SPECIAL TYPES OF BANKERS CUSTOMERS OR TYPES OF ACCOUNT HOLDERS

MINOR OR INFANT LUNATIC DRUNKARDS PARTNERSHIP FIRM A JOINT STOCK COMPANY PRIVATE COMPANIES CLUBS,SOCIETIES AND NON TRADING ASSOCIATIONS EXECUTORS, ADMINISTRATORS AND TRUSTEES JOINT ACCOUNT

Special Types of Bankers Customers

Minor A Person who has not completed 18 years of age is a minor. According to Sec .3 of the Indian Majority Act 1875, a minor is a person who has not attained the age of eighteen and in case of guardian is appointed it is 21.

1.

a.

b. c.

The Privileges of a Minor Guaranteed by law. As per Sec. 11 of the Indian Contract Act, a contract entered into by a minor is void. Hence minors contract is not at all enforceable. In case, when he borrow money. A minor can never be appointed as a trustee.

d. A minor can enjoy the benefits of a partnership firm. e. A minor can be appointed as an executor, but, he can commence his work only after his coming of age. f. Even a guarantee given by a minor is not valid. g. A minor has the right to get back the securities pledged for the purpose of securing a loan.

Bankers Duty 1. He Can allow a minor to open a Savings Bank Account and current Account. 2. It is advisable to open the account in the name of guardian. 3. If the minor dies, the amount of his credit is to be paid to his next of the kin. 4. In case a banker is compelled to grant a loan

Types of Guardian
A. Natural Guardian B. Testamentary Guardian C. Legal Guardian

PROBLEM

A man approaches you for opening a joint Savings Bank account in the name of his two minor sons aged 8 years and five years to be operated by him as father and guardian.