LAW AND PRACTICE OF BANKING

RAMYASHREE. S.R.

UNIT-3
CUSTOMER AND ACCOUNT HOLDER

A bank account is a financial account maintained by a financial institution for a customer. A bank
account can be a deposit account, a credit card account, or any other type of account offered by a
financial institution, and represents the funds that a customer has entrusted to the financial
institution and from which the customer can make withdrawals. Alternatively, accounts may be
loan accounts in which case the customer owes money to the financial institution.

CUSTOMER : Customer is a person who has some kind of account or some similar relation with a
bank and from this it follows that any person may become a customer by opening a deposit or
current account or having some similar relation with a bank.

ACCOUNT HOLDER : Account Holder is any person designated and authorized to perform business
on behalf of an account. Each account holder's signature needs to be on file with the bank. The
signature authorizes that person to conduct business on behalf of the account.

DEPOSIT ACCOUNT : A deposit account is a current account, savings account, or other type of bank
account, at a banking institution that allows money to be deposited and withdrawn by the account
holder.

TYPES OF BANK DEPOSIT ACCOUNT

Bank deposit accounts may be classified as follows:
A. Savings Bank Account
B. Current Deposit Account
C. Fixed Deposit Account
D. Recurring Deposit Account
E. No Frills Saving Account

A. SAVINGS BANK ACCOUNT : A Savings bank account is the most common operating account for
individuals and others for non-commercial transactions. A Savings account helps people to put
through day-to-day banking transactions besides earning some return on the savings made.

Commercial banks, Cooperative banks, public sector banks, and postal departments accept deposits
by way of opening saving bank account with them. The 'saving account' is generally opened in the
bank by salaried persons or by persons who have a fixed regular income. This facility is also given to
students, senior citizens, pensioners, and so on. Saving accounts are opened to encourage people
to save money and collect their savings.

Characteristics of Savings Bank Accounts

1. The main objective of a saving account is to promote savings
2. Best suited for all classes of persons.

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3. Internet Banking/ATM/Mobile Banking Facilities are available.
4. There is no restriction on the number and amount of deposits. However, in India, mandatory PAN
(Permanent Account Number) details are required to be furnished for doing cash transactions
exceeding Rs. 50,000.
5. Liberal withdrawal facilities.
6. No Income Tax deduction at source on interest.
7. Minors above 10 years can open and operate the account.
8. Nomination facility is available
9. Quarterly Average Minimum Balance to be maintained in SB accounts is Rs. 1,000/- with Cheque
Book facility and Rs. 500/- without Cheque Book facility.
10. The rate of interest payable is very nominal on saving accounts. At present, it is between 4% to 6%
p.a. in India.
11. Saving account is of continuing nature. There is no maximum period of holding.
12. Generally, equated monthly installments (EMI) for housing loans, personal loans, car loans, etc., are
paid (routed) through a saving bank account.

Procedure for opening a Savings Bank Account

1. Receiving application in prescribed form
2. Introduction of Applicant
3. Obtaining Specimen signature and photo
4. Receiving initial Deposit
5. Opening customer's account in the ledger of bank
6. Issuance of cheque book - pass book and paying in slip book.

1. Receiving application in prescribed form : The person who wants to open the account with bank
has to submit an application. The application is supplied by the banker - a prescribed form.
Applicant is required to fill up the form. i.e. customer has to give his name, address and occupation,
Nominee details, after filling various columns of the form, customer puts his signature on the form.
The filled in application is received by the banker to open the account.

2. Introduction of applicant : Before opening a savings account in the name of intending customer,
the banker must get true identity of the customer in order to ensure that he is a respectable
person.
Who can be an introducer to a customer?
The applicant may be introduced to the banker in any of these three ways:
· Customer of the Bank: The person who is already the customer of bank can introduce the applicant.
· A respectable person: The person known to the bank or the applicant can give the name of any
respectable person in locality e.g in corporation area, Mayor, or Deputy commissioner or President
of Zilla Parishad.
· Employee of Bank known to applicants: In case of persons from armed forces or police or
government department, the RBI has advised the banks that, pay books or postal identification
cards or identity cards or passports of such persons can be considered sufficient for the identity of
persons to open savings bank accounts without cheque facility.

3. Obtainment of Correct Address : Full details as regards address, occupation, etc., should be

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correctly noted in the account opening form. Even the details of the introducer should be obtained
though he/she is an existing customer of the branch. The same should be correctly copied on the
master sheet of the account.

4. Obtaining specimen signatures And photos: The applicant has to put his/her specimen signatures
at the blank space provided on the application form for that purpose. In addition, specimen
signatures have to be put separately on a card on which a photograph of the applicant may be
pasted,along with his/her name and account number.

5. Receiving initial deposit: After completing the formalities of opening account, banker should
receive initial deposit.

7. Opening customer's account in the ledger of bank: When the initial deposit is received from the
customer, banker opens the account in the name of applicant in the ledger of the bank.

6. Issuance of Cheque Book, Pass Book and Pay-in-Slip Book:

· Cheque Book is used for withdrawals of amount.
· Pay-in-slip Book is used to deposit the amount into Bank.
· Pass Book is record of customers accounts.

B. CURRENT ACCOUNT
Current Account is the type of deposit account which facilitates the unlimited transactions. The
current account holder gets the overdraft facility. Current Accounts are meant for businessmen and
are never used for investment or savings.
These deposits are the most liquid and there are no limits for the number of transactions or the
number of transactions in a day. Most of the current accounts are opened in the names of
firm/company accounts. A chequebook facility is provided and the account holder can deposit all
types of the cheques and drafts in their name or endorsed in their favor by third parties. No interest
is paid by banks on these accounts. On the other hand, banks charge certain service charges, on
such accounts.

Features of Current Accounts

1. The main objective of Current Account holders in opening these accounts is to enable them (mostly
businessmen) to conduct their business transactions smoothly.
2. Current account with unlimited banking transaction facilities.
3. Minimum balance to be maintained is Rs. 3,000/- for rural branches and Rs. 5,000/- for others.
4. There are no restrictions on the number of times deposits in cash/cheque can be made or the
number of such deposits.
5. Usually, banks do not have any interest in such current accounts. However, in recent times some
banks have introduced special current accounts where interest (as per banks' guidelines) is paid.
6. The current accounts do not have any fixed maturity as these are on continuous basis accounts.
7. Current bank accounts are operated to run a business.
8. It is a non-interest-bearing bank account.
9. It needs a higher minimum balance to be maintained as compared to the savings account.

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10. The penalty is charged if the minimum balance is not maintained in the current account.
11. It is continuing as there is no fixed period to hold a current account.
12. It does not promote saving habits with its account holders.

C. FIXED DEPOSIT ACCOUNTS OR TERM DEPOSITS: The term fixed deposit means that the fixed
amount of money deposits in a bank for a fixed period of time by considering a fixed interest rate.
This is a type of investment of money for long period.
The term 'fixed deposit' means that the deposit is fixed and is repayable only after a specific period
is over.
The term "fixed" in Fixed Deposits (FD) denotes the period of maturity or tenor. Therefore, the
depositors are supposed to continue such Fixed Deposits for the length of time for which the
depositor decides to keep the money with the bank

Features of Fixed Deposit Account

1. The main purpose of a fixed deposit account is to enable individuals to earn a higher rate of
interest on their surplus funds (extra money).
2. The amount can be deposited only once.
3. The period of fixed deposits ranges between 15 days to 10 years.
4. A high-interest rate is paid on fixed deposits. The interest can be compounded quarterly, half-yearly
or annually and it may vary as per amount, period, and from bank to bank.
5. Withdrawals are not allowed. However, in case of emergency, banks allow closing the fixed account
before the maturity date. In such cases, the bank deducts 1% (deduction percentage may vary)
from the interest payable on that date.
6. The depositor is given a fixed deposit receipt, which the depositor has to produce at the time of
maturity. The deposit can be renewed for a further period.
7. Minimum deposit amount is Rs. 1,000/- and there is no upper limit.
8. One can get loans up to 75-90% of the deposit amount from banks against FD receipts.
9. Tax will be deducted at the source, if the interest exceed Rs. 10,000 per year.

D. RECURRING DEPOSIT ACCOUNT: The Recurring deposit account is an account in the bank where an
investor deposits a fixed amount of money every month for a fixed tenure (mostly ranging from one
year to five years). This scheme is meant for investors who want to deposit a fixed amount every
month, in order to get a lump sum after some years.
The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a
handsome amount on maturity. Interest at term deposit rates is computable on quarterly
compounded basis.

Characteristic of Recurring Deposit Accounts

1. Recurring deposit for periods ranging from 12 to 120 months with fixed monthly remittances.
2. No Income tax deducted at source.
3. Premature withdrawal is permitted.

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4. Minors above 10 years can open accounts in their name independently subject to the maturity
value not exceeding Rs. 2,00,000/-.

E. NO FRILLS SAVING ACCOUNT : No Frills Savings Account allows to bank with a zero minimum
balance requirement. No Frills' Savings Account which offers all the basic banking facilities with no
additional charge.
Characteristic of No Frills Saving Account
1. Individuals of 18 years and above earning a gross income of Rs. 5,000/- p. m. or less.
2. Mode of operation is single or joint.
3. Initial deposit amount is Rs. 50/- to open the account.
4. Minimum balance is NIL.
5. Maximum balance/ amount is Rs. 10,000/-, being the total value of business connection of the
account holder, including other deposit accounts.
6. Cheque book and Debit Card facilities are available.

TYPES OF CUSTOMER AND ACCOUNT HOLDER

MINORS:
A minor is someone who is under 18 year of age. If a minor has court appointed guardian he/ she
will remain a minor till the age of 21. According to Section 3 of Indian Majority Act 1875 “Minor is a
person who has not completed the age of 18 years”.

Nature of minor's contract

1. In the case of the minor, the natural guardian is the father and then the mother.This does not
include stepfathers /stepmothers. In regard to a minor married girl, her husband shall be the
natural guardian.
2. A Hindu father may appoint a guardian such a guardian will act after the death of the parents
3. The court may appoint the guardian if, in the court's opinion, the father is unfit to be guardian.
4. The Supreme Court has held that a mother can act as the natural guardian if the father is not in
actual charge of the affairs of the minor because of his indifference or because of an agreement
with the mother.
5. The Reserve Bank has advised banks to permit the opening of minor's accounts with the mother as
the guardian even if the father of the minor is alive.
6. The Contract Act 1872 states that a minor is not capable of entering into a valid contract. A contract
for the supply of necessaries of life to a minor is, however, a valid contract. A banker must
therefore be careful in his dealings with minors.
7. If minor enters into contract representing himself as a major and then refuses to honour the
contract on the grounds that he is a minor, the minor has to restore the benefits he got through the
contract.

Opening of Minor's account

Saving Bank Account may be opened in the name of the minor which may be,
1. In the name of the minor to be operated by the guardian

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2. When a customer opens an account in the name of a child who has not yet turned 10, it has to be
operated jointly with the parent or guardian. Whereas those opened for a minor between 10 years
and 18 years of age can be operated by the child and can put uniform signature.
3. At the time of opening the account, the date of birth of the minor is recorded
4. When the minor reaches maturity the minor's account in the guardian's name should closed and
the balance should be paid
5. If a minor die, the guardian can withdraw the balance in the account if it is a joint account the
balance will be at the absolute disposal of the guardian
6. If the guardian dies the balance can be paid to the minor after maturity or to the natural guardian
7. There is no risk in opening an account in the name of a minor as long as it is not overdrawn Bankers
cannot recover money due if there is a loan or an overdraft as it is ab -initio invalid.
8. If an advance is granted to a minor on the guarantee of a third party. this advance cannot be
recovered from the guarantor as the contract is invalid
9. Minor can draw or negotiate cheques and bills but cannot be held liable or sued these are not
honoured

Precautions to be taken by a banker in opening an account for Minor:

1. It is not advisable for a banker to open a current account in the name of minor sinceit islikely to be
overdrawn in which case the minor will not be personally liable for such overdraft.
2. When the banker opens an account in the name of a minor or in the joint names of the minor and
his guardian, he should take the following precautions

· He should make sure that the minor has attained the age of discretion. It is the agewhich the
minor is able to understand what he does
· He should make sure that the minor is able to read and write English, Hindi or any regional
language
· He should allow the minor to operate his account so long as it shows a credit balance

3. It is always advisable for a banker to open a minor's account in the name of his natural or legal
guardian. In case the natural guardian is not available the court may appoint somebody and such a
guardian is called the legal guardian.
4. The banker should obtain the specimen signature of the guardian who is to operate the account. He
should take down the birth date of the minor in the account opening form, and note down the
same in the ledger and in the pass book
5. A minor can be appointed as an agent and authorised to operate the account of his principal

JOINT ACCOUNTS
A joint account will be in the name of more than one person. The application form should have a
clause stating to whom the balance is payable in the event of the death of an account
holder/account holders. This may be a specific person or the survivor. This instruction can be
revoked by any of the account holders. In that case the amount will be payable on the discharge of
all the joint account holders.

Nature of Joint account holder's contract

1. Banks should examine every request to open your accounts carefully.In particular thepurpose, the
nature of the business and the financial status of the holder.
2. Clear instruction must be procured regarding the manner of operation,which may be:
· By all the depository

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· By either or survivor
· By former or survivor
· The depositor jointly or by the survivor
3. Any joint account holder (even one not authorized to operate the account) can stop payment of
cheque
4. The baker must be given clear instructions with regard to withdrawal of securities in the joint
account and the powers of joint account holders to pledge these securities.
5. On the death of a joint holder:
· If there is no agreement to the contrary his representative and the surviving joint holders
arejointly entitled to claim money from the bank.If all the joint holders die, the legal
representatives of all of them can jointly claim the amount.
· When an account is opened on‘either or survivor’the banker is bound to repay the amount to
the representative of the decreased and the survivor jointly.
· If the joint account has debit balance, the account should be closed to determine the liability of
the deceased joint holder
· Joint holders may together nominate a person who should receive the money incase all of them
die.

Precautions to be taken by a banker in opening and operating a Joint Account:

1. The application for the account must be signed by all the persons opening the account
2. The bank must be given clear instructions with regard withdrawal of securities in the account and
the powers of joint account holders to pledge these securities.
3. A joint account holder who is authorised to operate the account cannot by himself appoint an
agent to operate the account.
4. It should be clearly stated as to who may operate the account and state their authority.
5. The authority to operate the account can be revoked by any of the joint account holders. It will be
automatically revoked if any of the joint holders dies, becomes bankrupt orof unsound mind in
these situations all the cheques must be stopped.
6. The full name of the account should be given in all documents sentto the bank even if the account
is operated by one or some of the joint account holders.
7. The banker must take a mandate to determine who are permitted to overdrew the account

PARTNERSHIP FIRM
A partnership is the relation between persons who have agreed to share the profits of the business
carried on by all of them acting for all is established by an agreement

Nature of Partnership firm's contract:

1. The minimum number of partner in a firm cannot be less than two.
2. At the time of opening bank account, the application form should be signed by all thepartners or by
those authorized by the partners
3. If a partner is out of the country the other partners can open an account. To be safe operations
should not be allowed until the partner returns and signs the account opening documents
4. Specimen signatures of all the partners must be procured
5. The authority for a partner to operate the account can be revoked by any of the partners by giving
notice to the banker.In that circumstance the banker must stop payment of cheque signed by that
partner.
6. A partner can also stop the payment of a cheque signed by any other partner of the firm.

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7. A partner authorised to operate the account cannot delegate his authority to another person
without the consent in writing by all the partners.
8. A partner has the power to borrow on behalf of the firm to carry on the firm's business.
9. On the dissolution of the partnership arising from the death of a partner, the firm's bank account
should be closed.
10. An insolvent partner's cheques written before his becoming declared insolvent should be paid only
after getting confirmation from all other partners
11. As soon as a partner is declared insolvent, the account should be closed and a new accountshould
be opened.

Precautions to be taken by a banker in opening an account for partnership firm:

1. A partnership account must always be opened in the name of the firm and not in the name of the
individual partner.
2. When a partner retires, his liability to outside parties ceases in respect of all transactions entered
into after his retirement. If the banker is not informed, the retiring partner will continue to be
liable.
3. If a partner becomes insolvent the partnership comes to an end.
4. If the firm is not dissolved, a new account should be opened in the name of the reconstituted firm.
5. If a partner does something which is not related to the kind of business carried on by the firm,
other partners will not be liable for losses/debts incurred.
6. All the instructions about the operation of the account must be signed by all the partners.
7. The specimen signatures on cards must be taken from the partners and authorized person who will
operate the accounts.
8. In case of advancing loan and execution of guarantee deed the banker will obtain the signatures of
all the partners.

JOINT STOCK COMPANIES

Joint Stock Company is defined as an artificial person, recognised by law, with a capital, common
seal comprising of shares of fixed value, having limited liability and carrying perpetual existence.

Precautions to be taken by a banker in opening an account for Joint Stock Company:

1. Before opening an account, the banker should find out whether the company has legal existence or
not. It can be ascertained by referring the Certificate of Incorporation which is a proof for the birth
of the company.
2. The banker should obtain an upto date certificate copy of the memorandum of association.
3. The banker should obtain an upto date certificate copy of the articles of association.
4. The banker should obtain a certificate copy of the resolution passed by the Board of Director.
5. In order to make a company liable on cheque, bill or note it must appear on the face of such
instrument that it was drawn, accepted or made on behalf of the company.
6. The power of borrowing money entitles the company to create charge by pledge or mortgaging its
assets,both present and future as security for the loans raised.
7. As soon as the company is wound up and a liquidator is appointed. The banker close the account
thereafter.
8. The banker should not mix the company's account with that of any other official's personal account.

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TRUSTEE
Trustee is a legal term for a holder of property on behalf of a beneficiary. A trust can be set up
either to benefit particular persons, or for any charitable purposes. Examples are a will trust for the
children and family, a pension trust and a charitable trust. In all cases a trustee may be a person or
company.

Precautions to be taken by a banker in opening an account for Trustee:

1. Before opening a trust account the banker should thoroughly examine the original trust deed and
ascertain the nature of the trust, the name of the trustee, the powers vested in them, the details of
the trust property and other terms.
2. The banker should obtain a duly certified copy of the trust deed for his future reference
3. The banker should obtain certified copy of the resolution passed by the trustees regarding the
opening of an account and the names of the trustee who are authorised to operate the trust
account.
4. The banker should get the account opening form duly signed by the trusteeauthorised to open and
operate the trust account.
5. The banker should obtain declaration from all the trustees to the effect that they all are willing to
act as trustees as per terms and conditions laid down in the trust deed.
6. Thebankershouldopenanaccountinthenameofthetrustand obtain the specimen signature of the
trustee authorised to open and operate the trust account.

CLUBS, SOCIETIES AND CHARITABLE INSTITUTIONS

A club or society as an institution where people share common interest and create a formal
structure through which they can pursue it.

Precautions to be taken by banker in opening an account for registered and unregistered

societies and clubs:
1. A resolution of the managing committee is required to open a bank account.
a. This should detail who are the signatories and the manner the account should be operated.
2. Before permitting a society or club to borrow it should be ensured the borrowing is permitted.
3. If the person appointed to operate the account dies or resigns, operation should stop till thesociety
club nominates another person.
4. Care should be ensured that an authorized signatory does not endorse and bank club or society
cheques into his own account.
5. When clubs, societies and charitable institutions open accounts with banks, it should be ensured
that they are incorporated.
6. These organisations are governed by their bylaws or its constitution which will detail how they are
to operate.
7. If the person appointed to operate the account dies or resigns, operation should stop till the society
or club nominates another person.

EXECUTORS AND ADMINISTRATORS

Executors

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Executors are persons appointed by the will of a person to manage his estate after his death. The
powers and authority of an executor is derived from the will and he has to act in accordance with
the directions given in the will.
A person making a will called a testator should find out whether his or her choice of executor is
willing to serve in that role. This small but sensible courtesy can prevent the spending of needless
time and money in administration of the estate. A person named as an executor in a will is free to
accept or reject the position within a reasonable time following the testator's death. If it is rejected,
the court then must appoint another representative, causing a delay in the settlement of the estate
and its final distribution to the heirs, and incurring greater legal fees for the estate.

Administrators
Administrators are appointed by the court to manage the estate of a deceased person. The
administrator is appointed by the court through a letter of administration, which will detail his
authority.
A court usually appoints an administrator when a person dies without leaving a will. In most
jurisdictions, courts are required by statute to name the spouse of the decedent as administrator.
Where no spouse is involved, administration is usually assigned to the next of kin, such as parents,
brothers and sisters, nieces and nephews, or cousins. Special laws, called statutes of Descent and
Distribution, determine the next of kin who are entitled to serve as administrators.

Precautions to be taken by a banker in opening an account for Executors and Administrators:

1. The banker must go through the Probate of will in the case of executor and letter of administration
in the case of the Administrator, and obtain a copy of the same.
2. The banker must be careful to ensure there is no misappropriation. He should not permit transfers
to the personal accounts of executors/ administrators.
3. If an executor/administrator dies and he is one of the joint signatories of an account, cheques
issued should not be dishonoured because his powers are vested in the surviving executors/
administrators.
4. Bankers cannot exercise their right of set off of the deceased's debit balance against the credit
balance in the executor's personal account.
5. If the executor requires a loan to make payments before receipt of the probate, the advances are
made on the personal security of the executor.
6. After probate is granted, the executor may pledge specific assets to obtain an overdraft unless the
will specifically forbids it.
7. If a loan is given all the executors should sign the documents.

HINDU UNDIVIDED FAMILY (HUF) OR JOINT HINDU FAMILY (JHF)

The Hindu Succession Act 1956 governs HUF. A Hindu undivided family possesses ancestral
property and carries on ancestral business. All the members (coparceners) are descended from a
common ancestor.

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As per Hindu Law two schools of thought, Dayabhaga and Mitakshara govern Hindu divided
families. In West Bengal, Dayabhaga is followed and in the rest of the country,mi takshara is
followed.

In Dayabhaga the father acquires absolute right and sons do not acquire right by birth, in
Mitakshara a male member acquires the right by birth. Female members are co-parceners except in
Tamil Nadu and Andhra Pradesh. The eldest male member is called Karta and all other male
members are called co-parceners. The right to manage HUF property vests in the 'Karta' of the
family. Karta is either the father or the senior male member of the family. All other male members
are called coparceners.

HUF is not dissolved in the event of the death of one of the members of the joint Hindu family. It
differs from the partnership firm as on the death of one of the partners, the firm is dissolved. On
the death of Karta, the senior-most co-parcener becomes Karta.

Precautions to be taken by a banker in opening an account for Hindu Undivided Family:

1. The banker may open an account for a Hindu undivided family either in the name of Karta or in the
name of family business and Karta is entitled to operate the account.
2. The account should be duly introduced.
3. The banker should obtain the names and signatures of all the major coparceners on the account
opening form.
4. After the passing of the Hindu Succession Act the share of a deceased coparcener is divisible among
his wife, daughters and other female members as defined in the act.
5. The family business and assets are managed by the eldest male member, the Karta. The Karta has
an implied authority to take a loan, execute the required documents and pledge securities on
behalf of the family for the sake of the business. It is recommended though that either all the family
members sign the documents or they authorize the Karta in writing. This is to avoid disputes at a
later stage.
6. The Karta is permitted to borrow only for purposes beneficial to the family.
7. 'Coparceners' liability for loans granted is limited to the extent of their interest in the joint
property. If, however, they along with the Karta ratify the loan, then they become personally liable.
8. If there is a minor coparcener, his guardian must sign the documents on his behalf. When he
reaches 18, he should sign again to signify his assent to the undertaking given by the adult
coparceners.
9. The account is operated by the Karta or authorized coparceners.

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