Bank account opening in BANGLADESH
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The document provides information about opening a savings bank account in Bangladesh. It states that individuals over 18 years of age or joint accounts with adults and minors can open accounts. The required documents include two passport photos, identification, and completing KYC and TP processes. The formalities involve filling an application, introducing the applicant, providing signatures, an interview, nominating beneficiaries, and verifying documents before the account is opened and materials like a passbook and debit card are issued. The account opening format follows Bangladesh Bank guidelines with customer and banker parts.
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definition of banking
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relationship as debtor and creditor
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Savings account is focused on individuals and puts a limit to the amount of money the depositor can withdraw from the same. Except specified institutions a saving account cannot be opened in the name of a government department. The procedure for opening a saving account is similar to the procedure followed for opening any other type of bank account. In times of calamities however RBI has permitted banks to allow an individual to open a saving account either against electricity bill or any other document of identity or through an introduction from another account holder. When it comes to depositing money in a saving account, a holder cannot deposit third party cheques into the saving account. There is no transaction tax to be paid in case of a saving account. Interest paid to saving account (3.5%) is calculated by taking into account the lowest balance on the 10th and end of the month. An additional 1% interest is payable to retired employees or spouse of a retired employee if the latter is deceased. The operation of saving account is stopped if the customer dies or becomes insane or insolvent. If the customer cannot be traced then the bank will place the balance in an unclaimed deposit account.
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Historical Background of Banking in Bangladesh
After the Liberation War and the eventual independence of Bangladesh, the Government of Bangladesh reorganized the Dhaka branch of the State Bank of Pakistan as the central bank of the country, naming it Bangladesh Bank. This reorganization was done pursuant to Bangladesh Bank Order, 1972, and the Bangladesh Bank came into existence retroactively from 16 December 1971.
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Savings account is focused on individuals and puts a limit to the amount of money the depositor can withdraw from the same. Except specified institutions a saving account cannot be opened in the name of a government department. The procedure for opening a saving account is similar to the procedure followed for opening any other type of bank account. In times of calamities however RBI has permitted banks to allow an individual to open a saving account either against electricity bill or any other document of identity or through an introduction from another account holder. When it comes to depositing money in a saving account, a holder cannot deposit third party cheques into the saving account. There is no transaction tax to be paid in case of a saving account. Interest paid to saving account (3.5%) is calculated by taking into account the lowest balance on the 10th and end of the month. An additional 1% interest is payable to retired employees or spouse of a retired employee if the latter is deceased. The operation of saving account is stopped if the customer dies or becomes insane or insolvent. If the customer cannot be traced then the bank will place the balance in an unclaimed deposit account.
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After the Liberation War and the eventual independence of Bangladesh, the Government of Bangladesh reorganized the Dhaka branch of the State Bank of Pakistan as the central bank of the country, naming it Bangladesh Bank. This reorganization was done pursuant to Bangladesh Bank Order, 1972, and the Bangladesh Bank came into existence retroactively from 16 December 1971.
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1. A cheque is a negotiable instrument that is drawn on a bank and used to make payments to a specified person or bearer. It must be in writing, drawn on a particular bank, unconditional, signed by the account holder, and payable on demand.
2. There are different types of cheques including bearer cheques, order cheques, open cheques, crossed cheques, anti-dated cheques, post-dated cheques, stale cheques, and mutilated cheques. Crossed cheques can only be deposited, not cashed.
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Opening an account with a bank creates relationship between the bank and the account holder. Anyone who can enter into a contract can open an account. Even minors can open account jointly with their guardians. Individuals, sole proprietors, partnerships, Hindu Undivided Family (HUF), trusts, associations and Limited companies are some examples of those who can open an account with the bank. As per RBI guidelines an account can be opened only if the person wanting to open an account has an introducer. The guideline further suggests that the introduction should be by an existing customer, a respectable person of the local community, and another banker. The bank can insist on a photograph before opening the account except in cases of savings account where no cheque facility is provided, fixed and term deposit upto an amount of Rs 10,000, accounts like cash credit and overdrafts etc. and staff members. Apart from furnishing a proof of address banks can also insist on a declaration that he/she does not enjoy credit facilities from other banks.New microsoft office word document
To open a demat account, the key documents required are a copy of the PAN card and one address proof document. The original PAN card must be shown at account opening. Joint accounts can be opened but can only be used to dematerialize shares held jointly. Account details like addresses or authorized signatories can be changed by submitting the required documents. Accounts can also be frozen to prevent debits or all transactions by submitting the proper request.
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This document discusses the different types of bank accounts available in Pakistan. It defines key account types like current accounts, savings accounts, minor accounts, deceased accounts, and dormant accounts. It also outlines procedures for account opening and differences between various deposit and account options available to customers.
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This document provides information about Know Your Customer (KYC) guidelines in India. It explains that KYC is a framework that requires banks to verify customer identities and understand their financial transactions. The objectives of KYC are positive customer identification and safeguarding customer money. KYC applies when opening new accounts, changing account details, or conducting high-value transactions. Customers must provide documentation like a photo ID, proof of identity, and proof of address. Small deposit accounts have simplified KYC norms. Money laundering involves disguising illegally obtained money, and banks are responsible for verifying identities to prevent criminal activity like money laundering through false identities.
KYC
This document discusses Know Your Customer (KYC) guidelines for banks in India. It explains that KYC allows banks to properly identify customers and understand their financial transactions. The objectives of KYC are positive customer identification and safeguarding customer money. KYC applies when opening new accounts, changing account details, or conducting high-value transactions. Customers must provide photo ID, proof of identity, and proof of address, such as a passport, driver's license, or utility bills. Small deposit accounts have simplified KYC norms but still require identity verification. Relationship managers assist customers with KYC processes. Money laundering involves disguising illegally obtained money, and banks must properly identify customers to prevent this crime.
Types of deposits
A savings account is meant for individuals to encourage savings and has restrictions on withdrawals. An individual can open a savings account by providing their photograph, address, and introduction from another account holder subject to KYC procedures. Exceptions allow opening an account against an electricity bill or with neighbor introductions in times of calamities. A current account is for commercial or business use and allows unlimited withdrawals depending on the account balance. Fixed deposits are deposits placed for a fixed period from 7 days to 120 months at a higher interest rate than savings accounts. Interest rates are now determined by banks and paid quarterly or longer on the daily balance.
Final report (askari bank)
This document provides information about car financing and cheque clearance processes at Askari Bank. It discusses Askari Bank's car financing products and criteria for car loans. Key details include eligible loan amounts, interest rates of 14-15% (17% with taxes), and loan repayment periods of 3-10 years. The document also explains cheque types, crossing, clearing cycles between banks that can take 2-5 days, reasons for cheque bouncing, and memorandum of cheque clearance.
Chapter 4
This document discusses various types of bank accounts in India including demand deposits, time deposits, and other account types. It provides details on savings accounts, current accounts, fixed deposits, recurring deposits, demat accounts, NRE accounts, and NRO accounts. The document also discusses the procedures for opening a bank account and the precautions banks should take for different types of customer accounts such as minor accounts, joint accounts, HUF accounts, and partnership accounts.
Banking & insurance
This document discusses Know Your Customer (KYC) norms in banking and insurance. It provides the following key points:
1) KYC norms were introduced in 2002 by the Reserve Bank of India to prevent money laundering and require banks to verify customers' identities before opening accounts.
2) KYC is important for preventing fraud and ensuring applications are real. It helps banks understand customers and manage risks prudently.
3) Compliance with KYC norms is now mandatory for opening bank accounts, demat accounts, purchasing credit reports, and more. Common documents required include identification documents like passports, driver's licenses, and address proofs.
my project on Banking [ grade - 8]
1. The document discusses opening and maintaining bank accounts at HDFC Bank in India, including the necessary identification documents and account types.
2. It outlines the steps for opening a savings or current account, which involves submitting an application form along with proof of identity, address, and income documents.
3. The document also describes various bank account options like savings, current, fixed deposit, and recurring accounts, as well as associated benefits and services like ATM cards, online and mobile banking, and interest rates.
Kyc norms in banks
KYC (Know Your Customer) procedures require banks to verify customer identities and monitor transactions to combat money laundering and terrorist financing. RBI (Reserve Bank of India) mandates that banks follow KYC guidelines under the Banking Regulation Act of 1949. Banks must have customer identification and verification procedures in place when opening accounts or conducting high-value transactions to comply with KYC regulations. Failure to properly implement KYC norms can result in penalties imposed by RBI as some banks were fined for opening accounts without proper verification that enabled fraudsters to steal money from customer accounts.
National Bank of Pakistan Internship Report.pdf
This document provides a summary of the author's internship at the National Bank of Pakistan's Circular Road Branch in Gujrat from September to November 2022. It acknowledges those who helped and supported the author during the internship. It then provides an overview of the bank's organizational structure, the branch the author worked at, the departments and training experienced. Specifically, it outlines the processes for account opening, remittances, clearing checks, and the roles and responsibilities experienced in each department. It concludes with reflections on areas of strength and opportunity for improvement at the bank.
Current Account
Usually, a current account is opened for commercial or business purposes and is a form of demand deposit from which the holder can withdraw money any number of times or upto an agreed amount. Opening a current account is a risky proposition for the banks. For instance, if the bank makes an overdraft by mistake, then the bank has to bear the loss if it is unpaid. There is no restriction to the amount deposited in the current account. This form of account is liable for transaction tax especially if the individual or a Hindu Undivided Family (HUF) withdraws Rs 50,000 in cash on any single day. Similar tax is also levied on a corporate entity if the withdrawal is Rs 1,00,000 and above. Although no interest or countervailing interest is payable on a current account however banks are entitled to pay interest to the account of a regional rural bank or the account of a deceased individual. As far as nomination is concerned a single depositor can make nominations while nominations cannot be made by incorporated entities or other trade bodies. With respect to current accounts there are several prohibitions placed on the banks. For example, the bank cannot lure the depositors by announcing prizes or attractive lottery schemes. Similarly, banks also cannot pay brokerage or gifts to agents for deposits placed at the bank.
Customer manual-march2011
This document summarizes the key terms and conditions for deposit accounts at State Bank of India's New York branch. It outlines the process for establishing different types of accounts, including individual, joint, minor, corporate and partnership accounts. It provides details on required documentation, authorized signatories, account operations and applicable fees. The document is intended to help customers understand account options, terms and bank policies and procedures.
The legal environment unit5 copy
This document discusses the banker-customer relationship under contract law in Uganda. It begins by defining key terms like "banker", "customer", and "banking". A banker is defined as someone who carries out the business of banking, such as accepting deposits and honoring withdrawals. A customer is anyone who enters an agreement with a bank for services.
The relationship between a banker and customer is described as contractual, with implied rights and duties. General contract law principles apply. When opening an account, banks must verify a customer's identity and obtain signatures or mandates authorizing transactions. Both bankers and customers have legal rights and duties in the contract, such as bankers having the right to charge fees and customers having the duty to
The legal environment unit5
The document discusses the banker-customer relationship under contract law. It defines key terms like banker, customer, and bank. A banker is defined as someone who carries out the business of banking like accepting deposits and honoring checks. A customer is anyone who uses a bank's services, including those without an account. The relationship is a contractual one, with implied rights and duties. Rights of bankers include charging fees and interest, while duties include keeping information confidential and honoring valid checks. The contract can end through termination by either party, by operation of law like death, or after reasonable notice from the bank.
BANKING(3)
This document discusses different types of bank accounts including fixed deposit accounts, savings accounts, recurring deposit accounts, and current accounts. It provides details on opening each type of account, such as fixed deposit accounts requiring deposit of money for a fixed period at a predetermined interest rate. Savings accounts have restrictions and earn interest, while current accounts allow unlimited withdrawals and may provide overdraft facilities. The document also covers special considerations for opening accounts for minors, married women, illiterate persons, and lunatics.
Current account
The document provides information about current bank accounts in India. It discusses that current accounts are deposit accounts that allow for convenient withdrawing and depositing of funds and are commonly used by businesses. Key features of current accounts mentioned include no interest earned, ability to make instant fund transfers, use of debit cards, and access to services like RTGS and NEFT. The document also outlines eligibility requirements, required documents, available facilities like overdraft, and responsibilities and advantages of holding a current account.
Kycnormsgroup19 121110050951-phpapp01
The document discusses Know Your Customer (KYC) procedures for banks in India. It explains that KYC is a framework that allows banks to understand their customers and financial transactions to prevent money laundering and terrorist financing. The Reserve Bank of India mandates that banks follow KYC guidelines when opening and operating accounts. The guidelines require banks to verify customer identities and monitor transactions. Banks must have board-approved KYC policies covering customer acceptance, identification, monitoring, and risk management. Sound KYC procedures help protect banks from criminal activities and allow them to better understand customers and manage risks.
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Bank account opening in BANGLADESH
- 1. TRAINING SESSION Subject : How to open savings account in any commercial bank in Bangladesh
- 3. TRAINERS: KHONDOKAR MOMINUL HAQU WORK IN UTTARA BANK LTD AS A SENIOR OFFICER .
- 4. WHO CAN OPEN A BANK SAVINGS ACCOUNT? Branches of a bank may open accounts of the following categories of customer/depositor: Individuals Individuals are adult persons of 18 years age or more who are competent to enter into contracts. But lunatics, persons of unsound mind, and bankrupts are not eligible to enter into a contract. Joint Accounts More than one adults jointly or adult with minor(s) may open joint accounts.
- 5. CHECK LIST OF DOCUMENTS FOR OPENING SAVINGS ACCOUNT Documents for opening accounts: 02 copies recent passport size photo including nominee’s photo duly attested Identification certificate KYC and TP to be taken Introduction to be taken
- 6. FORMALITIES FOR OPENING BANK SAVINGS ACCOUNT Following formalities are required to be completed before bank account is opened: Application on the prescribed form Introduction of the applicant Specimen signature Interview Mandate for operation of the account by an agent Fixation of the nominee of the applicant Taking properly attested passport size photographs Verification of documents Opening the account Issuance of cheque book and pass book Issuance of debit card (if required)
- 7. ACCOUNT OPENING FORMAT as per Bangladesh bank master circular bfiu-10 CUSTOMER PART
- 13. ACCOUNT OPENING FORMAT BANKER’S PART
- 19. ANY QUESTION ?