Is Witness required for opening bank account?

Signatures of the account holders need not be attested by witnesses. Banks are, therefore, advised to ensure that their branches offer nomination facility to all deposit accounts including joint accounts opened by the customers.

Who can be witness in bank account?

The witness can be any of the following: Magistrate or Judicial official. Any Officer of the Central / State Government or Any Officer of the Bank. Any two persons acceptable to the Bank.

What is mandatory for opening bank account?

The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts.

Who can be witness in nomination form?

A nomination must be witnessed by two witnesses. A nomination form not witnessed by two witnesses will be rejected. 5. A minor can be nominated and in that case the name and address of the Guardian shall be given by the holder.

Is it compulsory to have PAN card for opening bank account?

PAN card is compulsory and is required for doing most financial transactions. The I-T department has made it mandatory to link your bank account with PAN. The main reason for this is that your income tax refunds will be credited directly to your bank account.

Can bank account open without PAN card?

Yes. PAN is not mandatory for opening a bank account. You can open a bank account without PAN Card. You can use either Aadhaar Card or Form 60 for this purpose.

Can a blind person open a bank account in his name?

A blind person can open the bank account in his single name. The opening of joint account of blind persons with other person/s is not allowed. normally, such person will be accompanied by a close relative to witness and confirm the correctness of money deposited or withdrawn.

Can a bank insist on the presence of an account holder?

For operations in the accounts, banks should not ordinarily insist on the presence of account holder unless the circumstances so warrant. Photographs cannot be a substitute for specimen signatures.

Can a bank open a current account of prospective customers?

However, in case no response is received from the existing bankers after a minimum period of a fortnight, banks may open current accounts of prospective customers.

Can two illiterate people open a joint bank account?

Joint Accounts: Joint accounts of two illiterate persons normally not allowed. However, at the discretion of the bank, the account may be opened for closely related people like illiterate husband and wife under a condition that the account should be operated jointly.

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