Banking Service Process of Opening Account

The process of opening current and saving account:

            A bank should be very careful in entertainment a new customer. For this purpose, the bank may follow the procedure given below:

-         Presenting of application : the application should fill in the prescribed from the opening of account available in the concern bank. Bank keep different form the individuals, as partnership firm, companies. The application should be fill in the relevant form and mention his name, occupation, full address, specimen signature and other particular require by the bank. The application has also to declare the he will be bound by the bank  rule for the time being in force for the conduct of the concern account.

-         Specimen signature: the application is required to give his specimen signature on a card meant for this purpose. This will help to protect the bank against forgery.

-         Deposit cash: when the above formalities are completed, the bank will agree to open an account in the name of the application. Before the opening the account, the customer must deposit the maximum initial deposit in cash. In cash of saving account, the maximum deposit of $500, if no check book is quire.

-         Issue of pass book: A pass book is issue by the bank to the customer after the account has been allocated. The pass book contain the record of the transaction between the bank and customer. It is call the pass book because use it frequently pass between the bank and the customer.

Form used in operation of bank account.

           

            Operation bank account mean that the customer deposit a sum of money in near future and withdrawn money from the account according to the needs. The following forms can be used for the operation of the bank account :

1.      Cheque Book : A cheque book contain bank cheque forms which can be used by the customer to withdraw the money from bank or his account. The cheque book is serially the numbered and these numbers are enter into the cheque book register of the bank and also record in the bank ledger.

2.      Pass book: A pass book is a book in which the banker keep a full record of customer’s account. It is written by the bank. And hence it essential for the customer to send it periodically to the bank, so that up to date entries may be enters by the bank.

Insurance of bank deposit:

            The bank deposit insurance mean giving a guarantee if the bank fails. The need for such guarantee has been arisen after the failure of the several bank on account of inadequate capital, unsound banking practis.