Dedicated to the Young and Energetic Force of Bankers
Sign In/Sign Out

WELCOME

   ABM-Case Studies

   ABM-Recollected

   ABM-Last Minute

   BFM-Case Studies

   BFM-Recollected

   BFM-Last Minute

   Important Circulars

   Master Circulars

   Bank DA Rates

   Bank Holidays

   Life Ins Companies

   List of Banks

   NSE

   BSE

 

Principles & Practices of Banking

Unit – 16 : Opening Accounts of Various Types of Customers

1. Indian Majority Act 1875 defines the age of majority to be 18 years.

2. Section 26 of the NI Act provides that a minor may draw, endorse, deliver and negotiate a negotiable instrument and as such, a minor can draw a cheque. The minor’s age should be above 13 years and should be literate. No overdraft is allowed in these accounts.

3. Two minors cannot open a joint account.

4. In an HUF, the members of a family are called coparceners and the eldest male child is called Karta (Manager), the Karta operates the account.

5. All the adult members have to sign account opening form while opening HUF account.

6. Registration of a partnership is optional (except in states of Gujarat and Maharashtra where it is compulsory).

7. When there is an addition into the partnership, the old account can be continued ifthe balance is in credit, else old account should be closed and a new one should be opened. This process avoids Clayton’s Rule.

8. Death of a partner dissolves the partnership firm.

9. A public limited company – minimum 7 members, maximum unlimited members. Minimum paid up capital of Rs 5 Lakh.

10. A private limited company – minimum 2 members, maximum 50 members. For banking business maximum number is 20. Minimum paid up capital of Rs 1 Lakh.

11. A government company – minimum 51% of the shares are held by the government.

12. Internal rules of a company are mentioned in articles.

 

 


WEBSITES

  Telegram FREE Study Material

  Facebook FREE Study Material

  YouTube Channel For Lectures

  Bank Promotion exams

  Only for Bankers

  RBI

  IIBF

  IRDA

  SEBI

  BCSBI

  CIBIL

  Banking and Insurance

  Ministry of Finance

  Excise & Customs

  Income Tax Department


       

Copyright @ 2019 : www.jaiibcaiibmocktest.com