UNIVERSITY OF KARACHI
BAKING OPERATION AND MARKETING
PREPARED FOR: SIR Khalid Jamil Ansari
DEPARTMENT: Karachi University Business School
SEMESTER: 2nd semester
SUBJECT: Banking Operations
1. How many types of customers and elaborate it ________________01 2. How many type of account also explain them?__________ 03
3. What are the basic requirements for opening of an account?__________________________________________04
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Q1.How many types of customers and elaborate it?
There are different types of customer which are given as below: •
Joint stock companies
Minor is a person who is less than 18 years and has not completed 18 years. In that case a guardian will be appointed for the minor by a court or it can be the relative of the minor. After appointing a guardian the age of minor become 21.so, he becomes eligible to open an account. But without permission of guardian minor can not transact any money from the bank. When minor become 18 the account officially handed over to minor (who become 18 now).
The customer who operates the account individual and don’t need to take any kind of permission before debit or credit. In these kinds of account person needs to give its CNIC, personal information and source of income.
Parda nahseen women are also a customer of the bank. They do pardon as per the religious need. They don’t show their faces to the bank but by submitting CNIC and their thumb impression they become eligible to open an account. However, if under special circumstances, such an account is opened; two respectable persons known to the branch invariably attest the signatures on the account opening form and on the withdrawals by withdrawal slips. •
An illiterate person means a person who can’t sign his name. While opening of an account of such a person is unavoidable. The will take their thumb print and CNIC copy for verification. Except his physical presence (in the bank) any withdrawals from the account of an illiterate person will not be allowed. •
This type of customer opens a non profitable account. This account opens for specific purposes. These kinds of account opens usually to help poor or at the time of disasters. Like prime minster account for helping flood victims or earthquake victims.
Joint stock companies:
A joint stock company is an artificial person and it has a separate legal entity. So, a bank account may be opened on its own name. A joint stock company may either be a Private Limited Company or a Public Limited Company.
A person of unsound mind can not make a valid contract. So, the bankers should not open an account in the name of a person of unsound mind. But a customer may become lunatic after opening an account with the bank.
Joint account customer
This type of account normally operated by more than one person and less than four people. In this bank is not eligible to set any rule for the transaction. In this case the joint account partner has to decide that either all have individual authority to operate the account or no one can transact money with permission and sign for the rest of the members.
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Q2. How many type of account also explain them?
There are many types of accounts some of them are given as below: •
A savings account allows you to accumulate interest on funds you’ve saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual basis. Savings accounts vary by monthly service fees, interest rates, method used to calculate interest, and minimum opening deposit. Understanding the account’s terms and benefits will allow for a more informed decision on the account best suited for your needs. 2.
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