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Online Bank Account Apply

Bank Account is very essential for every person in daily life for different types and purposes of transactions. Presently online bank account Apply is a less time-consuming and very easy process to create a bank account shortly. There are many types of accounts required as per nature and demand of transactions of customers. Foreign currency transaction through a foreign currency account or any other bank accounts is possible in the case of foreign trade business.

Account Opening Eligibility to open an account:

  • Persons of age 18 years or above
  • Not unsound mind
  • Not lunatic
  • Not insolvent
  • Competent to enter into a contract
  • Minor can open an account under the guidance

 Account Opening Formalities

  • Duly filled in the application form
  • Photo duly attested by the introducer
  • Signing the specimen signature card
  • Instruction/mandate for the operation of the account
  • Name of the nominee of the account
  • Photographs of the nominee duly attested by the account holder
  • Introduction of the account
  • Know Your Customer (KYC) and Transaction Profile
  • Photo ID of Applicant (NID/Passport/Birth Certificate with Photo ID)
  • Other documents as needed by the bank.

– At the time of online bank account application and after opening an account, the primary checkbook should be issued to an account holder on the idea of the first requisition slip signed by him/her, obtaining approval from the Authorized person or a licensed Officer. All subsequent cheque books should be issued against cheque Book Requisition Slips from the checkbook previously issued.

– Before issuing the new checkbook, the branch should consider the subsequent. But it should be kept in mind that it’s just a guide for issuing a checkbook and not harass the standard clients.

  • A satisfactory average balance is maintained.
  • The account isn’t non-operative/dormant
  • The account is neither undesirable nor non-remunerative and is satisfactorily conducted.

– Cheque books issued earlier are fully utilized.

– Cheques aren’t frequently returned for want of funds.

– Payment of cheques isn’t frequently stopped.

– Letter of thanks is received by the customer & returned acknowledgment copy to the branch just in case of new account opened.

– A fresh checkbook should be issued to the account holder once the Branch Manager /the authorized officer is satisfied with the conduct of the account and has verified the signature of the Account Holder.

– If a checkbook is requested against a letter signed by the account holder without production of the Requisition slip from a previous checkbook, care should be exercised to determine the genuineness of this request, particularly when the address of the account holder has recently been changed.

Bank Account Types

Current Deposit Account

A current account is generally opened by business people for their convenience. Big customers, such as individual businessmen, groups of companies, Joint Stock Companies, public authorities, nontrading companies, Trustees, Banks & Corporations, etc. generally open this account.

Characteristics of Current Deposit Bank Account:

• Balance held with Current Account is payable on demand at any time

• Frequent transactions can be made in the CD A/c as per requirement

• No interest is allowed on Current Account

• The initial deposit required for opening this type of account and minimum balance as prescribed by the Head Office may be maintained in such an account.

• Statement of account is to be dispatched to the account holder on a half-yearly basis or may be requested by the customer or as prescribed by the authorized organization from time to time.

• Balance confirmation certificate of this type of account is to be dispatched on a half-yearly basis or as may be requested by the customer or as prescribed by the authorized organization from time to time.

Savings Deposit Bank Account

This deposit is intended primarily for small-scale savers. The main objective of this deposit account is to encourage savings habits among people. The number of withdrawals is generally restricted.

Characteristics of Savings Deposit Bank Account:

• Savings bank account is meant for savings purposes and is suited to those who want to deposit their small savings.

• Certain amount limit is allowed for withdrawal during a week.

• Generally, interest at a lower rate is allowed on this deposit half-yearly basis, and calculation of interest is made taking lowest/average balance product for each month.

• Money, cheques, draft, installment orders, profit warrants, discount warrants, and so on can be saved in the account.

• The initial deposit required for opening this type of account and minimum balance as prescribed by Head Office to be maintained in such account.

• No overdraft shall be allowed against Savings Account.

• Bank may acknowledge standing order on Savings Account.

• Balance confirmation certificate of this type of account is to be dispatched on a half-yearly basis or as may be requested by the customer or as prescribed by the respective organization from time to time.

• Charges, fees & commissions, VAT and Govt. demand as might be endorsed by bank office timely for realization.

Accounts of Minor

No account in the name of the minor shall be opened since a contract with the minor is void. However, an account may be opened in the name of a minor jointly with a parent or guardian if it is opened and operated by his natural guardian.

Terms & Conditions to be followed:

The date of birth of the minor and the date when s/he attains majority will be recorded on the Account Opening Form (AOF) & Account Opening Register. Appointment order of legal guardian issued by the court to be examined & a copy to be retained with AOF. The guardian should not be allowed to operate the account after the minor’s attaining majority or after the minor’s death.  If the guardian dies before the minor attains majority, the money to be paid after the minor’s attaining majority or to some person appointed by the court as his guardian.  If the minor dies, the amount of his/her credit balance is to be paid to his/her next successor on the production of a valid succession letter.

An account of Illiterate Persons

An illiterate person can open an account with the bank subject to the following conditions:

a. Duly filled Account Opening Form, specimen signature card, KYC & TP to be obtained.

b. A thumb impression should be obtained on the AOF & SS card in presence of an authorized official.

c. Two attested copies of recent photographs should be obtained & attached with AOF & SS card.

d. One or two identification marks should be noted on the AOF & SS card with the proper authentication.

e. Accounts of illiterate persons to be opened on the proper introduction. Such persons will put their thumb impression on the Account opening form, specimen signature card, etc. in presence of the Manager or authorized bank officials and the Introducer who will attest the thumb impression mentioning his Current Account Number.

f. A letter of the undertaking shall be obtained from the Account holder to the effect that he will not operate on the a/c unless he personally comes to the bank and put his thumb impression on the cheques in presence of the Bank Manager or authorized person of the bank who will attest the same on verifying the photograph of the depositor on Bank’s record.

g. Bank Manager should record a Certificate to this effect on the back of the cheque. Precautionary measures should be taken to see that no cheque-bearing thumb impression and presented through clearing is paid by the branch.

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