How to operate bank accounts

How to operate bank accounts

HOW TO OPERATE THE ACCOUNTS: Issue of cheque books

  1. Requisition for cheque book (except in the case of new account) is necessary for issuing a cheque book.
  2. Refer to system to see

– That the requisition slip is from the current cheque book.
– Requisition is on prescribed form supplied as an additional leaf in the cheque book.
– That the requisition slip has not been reported lost.

3. Have signature verified. Note the number of cheque leaves required (and whether bearer or order cheques are to be issued in the case of current / cash credit account).

4. Ensure:

– Segment-wise branding of account number stamp on all cheque leaves.
– In case of cash credit accounts ‘cash credit’ stamp should be branded on all cheque leaves of the cheque book along with other stamps if separate series for cash credit are not available.
– Branch name with code number should appear on all cheque leaves.

5. Record

– Particulars of cheque book issued along with prefix letter on the old requisition slip.
– The same particulars in the system and cheque book register
– Account number on all leaves, the date of issue and name of the depositor
on the requisition form which is within the new cheque book.

6. Issue of Cheque Book

– If the customer has called on personally, deliver cheque book to him after obtaining his signature in the cheque book register.

– Where cheque book is issued to the constituent’s representative, the party should be addressed letters in duplicate, requesting him to return the duplicate copy duly signed, confirming receipt of the cheque book in order. Such letters should be sent by registered post with A.D. form or through the Bank’s messenger in a sealed cover.

– Receipt of postal acknowledgement must be followed up and stored (in the custody of Accountant/Officer) until the first cheque from the books is received and found in order or until the account holder personally confirms receipt which ever is earlier.

– If the requisition slip, received through the customer’s messenger, is not from his current cheque book or there is any other reason to doubt the genuineness of the application, the cheque book should be sent direct to the customer after making enquiries.

– If the cover is sent through a Bank messenger, he will obtain the customer’s acknowledgement for the cheque book. Where it is sent by registered post, the customer will acknowledge in the A.D. card.

– The counter clerk as well as the official concerned for issuance of cheque books shall monitor for obtaining acknowledgement of the cheque book sent by post and send reminders if warranted. In such cases, a suitable note shall be made in the system and the first cheque presented out of that cheque book shall be attended to with particular attention/care..

7. At the time of transfer of account the branch maintaining the account shall invariably collect the unused cheque leaves from the customer, which shall be destroyed by the officer-in-charge of the section and the fact noted against the relative entry in the Broken Check Register. Branches will not issue these cheques leaves as loose cheques under any circumstances (H.O. Circular GB/2000-01/50, dated 09-02-2001).

8. Supply of cheque books : Issue of postdated cheques by customers under collective investment schemes:

– Branches are advised to exercise due care and vigilance whenever bulk demands / frequent demands for cheque books are received from customers engaged in floating collective investment schemes (CIS) to avert possible misuse of cheque book facility (refer H.O. Circular GB/2004-05/4 D/ 23-04-04).

– Branches should discourage issuing of loose cheques in the interest of customer as well as that of the Bank. However in exceptional circumstances at the written request of Account Holder, loose cheque may be issued to Account Holder only, from a separate cheque book meant for issue of loose cheques.

Laws of Banking in India

Laws of Banking in India

Laws of Banking in India   1. Evaluation of Banking Law in India Banking as a business has its own distinctive features when compared with all other trade and business. …

Export import Image

Step by Step Export Procedure

Step by Step Export Procedure Procedure of Export from Exporter side: To open an account with a Bank. To be collect ERC (Export Registration Certificate) from CCI & E. To …