Opening Accounts of Various Types of Customers | PAPER II – PRINCIPLES & PRACTICES OF BANKING | MODULE A: GENERAL BANKING OPERATIONS

By -
Banker - Opening Accounts of Various Types of Customers

Banker - Opening Accounts of Various Types of Customers

Opening Accounts of Various Types of Customers | PAPER II – PRINCIPLES & PRACTICES OF BANKING | MODULE A: GENERAL BANKING OPERATIONS

1. Personal Accounts

These accounts are opened for individual customers for personal banking needs. Documents required include proof of identity, address, PAN, and recent photographs. The KYC norms must be strictly adhered to.

2. Accounts of Other Customers

These include accounts for joint holders, partnerships, trusts, HUFs, companies, etc. The documentation and account opening process vary as per the constitution and legal status of the entity. Additional documents like partnership deeds, MOA/AOA, board resolutions may be required.

3. Norms for Opening Current Accounts

Banks must ensure that no current account is opened without obtaining a No-Objection Certificate (NOC) from the customer’s existing bankers, particularly in cases where the customer has banking relationships with other banks. RBI guidelines and KYC norms must be followed strictly.

4. Obtaining Photographs of Account Holders

Photographs are mandatory for all new individual accounts. It helps in verifying the identity of the customer and serves as an essential part of KYC documentation.

5. Legal Entity Identifier (LEI)

LEI is a 20-character unique code used to identify parties to financial transactions. It is mandatory for entities transacting in the financial markets and required by banks for corporate borrowers above certain credit limits as per RBI instructions.

MCQs

1. What is required to open a personal bank account?
A. Only PAN Card
B. Only Aadhar Card
C. KYC documents including identity, address proof, PAN, and photo
D. Verbal confirmation
Answer: C
2. What additional document is required for opening a partnership firm’s account?
A. Board Resolution
B. Memorandum of Association
C. Partnership Deed
D. Trust Deed
Answer: C
3. LEI stands for:
A. Legal Entity Identity
B. Legal Entity Identifier
C. Law Entity Index
D. Legal Enterprise Interface
Answer: B
4. What is the purpose of obtaining photographs of account holders?
A. For social media accounts
B. For issuing debit cards
C. For KYC verification
D. For entertainment
Answer: C
5. Which document is necessary for a company’s account opening?
A. Aadhar of CEO
B. Trade License
C. Certificate of Incorporation
D. PAN of each employee
Answer: C
6. When opening a current account, banks must obtain:
A. Birth Certificate
B. NOC from other banks (if applicable)
C. Graduation Degree
D. Driving License
Answer: B
7. Who mandates the requirement for LEI in large corporate borrowings?
A. SEBI
B. RBI
C. Ministry of Finance
D. NABARD
Answer: B
8. HUF stands for:
A. Human United Fund
B. Hindu Undivided Family
C. High Utility Fund
D. Housing Utility Fund
Answer: B
9. Which of the following is not a valid legal entity for account opening?
A. Trust
B. Partnership Firm
C. Individual
D. Anonymous Group
Answer: D
10. For joint accounts, what is mandatory?
A. Single photograph
B. Signature of one holder
C. KYC documents of all account holders
D. Address of any one holder
Answer: C
Previous Chapter
Operational Aspects of KYC 		Next Chapter
Operational Aspects of Deposit Accounts

Chapter Index:-

Comments

Post a Comment

Popular Posts

jexpo 2013 rank and counseling related question answer

By -
My Dear Students and visitors, If you have any question to ask about JEXPO. Then please ask me as a comment here. Please don't comment any where about JEXPO. JECPO 2014 RESULT and Counselling Notice link listed below of my post So many quires related to Jexpo 2013. First of all I wanna thanks to all of my visitors and students. Now I am going to answer your questions/quires. It is truly impossible to give answer to every on comment individually. So I am try to give you answer as group students asked same type of question. Q1. My Rank is ___, what is my chance to get admission in government college?  Answer: I have information about total seats in government polytechnic college in this year is 15000 (approx.). So who have rank between 1-15000 (If the information I got about total gov. seats is not wrong) they have chance to get admission in government polytechnic colleges. But who have less then 6000 rank they have good chance to get good branch like Civil, Mechanica...
Read more

Jexpo 2012 counselling date & notice

By -
Jexpo 2012 counseling date and notice Jexpo 2012 result is published today 24/05/2012.You can get your Jexpo result from here . date. Counseling of JEXPO-2012 merit listed candidates has been tentatively scheduled from 26th June, 2012. Final notification shall be available  from 3.00 p.m. on June 11, 2012. Copy of Counselling notice and date will be published here. *** Dear students, due to some internal official problem West Bengal State Council of Technical Education is unable to publish the full notice of Jexpo Counselling process. They will publish it shortly. Please keep touch with this website. Venue and dates of counseling of  JEXPO-2012 will be announced  by June 20, 2012.      Notice Publication Date: 20/06/2012   Time: 6:00 PM      Notice Body N O T I C E    JEXPO-2012    (Academic Session 2012-2013)    The venue and dates of c...
Read more

JEXPO 2014 new syllabus | application notice | online application form

By -
JEXPO 2014 Online Application form , Online application for the JEXPO 2014 will be started from 24/01/2014 to 28/02/2014 . But no online application. Only offline application form are available.  New syllabus will be introduced from 2014 JEXPO examination. JEXPO is an Examination for admission in Different polytechnic college in West Bengal. This examination is conducted by the West Bengal State Council of Technical Education . Council announced a news about JEXPO 2014 syllabus . They announced that from 2014 new syllabus will be introduced. But till date I have no copy of the new syllabus. After getting a copy of new syllabus I shall publish it on this page. I hope I shall get it within September, 2013. Notice about JEXPO 2014 will be published after the Durga Puja Vacation . JEXPO 2014 application should be got through Online process, because this year (2013) Council introduced online counselling process and it was successfully completed. Time to time I shall p...
Read more