Question

Describe the procedure adopted for opening a current bank account with a Commercial bank​

Answer 1

1. Application in the Prescribed Form: These forms are provided by banks for opening different types of accounts. In these the person willing to open an account should furnish full details about his name, occupation, permanent and official address, specimen signature etc. 

2. Introduction of the Applicant: Introduction of the applicant by an existing account holder in the bank to ensure the identity of the applicant. Existing account holder needs sign the application form itself and to write his full name. 

3. Specimen Signature: After filling the prescribed form issued by the bank and introduction given by a current account holder, the applicant is required to give his four signatures on a prescribed card. This enables to bank to verify the signature of the account holder with the signature on the cheque issued by him. 

4. Photograph: In order to avoid various frauds due to fake identity the banks require photographs of the applicant to be affixed on signature card. 

5. Initial Deposit: It is the minimum amount which the applicant must deposit, to activate his newly opened account. After opening an account, the bank provides the passbook, chequebook and pay-in-slips to account holder.

Answer 2

Answer:

All Indian Banks are allowed to open current accounts. First of (a) We approach any bank with the requisite documents and on successfully furnishing all details in the application form, the bankers will verify all documents and on being satisfied, they will open your current account. (b) Current Account most banks have minimum quarterly average balance criteria of Rs. – 5,000 to 10,000. (c) The following documents are required for opening a current account in India. (i) PAN Card (ii) Partnership Deed (iii) Certificate of Incorporation (iv) A cheque for opening the bank Account (v) Address proof (vi) ID Proof (d) The account holder would also be required to complete with all KYC norms. (e) All banks provide the facility of Debit card, mobile banking and interest banking for current account user.Read more on Sarthaks.com - https://www.sarthaks.com/390632/explain-the-procedure-of-opening-of-current-account-in-a-bank

Explanation:

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