or more
persons.
Precautions to be taken
Withdrawal of amount
Survivorship
Authorization to withdraw safe custody
Liability of deceased holder
Insolvency of holder
Death of one of the joint account holder
9. Precautions to be taken
Account should be in the name of
Kartha or in Business name
2 copies of photograph
Introducer in mandatory
Signature of member
In case of minor guardian has to sign
Notice to stop payment
10. Precautions to be taken
Number of partners
Name of bank account
Opening of an account
Authority to operate account
Cancellation of authority
Delegation of authority
Admission of new partner
Retirement of partner
Incase of death of partner
Insolvency of partner
Lunacy of partner
11. Steps
Banker should confirm Co. registered or not
Should obtain MA & AA
Inspect the objectives, vision & mission
Should collect business commencement
certificate
Obtain recent copy of balance sheet, P&L A/c
Copy of resolution of appointing as banker
Letter stating authorized person
Specimen signature of authorized person
12. Borrowing powers
Examine the article
Examine the purpose of
borrowing
Borrowing purpose should be in
MA
Liquidation of company
Charge on property for loan
13. Trustee is a person to whom property is
given for the usage of third party.
Precautions to be taken
Obtain trust deed
Specimen signature
Limitation of withdrawal
Specified purpose
Pledging trust property
Signing authority
Copy of registration certificate
Death of trustee
14. Incorporated clubs & non-
incorporated
Rules & laws of club
Resolution from managing
committee
◦ Appointment of banker
◦ Appointment of operator
Borrowings
Special care for personal account
Death of operator
15. Lunatic is a person of unsound mind.
Lunatics are not a competent party for
contract
Precautions to be taken
Should not allow to account
Stop the operation of account
Confirm the fact & not believe any rumours
Return of cheque as “refers to drawer”
Should not allow authorized person to
operate
Allow authorized person appointed by court
Doctors certificate should be persented