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Since banking channels are being used by terrorists to convert illegally obtained money into legally accptable money, on recommendations of G8 countries, "Know Your Customers (KYC Norms)" have been introduced in India by the RBI. Accordingly while opening an account, the following PROOF OF DOCUMENTS are to insisted by the commercial banks.
1. Customer Acceptance Policy: According to which no accounts should be opened in ficitious name. Hence the address proof is sought from the prospective applicants before an account is opened. In addition to this, the nature of business activity, location of the customer and his place of business, mode of payment, volume of turnover, financial statements, etc., are also insisted in cases of business people who want to open current account in a bank.
2. Customr Identification Procedure: Documents which help to identify an applicant is sought for identification purpose. These documents should help a bank to identify any customer at any point of time. Hence sufficent information is obtained from the applicants before opening an account. This information will be useful for banks for Risk Profiling the customer based on the expected pattern of transacations. Examples of identification proof are : Voter ID, Passport, PAN Card, Driving License, Identificatiion cards issued by Companies of repute, Ration Card, etc. which contain photos of the applicant as well as residential address.
3. Monitoring Suspicious Transactions: After opening the account, the burden passes on to the frontline banker who is expected to keep a close watch on the transactions of customers and if there is any suspicious transctiions he should bring it to the notice of the Money Laundering Officer at the Controlling Offcice of his bank. If satisfied, the MLO will conduct an investigation into the matter and ascertain if the transaction is a monely laundering one or not.
4. Risk Management: Using different techniques to manage the risks. Normally as per RBI guidelines the customers are grouped into low, medium and high risk customers depending upon their transacations and socurce of income. More concentration will be bestowed on high risk customers by the bank.
What else can I help you with?
Where can one find information on personal checking?
To find information on personal checking accounts, please contact your Bank. If you are not registered with a bank or do not have any type of account with a bank, please contact the following banks that can assist you with opening a checking account: Chase Bank, Bank of America, Wells Fargo Bank, Bank of New York Mellon or Capital One.
What is the purpose of a zero balance bank account?
The purpose of a zero balance bank account is to have somewhere to put some money when an unexpected emergency arises. It is wise to have one just in case.
What are the opening journal entry used in posting issued shares in a new company?
debit cash / bank /assetscredit share capital account
How to write a letter to the bank manager to change the name of account-holder?
Writing a letter to the bank manager to change an account holders name will be easy. You will need to list the current account holders name and information and request the information be changed. Make sure to list the new account holders name and all relevant information.
If you need to change the address for an account after the setup is complete but before it is finalized what can you do in us bank?
Select the Account Information link, and type a new address
What details will a bank ever ask for when opening a new account?
When opening a new bank account, the bank will typically ask for your full name, address, date of birth, social security number, and a form of identification such as a driver's license or passport. They may also require information about your employment and income.
Where can one find information on personal checking?
To find information on personal checking accounts, please contact your Bank. If you are not registered with a bank or do not have any type of account with a bank, please contact the following banks that can assist you with opening a checking account: Chase Bank, Bank of America, Wells Fargo Bank, Bank of New York Mellon or Capital One.
How do you write an application letter to a bank?
To, Bank Manager Everest bank ltd Thamel, Kathmandu Subject : Application for opening account Sir, As we are a new company we a business bank account. I hereby request instruction on how our company account can be established in your bank.
What are the steps to open a new bank account?
To open a new bank account, you typically need to choose a bank, visit a branch or apply online, provide identification and personal information, deposit money, and agree to the terms and conditions of the account.
What is the purpose of a zero balance bank account?
The purpose of a zero balance bank account is to have somewhere to put some money when an unexpected emergency arises. It is wise to have one just in case.
How to open an online savings account?
Many people open up a checking account online, but you can also open up an online savings account. The process is similar to that of a checking account. Depending on what bank you plan on opening your new savings account with, you will have the option to choose from a range of accounts. Some accounts require an opening deposit of $100. You will be able to see which savings account you will benefit from. In order to get started with the process of opening up your new savings account, you will need to make sure that you have all of your current bank information, such as account and routing numbers and some form of identification, such as a driver's license, state, or military identification card. The next step is to fill out a short form, in order to start your way to enjoying your new account. Verify and confirm that the information that you just completed is correct and accurate. Once you confirm, it will take a few minutes for the bank to process your information. If everything is accurate and correct, the next step is to fill out your bank information from your current bank. If you don't have this information available you can save the information that you have and complete it at another time. Once you have ready to make an opening deposit, fill out the form that allows you to input your bank account and routing number information. A savings account card will be issued to you in seven to ten business days. Keep your card is a safe place. When you filled out the online form, you were asked to choose a pin number. Don't ever give out your pin number. If your card is ever lost, contact the bank immediately. The bank will cancel and block any further transactions that may occur on the card. When it comes to any type of savings or checking account, you should always keep a record of what you spend, so that you don't end up paying overdraft fees, which can range from $30 to $45.
How To Open Up An Online Savings Account?
Many people open up a checking account online, but you can also open up an online savings account. The process is similar to that of a checking account. Depending on what bank you plan on opening your new savings account with, you will have the option to choose from a range of accounts. Some accounts require an opening deposit of $100. You will be able to see which savings account you will benefit from. In order to get started with the process of opening up your new savings account, you will need to make sure that you have all of your current bank information, such as account and routing numbers and some form of identification, such as a driver's license, state, or military identification card. The next step is to fill out a short form, in order to start your way to enjoying your new account. Verify and confirm that the information that you just completed is correct and accurate. Once you confirm, it will take a few minutes for the bank to process your information. If everything is accurate and correct, the next step is to fill out your bank information from your current bank. If you don't have this information available you can save the information that you have and complete it at another time. Once you have ready to make an opening deposit, fill out the form that allows you to input your bank account and routing number information. A savings account card will be issued to you in seven to ten business days. Keep your card is a safe place. When you filled out the online form, you were asked to choose a pin number. Don't ever give out your pin number. If your card is ever lost, contact the bank immediately. The bank will cancel and block any further transactions that may occur on the card. When it comes to any type of savings or checking account, you should always keep a record of what you spend, so that you don't end up paying overdraft fees, which can range from $30 to $45.
Can a person open a checking account if their account was closed at a different bank?
Yes. However, if your account was closed due to a negative balance that you failed to repay, you might have some difficulty. Banks report these "charge-offs" to credit reporting agencies other than those used to verify credit for a loan. If a bank, during their account opening process, sees that you have caused another bank a loss on a checking account, they most likely will not open a new checking account for you. The best remedy is to pay the bank that is reporting the loss and start the process over. Good luck!
What bank account is currently offering money to open?
I'm sorry, but I cannot provide real-time information on specific bank account promotions as they are subject to change frequently. I recommend checking the websites of various banks or financial institutions for their current offers on new account openings. Additionally, it's important to carefully review the terms and conditions, fees, and requirements associated with any promotional offers before opening a new account.
What are the opening journal entry used in posting issued shares in a new company?
debit cash / bank /assetscredit share capital account
How to write a letter to the bank manager to change the name of account-holder?
Writing a letter to the bank manager to change an account holders name will be easy. You will need to list the current account holders name and information and request the information be changed. Make sure to list the new account holders name and all relevant information.
What info does the bank see when opening a new account that will causes the loan officer to look at one weird while reading his monitor?
Normally the following documents are insisted by the banker while opening a new account.1. Name2. Address proof.3. Proof of Income.4. Bank stastement if already has an account in another bank.5. An introduction by a known person who has an account in that bank.These are insited because of the possibility of money laundering. Terrorists are in the habit of converting illegally obtained money into legally acceptable money ( This is clled 'MONEY LAUNDERING') by opening accounts in a bank. In order to monitor such accounts and to prevent money laundering, banks obtain these documents while opening an account.M.J. SUBRAMANYAM, BANGALORE, INDIA
