General Instructions For Opening of Accounts, Part 2

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General Instructions for Opening of Accounts, Part 2

By

S J Tubrazy

 Letter of thanks to Introducer

A letter of thanks by registered post shall be invariably sent to the introducer on the form appended to the Account Opening Form and to the account‑holder on Form Dep. 372.

Checking of Account Opening Form

All new accounts that are opened during the day, shall be personally checked by the Manager/ Second Officer and of Officer Incharge Deposits Department in case of big Branches, at the close of business each day.

 The Officer, checking the new account shall particularly see the introductions, the amount with which the account is opened, whether the account is opened with cash of cheque, nature of business of party and other particulars such as the Cheque Book Requisition Form, the Partnership Deed (if any) and Resolution in case of Limited Companies.

 New Accounts

No new account shall be opened unless :‑

(a) Proper introduction has been obtained.

(b) The Account Opening Form is complete in all respects in presence of an officer of the Bank with temporary and permanent addresses of the applicant.

(c) An initial deposit has been made in cash. (Accounts with Cheques may be opened only with the permission of the Manager, when the party is respectable and/or otherwise known to him).

(d) Enquiries have been made from the Ledger Keeper that no other account exists in a similar name.

Proper Introduction

Cheque Books to new account‑holders shall only be issued when ‑

(a) They have provided proper introduction to the Bank about the correctness of their names, addresses and occupations.

(b) The Account Opening Form is verified by the Deposits Incharge and his initials have been obtained on the Account Opening Form and Cheque Book Requisition Slip.

(c) The Cheque Book Number is recorded on the Ledger Folios of the account‑holder and the Cheque Books Issued Register.

 Entry of account in account opened and closed Register

All accounts opened and closed during the day, shall be entered in the “Accounts Opened and Closed Register” and the actual number of the Current Deposit and Saving Bank running accounts shall be worked out.

 Important precautionary measures regarding operations in new accounts

All new accounts shall remain under active supervision for three months from date of opening. Proper enquiries are to be made by Manager keeping in view the transactions made and balances retained in new accounts where heavy credits are received in Clearing/ Transfer/Transfer Delivery.

Wherever possible, the collecting/paying branches shall establish immediate contact with the drawer of such credits. In case of heavy credits in newly opened accounts through Transfer/Deliver, collecting branches should alert the paying branches to make through enquiries before payment.

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