The procedure of opening a bank account
procedure of opening a bank account
Account Opening is an important function of a Bank. The deposit of the bank is being mobilized/collected by the opening of various accounts. Deposit is the LIFE BLOOD of a bank. A major portion of investable fund of a bank comes from the deposit. A bank earns an average 70-75% of its gross income by investing depositor’s money. Moreover, size and place of banks are determined on the basis of the volume of their deposit. In this backdrop for survival and growth of a bank, the deposit has to mobilized by its employees.
Bank account signifies the contractual relationship between the Customer and Bank.
- Account must be opened with the approval of the Manager.
- The account can be opened only when it satisfies that the applicant is respectable and good enough to be the customer of the Bank. ;
- Proper introduction from a respectable person knows to the Bank. Preferably having a satisfactorily conducted account with the bank, must be verified.
- The introducer of a Mudaraba Saving Bank A/C Holder should not ordinarily be accepted for opening Al-Wadeeah Current Account.
- AOF & SS Card should be completed and signed in the presence of the Manager or an authorized Officer of the Bank who will admit the same under his signature.
- No cheque book should be issued until proper introduction has been obtained and also the initial deposit is received.
- The concerned official shall make the account opener understand the rules which are inserted in the AOF.
- When an account is opened Letter of Thanks should be sent to the account opener and the introducer under registered AD POST. Similarly when an account is opened in the name of a Limited Co/Co-operative Society/any Organization. Letter of Thanks should be sent to the CEO or Chairman of the Society as the case may be.
An individual competes to make a contract may open an account with the hank subject to the banker is satisfied with his personal identification and willing to enter business relations with him.
- Filling the prescribed account opening form along with specimen signature card.
- KYC and Profile form.
- Photographs of the Account holder.
- Introducer Signature
- Filling the SBS-2 and SBS-3, Reporting form.
- Identify Card/Citizenship Certificate.
- Approval of the Branch Incumbent.
- Letter of thanks to the introducer/Account opener.
My other websites: