Bank and Customer Relationship

Bank and Customer Relationship Sl No Type of Transaction Bank Customer 1 Deposit a/c and Credit balance in CC/OD Debtor Creditor 2 Loan a/c and Debit balance in CC/OD Creditor Debtor 3 Collection of cheques, TT, MT, Standing Instructions, sale/ purchase of securities, Maintenance of currency chest Agent Principal 4 Safe custody Read more…

Nomination facility in Banks

Nomination facility: Section 45 ZA to 45 ZF of the Banking Regulation Act, 1949 Procedures are given in Banking Companies (Nomination) Rules, 1985.   Account holder can nominate any individual of his choice as nominee  to receive money from the bank in case of death of the depositor. Nomination facility is Read more…