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General Banking Essay

4313 words - 18 pages

4.1 General Banking of Sonali Bank Limited:
Financial institution/ intermediary that mediates or stands between ultimate borrowers and ultimate lenders is knows as banking financial institution. Banks perform this function in two ways- taking deposits from various areas in different forms and lending that accumulated amount of money to the potential investors in other different forms.
General Banking is the starting point of all the banking operating. General Banking department aids in taking deposits and simultaneously provides some ancillaries services. It provides those customers who come frequently and those customers who come one time in banking for enjoying ancillary services. In ...view middle of the document...

1.1.1 Accounts Opening Section:
I have gathered practical knowledge about opening of bank accounts. Various types of bank accounts are opened with the Sonali Bank, Dhaka. I have tried to know how a current deposit (CD) A/C, savings deposit (SD) A/C are opened.

Procedures of opening a CD A/C:
* To open a current deposit A/C, an individual has to carry out the following procedures-
* Obtain a prescribed application form from the bank
* Submit the duly completed form with necessary papers to the concerned officer.
* Face a brief interview
* Put specimen signature in the signature card supplied by the bank.
* Deposit of money
* Get counter folio of the payment slip.
* Once these formalities are carried out in appropriate manner, an account number is posted against the application. Then a check book is issued in favor of the applicant and he is considered as a valid account holder of the bank.
* With the prescribed application form, the applicant should submit the following papers and information’s.
* Nationality certificate from the appropriate authority.
* Two copies of recent passport size photographs.
* If the applicant is a service holder he should collect employee certificate from his employer and is to be submitted.
* The applicant’s signature should be identified by an introducer who has a CD A/C with the respective branch.

Account Opening Form:

* In case of joint account, the applicant must furnish the following information and papers:
* Name of the parties who will operate the account and sign the cheques.
* At the event of death either or any of the account holders how the balance will be paid and to whom the securities (if any) will be delivered. The documentary requirements are almost the same as individual accounts. Account opening form and the special instructions must be signed by all the joint account holders to signify their consent.
* If the client is a partnership company the company has to submit partnership deed to the bank.
* If the applicant is a sole proprietorship business, the client has to submit trade license collected from the appropriate authority & seal of the institution.
* If the client is a private or public limited company, the company has to submit Memorandum of Association (MOA), Article of Association (AOA) and other necessary documents. Name and specimen signature of the people who are authorized to open and operate the account and the source of their authority.

Procedures of Opening a Savings Deposit (SD) A/C:
The procedures of opening a SD A/C are almost same as the CD A/C. Some of the rules and regulations regarding to operate a SD A/C are mentioned below:-
* Only savings account holder or a CD account holder of the respective branch can be introducer of the applicant of opening SD A/C.
* Two copies of recent passport size photographs of the applicant should be attested by the introducer. In this...

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