Anybody (natural or legal person, legal person means company) who are completed to enter into contract, are eligible to open bank accounts. Insolvents, lunatics (mad) is not eligible to open an account. A minor may, however, be allowed to open an account jointly with the legal guardians.
Natural person like married or unmarried man and woman, literate or illiterate persons, pardanshin ladies and even a blinds man can open an account either singly or jointly.
Opening of Accounts: Common Formalities:
(a). Application on the prescribed form duly filled-in
(b). Photograph/Identity
(c). Specimen signature
(d). Mandate for operation of the account
(e). Nomination
(f). Introduction
(g). KYC (Transaction profile & source of fund).
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