Banking Law - 37. page

Tailor-made Deposit Schemes : Almost all banks have designed different schemes with different names which have a combination of two or three deposit schemes as mentioned above. These schemes are prepared […]

‘KNOW YOUR CUSTOMER’ (KYC) GUIDELINES OF THE RBI : KYC establishes the identity and residential address of the customers by specified documentary evidences. One of the main objectives of KYC procedure […]

Clubs under VARIOUS TYPES OF CUSTOMERS : Account of a proprietary club can be opened like an individual account. However, clubs that are collectively owned by several members and are not registered […]

Local Authorities : Municipal Corporation, Panchayat Boards are local authorities created by specific Acts of the state legislature. Their constitution, functions, powers, etc. are governed by those Acts. Bankers should ensure […]

Co-operative societies : Co-operative societies are required to open accounts only with these banks which are recognized for this purpose (under the Co-operative Society Act). The following documents should be obtained […]

VARIOUS DEPOSIT SCHEMES : Deposits – General Deposits of banks are classified into three categories: (1) Demand deposits are repayable on customers’ demand. These comprise of: – Current account deposits […]

Demand Deposits : (a) Current account: A current account is a running and active account that may be operated upon any number of times during a working day. There is no […]

Trusts under VARIOUS TYPES OF CUSTOMERS : A trust is a relationship where a person (trustee) holds property for the benefit of another person (beneficiary) or some object in such a way that […]

Companies under VARIOUS TYPES OF CUSTOMERS : A company is a legal entity, distinct from its shareholders or managers, as it can sue and be sued in its own name. It is […]

Right of Appropriation : In case of his usual business, a banker receives payments from his customer. If the latter has more than one account or has taken more than one […]