bcom iii btp m 2
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GOOD MORNING
Ignorance is not a curse, but itturns out to be a great tragedy if
the ignorant are so ignorant that
they do not know that they are
ignorant.
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BANKER
ASA
BORROWER
MODULE II
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OPENING OF A BANK ACCOUNT
:Steps or Procedureto be followed by the Banker(Precautions):
1. Application in theprescribed format
2. Obtaining introduction3. Specimen signatures
4. Receiving initial deposit
5. Obtaining mandate6. Opening customers accountin the ledger
7. Issuing important books
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TYPES OF BANK ACCOUNT
Fixed DepositAccount
Savings Bank Account
CurrentAccount
Recurring DepositAccount
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Fixed Deposit Account
Adeposit of a fixedsum of money for a fixedperiod at a fixed rate ofinterest.
Banks receivedeposits for a definiteperiodvaries from 15daysto 5 years & above.
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FEATURES OF FDA:
Itis also known as Term Deposits or TimeDeposits.
Minimum amount. Minimum period.
No introduction.
Rate ofinterest. No cheque-book facility.
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Loan againstFD.
FD in the joint names.
Repayment ofFD on duedate.
Assignment ofFD account.
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STEPS OR PROCEDURE:
Application form
Specimen signature
Receiving deposit
Opening the account
Issuing FDR
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FDR
FDR stands forFixed Deposit Receipt.
When a banker acceptsthe amount ofthe
FD, heissues a receipt calledFDR. It containsthe name and address ofthe
depositor, amount, timeperiod, rate of
interest, date ofdeposit & maturity. It also containsthe words Not Negotiable
acrossits face.
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On the backside ofthe receipt, it contains,
rules and regulations, columns forrecording theperiodical interestetc.
Thus,
FDR is an acknowledgement ofthe receipt
ofthedeposit given by the bankerunder
certain terms and conditions andissuedto
thedepositor.
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Importance of FDR
Acknowledgement of receipt Terms andConditions
Presenting theFDR (Maturity date)
Offered as a security (Loan)
Stamp Duty dose not required
Not Negotiable Instrument
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IMPORTANT POINTS:
Transferability ofFDR
Loss ofFDR
Donatio MortisCausa
FDR in the name of a Minor
Change of Namesin theFDR
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Saving Bank Account
SB Account wereintroduced forthe firsttime
by commercial banksin England.
The main objective ofintroducing theSB
accountisto cultivate orencouragepeopleto savepart oftheir regularincome for future
contingencies.
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Itis an account whichis generally opened
by thepeople of lower and middleincome
groups who wishto save a part oftheirincome fortheir future needs andearn
certain income on theirsavings.
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In orderto open an SB account , the
prospective customerhasto fill in anaccount opening form.
The banker generally obtainsintroduction oftheperson opening such an account.
The money isdeposited by the customer byfilling in thepay-in-slip.
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FEATURES OFSB Account
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