This blog is in the series of banking category. Basically we have to know what is the meaning of customer so in simple words any individual or business entity who purchases the goods or services produced by a business. But the definition of customer has been changed for every business.
Let us concentrate who is the customer of bank?
As per the banking concern the customers is a person
who open an account with the bank.
But what is the meaning of bonafide customer so a bonafide customer for a bank is a person who open an account and deposit first transaction in cash only.
Types of customer
Individuals
– Any person above the age of 18 years. Below 18 year can also open an account with some restricted conditions (It is initiated due to enhance the saving habit in early age)
– With sound mind because the relationship between customer and banker is based on contracted basis.
If customer has not sound mind the contract is not valid in court of law.
Minor
– Minor can open his account in single name with his natural or legal guardian. Or Minor can also open an joint account with their guardians
Illiterate person
– Illiterate person means – a person who cannot sign. Can open a saving bank account without cheque book facility. Thumb impression is to be obtain in the presence of witness and a recent photograph is affixed on the ledger as well as on the saving account pass book for identification. At the time of every withdrawal pass book must be compulsorily produced. The thumb impression is to be witnessed on every withdrawal
HUF (Hindu Undivided Family)
– Account open under Hindu Customary Law. KARTA (The senior most person of the family can open the account. Other member of the family are called “coparceners.”
Coparceners have an undivided share in the estate of the HUF. A declaration must be obtain signed by the karta and all coparceners. In this declaration all the coparceners mention their name, relationship with the karta including minors with date of birth. Parents of the minor can signed on behalf of their children. On the death of any coparceners his shares may be transfer to his wife’s name under Hindu succession Act 1956. After the death of the senior most male member of the family died his wife may be appointed as karta.
Firms
– Sole proprietor ship firm
– Partnership firms
– Joint stock companies
Sole Proprietor Ship firm
Sole proprietor ship firm is a firm which is owned by single person.
Partnership firms
– Include 2 and more person
– Define under section 4 of Indian Partnership Act 1932
– Contract can be oral or written
– Contract is called the Partnership Deed
– Partners agree to share a percentage of company’s profit
– Can be registered or unregistered
– Registered means should be stamped as per Indian Stamped Act
– If no partnership deed is there the rights and liabilities shall be as per the Partnership Act
Relationship of partners
– Firm has no separate legal entity
– Rights and liability of the partners are the rights and obligations of the firm
Numbers of the partners
– u/s 11 of companies act
– A firm with Banking business cannot have more than 10 partners
– Other business not exceed 20 parteners
– If minor is a partner for purpose of benefit cannot count as partner
Liability of the partner
– Unlimited u/s 25 of Partnership Act
– Jointly or severally liable for all the debt of the firm
If partnership dissolve
– Assets are first used to pay the debt of the company (if surplus pay personal)
– Similarly partner’s debt used first personal then companies debts
- HUF cannot enter into a partnership as per the Supreme Court judgment
Registration of the company
– Not mandatory under section 69 of Partnership Act
– Registered firms can sue other partners
– Unregistered firm cannot sue each other
I think I am able to include all the relevant point in support of my topic . But any how if any of my friend want to have move information can sent their request and please press like button immediately to encourage me. Thanks for supporting me
Let us concentrate who is the customer of bank?
As per the banking concern the customers is a person
who open an account with the bank.
But what is the meaning of bonafide customer so a bonafide customer for a bank is a person who open an account and deposit first transaction in cash only.
Types of customer
Individuals
– Any person above the age of 18 years. Below 18 year can also open an account with some restricted conditions (It is initiated due to enhance the saving habit in early age)
– With sound mind because the relationship between customer and banker is based on contracted basis.
If customer has not sound mind the contract is not valid in court of law.
Minor
– Minor can open his account in single name with his natural or legal guardian. Or Minor can also open an joint account with their guardians
Illiterate person
– Illiterate person means – a person who cannot sign. Can open a saving bank account without cheque book facility. Thumb impression is to be obtain in the presence of witness and a recent photograph is affixed on the ledger as well as on the saving account pass book for identification. At the time of every withdrawal pass book must be compulsorily produced. The thumb impression is to be witnessed on every withdrawal
HUF (Hindu Undivided Family)
– Account open under Hindu Customary Law. KARTA (The senior most person of the family can open the account. Other member of the family are called “coparceners.”
Coparceners have an undivided share in the estate of the HUF. A declaration must be obtain signed by the karta and all coparceners. In this declaration all the coparceners mention their name, relationship with the karta including minors with date of birth. Parents of the minor can signed on behalf of their children. On the death of any coparceners his shares may be transfer to his wife’s name under Hindu succession Act 1956. After the death of the senior most male member of the family died his wife may be appointed as karta.
Firms
– Sole proprietor ship firm
– Partnership firms
– Joint stock companies
Sole Proprietor Ship firm
Sole proprietor ship firm is a firm which is owned by single person.
Partnership firms
– Include 2 and more person
– Define under section 4 of Indian Partnership Act 1932
– Contract can be oral or written
– Contract is called the Partnership Deed
– Partners agree to share a percentage of company’s profit
– Can be registered or unregistered
– Registered means should be stamped as per Indian Stamped Act
– If no partnership deed is there the rights and liabilities shall be as per the Partnership Act
Relationship of partners
– Firm has no separate legal entity
– Rights and liability of the partners are the rights and obligations of the firm
Numbers of the partners
– u/s 11 of companies act
– A firm with Banking business cannot have more than 10 partners
– Other business not exceed 20 parteners
– If minor is a partner for purpose of benefit cannot count as partner
Liability of the partner
– Unlimited u/s 25 of Partnership Act
– Jointly or severally liable for all the debt of the firm
If partnership dissolve
– Assets are first used to pay the debt of the company (if surplus pay personal)
– Similarly partner’s debt used first personal then companies debts
- HUF cannot enter into a partnership as per the Supreme Court judgment
Registration of the company
– Not mandatory under section 69 of Partnership Act
– Registered firms can sue other partners
– Unregistered firm cannot sue each other
I think I am able to include all the relevant point in support of my topic . But any how if any of my friend want to have move information can sent their request and please press like button immediately to encourage me. Thanks for supporting me
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