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