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DEPOSIT DEPARTMENT

Account Opening
The general banking performs various functions among them the first and most important function is A/C opening. The process of opening an account is very simple and any body who would like to open his account could do it easily without any difficulty.

Types of Accounts
There are three types of accounts

CURRENT ACCOUNT SAVING ACCOUNT TERM DEPOSITS ACCOUNT

Procedure for Account Opening


1) Application Form
The customer would like to open his account is required to meet with the manager or second officer, who will give him an APPLICATION FORM specifically used for account opening. Separate colour-coded Application Form is available for each type of account. So that a particular coloured form is given to the customer to fill in for opening a related account.

2) Specimen Card
As I have already mentioned about SIGNATURE SPECIMEN CARD. This card contains three signatures of an applicant, applicant A/c no, A/c type, branch code, title of A/c, it will be attached with an application form. Banker uses this card at the time when he receives the cheque; he compares customers signature with the signature on the cheque for avoiding fraud.

Manager has every right not to accept this contract if he is not satisfied by the details provided by the customer.

3) Account Opening Register


The manager records the necessary details into this register and allots an a/c number from this a/c opening register. This register is maintained for each type of account and the a/c numbers are allotted serially. After opening a saving and current account every applicants data is entered into the computer to maintain a safe record and application form is properly filled so that it can be available when necessary. For fixed deposit only that application form is needed which is prepared manually, because most of the procedure of fixed deposit is done manually.

4) Cheque Book
Cheque book is issued to the customer when the bank accepts the A/C opening application form.

Types Of Customers
1 ) I nd i v i d u a l
Only one person can operate this a/c. We can call it a personnel or individual a/c.

2) J oi nt
In case of joint A/c, applicant mentions that how much person will operate the A/c. Instruction are given for joint A/c such that the account shall be operated by

a) Any one of us or survivor.


In first case if one of the a/c holders died then the other can operate the a/c individually.

b) Any two/All of us jointly.


In second case if one of the a/c holders died then the other partner cant operate this a/c individually without having permission from the court.

3) Partnership A/C
For partnership a/c, along with the application form signature card. documents are also needed such as

Other

Registration Certificate Agreement among partners Commencement of business

Note
In case of addition or withdrawal of any partner a new agreement will be required.

4) Company Account
For company accounts following documents are required:

Private registration Resolution of board of directors Commencement of business Memorandum and Articles of Association Balance sheet

Letter of Thanks
Bank prepares two LETTER OF THANKS one for the new customer and the other for his introducer. This act promotes good will among the customer and the introducer.

Closing of an Account
There are no. of reasons of closing an account. Some are listed below:
1)

If customer desires to close his account

2) In case of death of one account holder. 3) Bankruptcy of the account holder. 4) If an account contain nil balance or not up to the requirement of rules.

Before closing any account, bank send letter to the account hold for informing him that his account is going to be closed. There is need an approval form higher authority to close any account.

Importance of Deposits for Bank


The primary economic function of the commercial bank is to receive surplus income of individuals, firms, public houses, institutions, companies and to honour cheque drawn upon it. Deposits are to bank as a backbone is to the body of a man. It is the lifeblood of a bank. The deposits of a bank are useful in many ways. The bank borrows money from the general public by accepting deposits by offering suitable rates of interest to them or simply promise to repay on demand.

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