How An Old Or Sick Person Can Operate A Bank Account Without Visiting It?

Posted By:
Subscribe to GoodReturns

There are many individuals in the country who cannot visit the bank branch as they are either too old or some are incapcitated over the years. Some suffer from terminal illness making it almost impossible to visit the bank branch.

 How An Old Or Sick Person Can Operate A Bank Account Without Visiting It?
But such individuals would need to have their banking transactions done by other individuals, as they might have cheques to deposit, money to withdraw and various other standing instructions to the bank.

Now, first it is important to consider the nature of the problem and how an old or sick person can operate bank account.

1) If the individual is in sound mind and he is only too ill then he can place his thumb impression or toe impression as the case maybe for cheques and other banking transactions. If he can of course.

2) In case he is not in sound mind and is too incapcitated to do even that, then, a mark can be obtained on the cheque and this has to be identified by two independent witnesses.

It's important to remember that one of these should be a bank official.

The bank would also have to exercise due caution in this regard. According to the Reserve Bank of India, the customer maybe asked by the Bank on the person who would engage in withdrawls on his or her behalf. Such a person would be identified by at least two witnesses.

The person acting on behalf of such a person would be asked to furnish his or her signature to the bank.

Now, with regards to opening of a bank account for an individual who has lost both his hands and legs, the bank account can be opened by means of a mark. This could be an mark based on the physical contact with the person.

Again, banks would be required to exercise due caution in this regard and would use prudence in opening such accounts.

GoodReturns.in

Read more about: bank account
Story first published: Wednesday, March 18, 2015, 9:08 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

Get Latest News alerts from Goodreturns

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more