Lesson-1 regarding Account Opening in a Bank

Question: Who can open account in a Bank?

Answer:

n     A person of sound mind attains the age of his majority (i.e. 18 years of age) can open an account. In other word a person/organization who is eligible to make agreement/contract can open account.

n     A lunatic is a person who lacks understanding power and rational judgment. Under section 12 of the Indian Contract Act-1882, a lunatic is disqualified to enter into a contract and as such a lunatic can not open account. 

Question: What are the documents/paper required for opening Account for Trust?

Answer:

i)                Two copies of photograph of the account holder(s) who will operate the A/C

ii)              Update list of members of the Trustee Board

iii)            Certified copy of the Resolution of the Trustee Board for opening & Operation of the account

iv)            Introduction

v)              Seal(Designation wise) who will operate the Account

vi)            Nationality Certificate or photocopy of Passport(1 to 7) pages of operators , copy of National ID Card

vii)          Transaction profile

viii)        KYC form

ix)            Letter of Thanks and Letter of welcome

 

Question:  What are the documents/paper required for opening Account of Club/Society/School/College?

Answer:

i)                Two copies of photograph of the account holder(s) who will operate the A/C

ii)              Certified copy of Bye Laws & Regulation/Constitution

iii)            Certificate copy of Resolution for opening & operation of the A/C

iv)            Updated list of Officers/Bearers(Office bearers)

v)              Introduction

vi)            Seal(Designation wise) who will operate the Account

vii)          Nationality Certificate or photocopy of Passport(1 to 7) pages of operators , copy of National ID Card

viii)        Transaction profile

ix)            KYC form

x)              Letter of Thanks and Letter of welcome

 

Question: What are the documents/paper required for opening Account of Limited Company?

Answer:

i)                Two copies of photograph of the account holder(s) who will operate the A/C

ii)              Certified copy of Memorandum of Association & Article of Association

iii)            Certificate of Incorporation

 

iv)            Certificate copy of  Full Board Resolution for opening & operation of the A/C

v)              List of Directors with signature (up-to-date) in Letter Head Pad.

vi)            Introduction

vii)          Seal(Designation wise) who will operate the Account

viii)        Form-XII (if old company)

ix)            Form 117 (if takes over another company)

x)              Certified copy of the certificate of Commencement of Business (Incase of Public Limited Company

xi)            Valid Trade License

xii)          Transaction profile

xiii)        KYC form

xiv)         Letter of Thanks and Letter of welcome

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