Maintenance of Deposit Accounts in Primary (Urban) Co-operative Banks
This Master Circular outlines the guidelines for opening and maintaining deposit accounts in Primary (Urban) Co-operative Banks.
Opening of Deposit Accounts: No introduction is mandatory for opening accounts. Photographs of account holders are mandatory, except for accounts of minors, illiterate persons, and those who cannot sign. Account holders’ addresses must be verified.
Safeguards: Permanent Account Number (PAN) or General Index Register (GIR) Number must be obtained. Authorisation and completion of formalities are required. Current accounts require discipline, and financial inclusion is encouraged.
Restrictions: Certain deposit schemes with lock-in periods are restricted. Accounts in the names of minors can be opened with a guardian, and minors’ accounts with mothers as guardians are permitted.
Nomination Facilities: Operational instructions, Act provisions, and Rules are outlined. A record of nomination must be maintained, and acknowledgement of nomination is required.
Chat with the Master Circular:
Download: Master Circular on Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks