Banking

Length: 653 words

How many type : ;General Minor is a person who is less than 18 years and has not completed 18 years. In that case a guardian will be appointed for the minor by a court or it can be the relative of the minor. After appointing a guardian the age of minor become 21 . So, he becomes eligible to open an account. But without permission of guardian minor can not transact any money from the bank. When minor become 18 the account officially FIFO General customer The customer who operates the account individual and don’t need to take any kind of permission before debit or credit.

In these kinds of account person needs to give its CONIC, personal information and source of income. 21 Page Parka enhances women are also a customer of the bank. They do pardon as per the religious need. They don’t show their faces to the bank but by submitting CONIC and their thumb impression they become eligible to open an account. However, if under special circumstances, such an account is opened; two respectable persons known to the branch invariably attest the signatures on the account opening form and on the withdrawals by withdrawal slips. Illiterate persons An illiterate person means a person who can’t sign his name. While opening of an account of such a person is unavoidable. The will take their thumb print and CONIC copy for verification. Except his physical presence (in the bank) any withdrawals from the account of an illiterate person will not be allowed. ; Trustees This type of customer opens a non profitable account. This account opens for specific purposes. These kinds of account opens usually to help poor or at the time of disasters.

Like prime Minster account for helping flood victims or earthquake victims. Joint stock companies: A Joint stock company is an artificial person and it has a separate legal entity. So, a bank account may be opened on its own name. A Joint stock company may either be a Private Limited Company or a Public Limited Company. Insane A person of unsound mind can not make a valid contract. So, the bankers should not open an account in the name of a person of unsound mind. But a customer may become lunatic after opening an account with the bank.

Joint account customer This type of account normally operated by more than one person and less than four people. In this bank is not eligible to set any rule for the transaction. In this case the joint account partner has to decide that either all have individual authority to operate the account or no one can transact money with permission and sign for the rest of the members. Q. How many type of account also explain them? There are many types of accounts some of them are given as below: ; Saving Fixed 1.

Saving account A savings account allows you to accumulate interest on funds you’ve saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual axis. Savings accounts vary by monthly service fees, interest rates, method used to calculate interest, and minimum opening deposit. Understanding the account’s terms and benefits will allow for a more informed decision on the account best suited for your needs. 2. Fixed account A fixed account offers easy access to your money for your daily transactional needs and helps keep your cash secure.

Customers can use a debit card or checks to make purchases or pay bills. Accounts may have different options or packages to help waive certain monthly service fees. To determine the most economical choice, compare the benefits of different fixed packages with the services you actually need. 4 | Page Q. What are the basic requirements for opening of an account? 1. General customer Following documents are required while opening an account of a general customer: (I) copy of CONIC (it) Salary statement (iii) Electricity or gas bill (iv)Thumb impression or sign by the customer 2.

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