This article throws light upon the three main types of accounts that can be opened in a bank. The types are: 1. Saving Account 2. Current Account 3. Fixed Deposits Account. Type # 1. Saving Account: Mostly individuals open saving accounts for depositing their surplus money so that they are able to withdraw the cash in case of need. After [...]
After reading this article you will learn about the meaning and kinds of customers. Meaning and Definition of a Customer: There is no statutory definition of a customer, but banks appear to rely upon to recognize a customer: 1. For a person a person to be known as a customer of the bank there must be either a current account [...]
After reading this article you will learn about the nature of account opened in a bank. Joint Accounts: A joint account is a banking account maintained by two or more people. All must sign on any relevant documents unless the mandate provides otherwise. All are jointly liable for any overdraft unless mandate establishes joint and several liability. On the death [...]