Special types of customers
1. Minor: Minors are individuals below the legal age of majority (typically 18 years old). They
may have savings accounts opened in their names with the assistance of a guardian or
parent.
2. Married Women: In some regions, married women may have specific banking requirements
or preferences, and banks may offer accounts or services tailored to their needs.
3. Partnership Firm: A partnership firm is a business entity formed by two or more individuals
who agree to share profits and losses. Banks may provide specialized accounts and financial
solutions for partnership firms.
4. Joint Stock Company: Joint stock companies are incorporated businesses with shareholders.
They may have unique banking needs related to corporate finance, investments, and
treasury management.
5. Lunatics: "Lunatics" is an outdated term for individuals who suffer from mental health
conditions. Banks may have specific guidelines for dealing with customers with mental
health challenges to ensure their financial interests are protected.
6. Drunkard: Banks have a responsibility to safeguard the financial interests of their customers,
and dealing with individuals with impaired judgment due to alcohol consumption requires
careful handling.
7. Agent: An agent may represent another individual or organization in financial matters. Banks
may have specific account types or services for agents, especially when they handle
transactions on behalf of their clients.
8. Insolvent: An insolvent person is someone unable to repay debts. Banks may have special
procedures or accounts to handle the financial affairs of insolvent customers.
9. Trustees: Trustees manage assets on behalf of beneficiaries as part of a trust. Banks may
offer trust management services to assist trustees in their duties.
10. Pardanashik Women: "Pardanashik women" is an older term used to refer to women who
observe strict social seclusion or purdah. Banks may offer services and accounts tailored to
meet the unique needs and privacy requirements of such women
Precautions taken by the banker
1. Minor Customers:
Obtain consent from the minor's legal guardian or parent to open the account.
Set limitations on the account's operations, such as withdrawal limits, until the minor
reaches the age of majority.
Provide account statements and communications to the guardian or parent for monitoring
and oversight.
2. Married Women:
Allow married women to open and operate accounts independently without requiring the
husband's consent.
Ensure privacy and confidentiality of the account to protect the financial interests of the
woman.
3. Partnership Firms:
Verify the partnership deed and authorized signatories before opening an account.
Maintain a clear record of the partners' identities and their respective roles within the firm.
Implement stringent security measures to prevent unauthorized transactions.
4. Joint Stock Company:
Verify the company's legal status and registration documents.
Identify the authorized signatories and their powers to act on behalf of the company.
Maintain proper documentation and records related to the company's financial transactions.
5. Lunatics and Drunkards:
If a person has been declared legally incompetent due to lunacy or intoxication, the bank
may not allow them to open or operate an account.
Banks may require a legal guardian or representative to handle the financial affairs of such
individuals.
6. Agents:
Carefully vet and verify agents before engaging in any business or financial transactions
with them.
Establish clear terms of engagement and responsibilities to avoid any misunderstandings or
disputes.
7. Insolvent Customers:
Banks may not allow insolvent individuals to open new accounts until their financial situation
improves.
Take extra caution when extending credit or loans to such customers.
8. Trustees:
Ensure proper documentation regarding the trust's establishment and the powers vested in
the trustee.
Exercise due diligence in managing trust accounts and follow the instructions laid out in the
trust deed.
9. (Purdahnashin Women):
Respect the privacy and cultural norms of pardanashik women who observe purdah
(seclusion) and provide female staff or designated assistance if required.
Designate a specific area or room in the bank for women's banking services
