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