Banking Tips

How many types of accounts are there?
The different types of accounts are individual/personal, joint account between individuals, sole proprietorship, partnership, joint stock company, NGO, Trusts, clubs and associations.

What is meant by Business Organizations?
Business organizations can be grouped in three major categories: sole proprietorship, partnership and joint stock company.

What is a Trustee account?
Individual, company or association to whom property is given in trust to deal with it according to directions given by the creator of the trust.

What is a negotiable instrument?
According to the Negotiable instrument Act, a negotiable instrument means a Promissory note, Bill of Exchange or Cheque payable whether to order or bearer. It is a piece of paper which entitles a person to a sum of money and which is transferable from person to person by mere delivery and by endorsement and delivery. The person to whom it is transferred becomes entitled to the money and also gains the right to further transfer it.