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NON-INDIVIDUAL ACCOUNT OPENING FORM (F&O + CDS) MANDATORY DOCUMENTS DOCUMENT Account Opening Form (FO and Currency) SIGNIFICANCE PAGE’s) a) KYC form Document captures the basic information about

How to fill out non - individual account

How to fill out non-individual account:

1. Begin by gathering all necessary documentation required for opening a non-individual account. This may include the company's registration documents, identification documents of authorized signatories, and any relevant business licenses or permits.
2. Provide accurate and complete information about the company, such as its legal name, address, contact details, and nature of business.
3. Specify the type of non-individual account you wish to open, whether it is a corporate account, partnership account, trust account, or some other form of non-individual entity.
4. Determine the signing authorities for the account. This includes identifying the authorized signatories who will have the legal authority to operate the account on behalf of the non-individual entity. Ensure that their identification documents and signatures are duly provided.
5. Clearly state the desired banking services and facilities required for the non-individual account, such as online banking, check-writing privileges, or credit card options.
6. Complete all necessary forms or applications provided by the bank for opening a non-individual account. Double-check the accuracy and completeness of the information provided, as any discrepancies may cause delays or complications in the account opening process.
7. Submit the completed forms along with the required supporting documents to the bank. It is advisable to make copies of all documents for your own reference.
8. Follow up with the bank to ensure that the account opening process is progressing smoothly and to address any additional requirements or questions they may have.
9. Once the account is successfully opened, review the account details and terms provided by the bank. Familiarize yourself with the account's features, fees, and any specific operating procedures or restrictions that may apply.
10. Communicate the new account details and any necessary access information to the authorized signatories or individuals responsible for managing the non-individual account.

Who needs non-individual account:

1. Businesses or corporations: Non-individual accounts are commonly used by companies to manage their financial transactions, pay suppliers, receive payments from customers, and streamline their financial operations.
2. Partnerships: Partnerships comprising two or more individuals may require a non-individual account to pool their resources, maintain joint financial records, and facilitate shared business expenses.
3. Trusts: Trusts, whether revocable or irrevocable, often require a non-individual account to hold and manage trust assets. This allows trustees to carry out financial transactions on behalf of the trust and distribute funds to beneficiaries.

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What is non - individual account?

Non-individual account refers to an account that is opened and held in the name of an organization or entity, rather than an individual person.

Who is required to file non - individual account?

Any organization or entity that has a non-individual account is required to file non-individual account.

How to fill out non - individual account?

Non-individual account can be filled out by providing all the required information about the organization or entity, its financial activities, and other necessary details on the provided form.

What is the purpose of non - individual account?

The purpose of non-individual account is to ensure transparency and accountability of the financial activities of organizations and entities.

What information must be reported on non - individual account?

Non-individual account must report information such as income, expenses, assets, liabilities, and other financial details of the organization or entity.