Lesson-4 regarding Account Opening in a Bank

Question: What are the feature and requirement for operation of Trust Account?

Answer:

Features of Trust Account

  i.     Trustee can open the account in the name of Trust or in the name of Trustees.

ii.     Trust property to be controlled for the benefit of beneficiary.

iii.     Violation of Trust Rules/Deed by the Trustees is called Breach of Trust.

iv.     A/C will be operated as per delegation laid down in the Trust Deed.

v.     No Trustee can delegates his power fag 3rd party.

Operation of Trust Account

  i.     A/C will be operated & opened jointly.

ii.     Cash Transaction should be done cautiously.

iii.     Bankers should prefer open A/C in the name of Trust.

iv.  In case of death, lunacy, retire or change of trustee, new trustee will be appointed in writing trustees should have financial soundness.

v.     Bankers should have vigilant eye on ‘Brach of Trust’.

vi.    No transfer from Trust A/C to personal A/C.

vii.   Mark “Trust A/C” on Ledger boldly.

viii.  No borrowing will be allowed without Head Office approval.

ix.    There should always be a clause in the mandate binding the trustees to be jointly and severally liable to the Bank for any liability incurred by them in A/C.

Question: What are the requirements for opening and operation of Executors Account?

Answer:

     I.     Must produce Grant of Probate certified copy & scrutiny the same name & address of Executors.

     II.     Identify of Executors & Registered the probate with Branch.

   III.     List of Executors name with signature & account will be opened in Official Capacity.

  IV.     Executors power to open & operation of Banks Account.

    V.     AOF/SS Card/Photograph properly filled in.

  VI.     Not to mix with Personal Account.

VII.     Mode of operation – jointly or all to sign.

VIII.     After death/ retirement/ lunacy new Executors will be appointed as per Probate .

Question: What are the requirements for opening and operation of Administrator Account?

Answer:

       I.     Certified copy of Letter of Administration will be obtained & registered with Branch.

     II.     Request letter for open Bank Account.

   III.     Account opening & operation as per Letter of Administration. Administrator can only operate upon Account.

  IV.     Mode of operation should joint in case of several Administrators.

    V.     No mixing with personal Account.

  VI.     Administrators can not delegates his power to 3rd party.

Operation 

       I.     Account will be operated as per Court Order.

     II.     Avoid Cash Transaction & should operate jointly.

   III.     No mixing with Personal Account.

  IV.     Combining of the Company Accounts may be done.

    V.     Liquidators can not delegate his power favouring 3rd party.

  VI.     No overdraft should be allowed.

VII.     In case of death, Lunacy, Transfer or retirement, fresh liquidators appointment letter will be taken from the Court.

Lesson-3 regarding Account Opening in a Bank

Question: What are the documentation requirements for opening Partnership Account in Bank?

Answer:

  i.     Two copies of passport size photograph of the Account holder(s)/person(s) who will operate the Account duly attested by the Introducer and authenticated by Authorised Officer.

ii.     Copy of Valid Trade License issued by the Municipality/City Corporation/Union Parishad attested by Authorised Officer.

iii.     Notarised copy of Partnership Deed by Notary Public.

iv.     Certified copy Partnership Deed by Registrar of Joint Stock Companies & Firms in case of Registered Firms.

v.     Partnership Account Agreement duly signed by all partners in their personal capacity and duly Resolution signed by all Partners to open the A/C.

Question: What are the documentation requirements for opening Non-trading Account in Bank?

Answer:

  i.     Two copies of passport size photograph of the Account holder(s)/person(s) who will operate the Account duly attested by the Introducer and authenticated by Authorized Officer.

ii.     Certified copy of the Memorandum & Articles of Association duly certified by the Chairman/President/Secretary.

iii.     Certified copy of Bye-Laws & Regulations/Constitution duly certified by the Chairman/ President/Secretary.

iv.     Certified copy of Resolution of Management Committee/ Executive Committee for opening & operation of the Account and authorizing specific persons to operate upon the same.

v.     Up-to-date List of Office Bearers/Governing Body/Managing Committee duly certified by the Chairman/President/Secretary.

Lesson-2 regarding Account Opening in a Bank

Question: What are the requirements of introduction for a new account in Bank?

Answer:

       I.     Introduction from parties/individuals who are non-customers and not known to the Bank is not acceptable for opening of an Account.

     II.     Introductions should not emanate from un-introduced Accounts.

   III.     Introduction of an Account by an Officer/Executive may be accepted provided that the proposed A/C holder is well known to the said Officer/Executive.

  IV.     Opening of an Account under the introduction of an A/C holder whose A/C has become dormant as per guidelines of Instruction Circular No.64 dated 20.12.1998 shall not be acceptable.

    V.     An account to be opened under the introduction of a person who maintains a satisfactorily conducted account with our Bank. Introducer’s relationship with the Bank should be considered, such as, age of the Introducer’s Account, balance history, facility provided, frequency of Accounts introduced earlier by the same person, facility provided etc. 

  VI.     An account may be opened with the introduction of a person who does not maintain any account with the Branch but maintains account with our other Branch.

VII.     In exceptional cases, an account may be opened with the introduction of a person who does not maintain any account with the Branch/other Branches of the Bank, but otherwise is a person of social standing and respectability and/or is well known and reputable to the Branch Manager.

VIII.     Letter of Thanks to be sent to the Introducer..

  IX.     Letter of Welcome be also issued to the new Account Holder(s).

    X.     In cases of opening of Foreign Currency or Convertible and Non-convertible Bangladeshi Taka Accounts for expatriate customer, a Letter of Introduction from the prospective Customer’s Employer in Bangladesh is required. If they are employed by a Foreign Embassy/High Commission or Foreign/International Organisation which have an account relationship with the bank, a Letter of Introduction from those Employers is also required.

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

Dear friends,

Most of the students of Bangladesh are studying for getting a good job. A good job can change  life of a person. But most of the students do not know how to get a good job. There are lot of sectors to start career. Choice of right career is very much crucial. Among many career, Banking jobs in bangladesh is very lucrative now. Most of the students want to get a banking job. But it required different type of knowledge. I will discuss  different areas of knowledge for freshers and experience banker for getting their desired job phase by phase.