Joint Account
When two or more persons, neither partners, nor trustees, open an in their name is called joint Account. Husband and wife or two persons of same sex can open joint account.
Documentation
For joint account copy of National Identity Card of all the persons is obtained other things remaining same as in individuals account.
Operation
- The person checks the type of account and type of operation required in the respective box on the form.
- The persons fill in the Part-I and part-II in the form.
- Signatures of both persons are obtained on the form in the area specified for signature and S.S. Card.
- In the title of account space names of all the persons are mentioned.
- Accounts holder specified in the form that they will operate the form singly or jointly.
Proprietorship Account
When an owner of a firm operating singly, opens an account in his firm name, this account is called a proprietorship Account the proper himself liable for all his acts.
Documentation Required
For this kind of account, an application for opening the account on the firm letter -pad (having the firm name) is required along with the N-I-C- Card of proprietor.
Operation
Al l operation remains the same except that the firm name is written in the "Title of the Account" area and signature of the proprietor are affixed in the S.S. Card and the area specified for signatures on the form.
Partnership Account
The account is opened in the firm name and all partner designate one two persons to act on behalf of the partner ship firmer all acts on behalf of firm. The partners in the partnership firm are liable for the acts of the firm jointly and severely. Every partner has in a firm has an implied authority bind his co. partners by drawing and enclosed cheques.
Documentations
- Copy of N.I. card of all partners
- Application to open the account on the firm letter pad.
- Partner ship deed in case registered partnership firm.
- Letter showing the implied Authority of one or more partners to act on behalf of the firm.
- In case of non -registered partnership firm, understanding on behalf of the firm to remain liable for all acts of the firm.
- Name, address of all partners is written on the pad.
Operation
All other requirement remain same except that the form is dully signed by all partners cards are signed by all those partners who will act on behalf of the firm and along filling part-I , Part-Iv is also filled.
