Account of illiterate Persons

Accounts of Illiterate Persons–
An illiterate person is competent to contract like any other person.–
Cheque book is not issued to illiterate depositor for cash payments.–
Cheque book can be issued formaking statutory payments, post dated cheques for repayment of instalments of loan. In such cases, the cheques will be crossed account payee and thumb impression of the illiterate depositor will be verified on such cheques at the time of issue of cheque book by competent authority of the bank.

Accounting & Finance for Banking

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