Banking · Entity Accounts

Evaluate the following statements regarding the operational guidelines of bank entity accounts: Statement 1: For opening a Sole Proprietary firm account, the RBI mandates obtaining at least two documents as proof of business. Statement 2: If two documents cannot be obtained, the bank may accept one document provided a physical verification of the premises is conducted. Statement 3: For a partnership firm's Current Account, the bank must verify the identity and address of all partners and power of attorney holders. Statement 4: If a partner dies, the bank must immediately freeze all debits, prohibiting surviving partners from withdrawing any funds for winding up. Statement 5: For a Private Limited Company, the operational mandate is derived from the Board Resolution specifying authorized signatories. Which of the following evaluations is correct?