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Question
Attempt the following:
Write a letter to bank for opening a current account
Solution
SATURN COMPANY LTD.
Registered office: 56/E, Twilight Terrace,
Sunrise Road, Nariman Point, Mumbai - 400 021.
CIN: L40408MH2001PLC2354698
Tel no. (022) 6662 6379
Fax no. (022) 4264 8274
Website: www.saturncomltd.com
E-mail: [email protected]
Date: 30th June 2020
Ref no. N/BK/07/19-20
The bank manager,
Bank of India,
42, Abdul kalam Road, Nariman Point,
Mumbai - 400 021.
Sub: Opening of a Current Account
Dear Sir,
The Board of Directors of this Company at its meeting held on 20th June 2020, passed a resolution to open a Current Account in the name of the Company in your bank.
In accordance with the rules for opening a Current Account in your bank, we enclose herewith the following documents:
- The prescribed Current Account opening application form duly filled in, signed, and dated
- Certified copy of Certificate of Incorporation of the Company.
- Certified copies of the Memorandum and the Articles of Association of the Company.
- Certified copy of the list of the present Directors of the Company.
- Specimen signature cards containing signatures of two Directors: Mr. Yashpal and Ms. Anamika and the Company Secretary: Mr. Ashok officially authorised to operate the Account.
- A certified copy of the Board’s Resolution dated 20th June 2020, authorising the Company to open a Current Account with your bank.
- Duly filled up Pay-in-slip along with Rs 10,000 (Rupees Ten Thousand Only) cash being the initial deposit.
- Copies of PAN and TAN cards.
We undertake to abide by the rules and regulations of your bank in respect of opening and operating the bank account. You are, therefore, requested to open a current account in the name of our company. i.e, Saturn Company Ltd. and oblige us.
Thanking you,
Yours faithfully,
For Saturn company Ltd.
Sd. /
Company secretary
Encl - As above.
APPEARS IN
RELATED QUESTIONS
Select the correct answer from the options given below and rewrite the statement.
Resolution for opening Bank Account is passed in the _________ meeting.
Select the correct answer from the options given below and rewrite the statement.
Bank provides overdraft facility to ___________ account holder.
Select the correct answer from the options given below and rewrite the statement.
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Match the pairs.
| Group ‘A’ | Group ‘B’ |
| a) Lost cheque | 1) Board of Directors |
| b) Appointment of Banker | 2) Higher rate of interest |
| c) Cash credit | 3) Used for depositing cash and cheque |
| d) Fixed Deposit Account | 4) Stop Payment |
| e) Savings Account | 5) Restrictions on withdrawals |
| f) Pay-in-slip | 6) Separate Account |
| g) Overdraft facility | 7) Current Account |
| 8) Recurring Account | |
| 9) Shareholders | |
| 10) No interest is paid | |
| 11) Used for withdrawing amount from account | |
| 12) Long term credit facility | |
| 13) Certain restrictions on withdrawals | |
| 14) Dealing in foreign exchange |
State whether the following statement is true or false :
Generally no interest is paid by bank on Current Account.
State whether the following statement is true or false :
Board resolution is not required to open the Current Account with the bank.
Complete the sentence:
Accepting deposits and lending money are the primary functions of ______
Select the correct option from below
| Group ‘A’ | Group ‘B’ |
| Overdraft | __________ |
Select the correct option from below
| Group ‘A’ | Group ‘B’ |
| Primary Function | __________ |
Attempt the following:
Write a letter requesting the bank for granting overdraft facility
Justify the following statement:
Overdraft facility is given only to current depositors?
Justify the following statement:
There is a difference between Loans and Advances given by the Bank.
Distinguish between the following:
Fixed deposit account and recurring deposit account
Explain the following term/concept:
Letter of Credit
Explain the following terms/concept:
Advances
Explain the following term/concept:
Current deposits
Correct the underlined word and rewrite the following sentence:
Accepting deposits is the secondary function of Banks.
Choose the Correct Answer.
The Local Area Banks are promoting ______
