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.