Opening of account with account payee cheque.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 October 2012 Sir,
If a prospective customer(beneficiary),visits bank premises supposedly on 16.10.12 with a cheque in his possession dated 01.8.2012 and wish to open his account for encashment of cheque. Can a banker open the account with such a cheque ? What are the risks associated with it and what protection a banker will get under law if some fraud happens. ?

Kindly guide me.

With regards

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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18 October 2012 Generally banks do not open the bank account to present the cheque.. Cheque is only acceptable when it is from the any other account of the prospective account holder.

Querist : Anonymous

Querist : Anonymous (Querist)

18 October 2012 Dear sir,
I'm not asking what bank does normally in such cases ?
I am just asking about what should be done in such cases as per the book of Indian law with documentary proof.
It is really important and urgent too.

thank you.
akash deep

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CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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19 October 2012 Bank may ask for the KYC before opening the Account which must include the PAN Card of the person.