So Form1 and Form2 share the fields created_at, etc.
created_at is one of ActiveRecord's special fields and will be populated automatically by Rails if it exists in your database table. Similar fields are created_on, updated_at and updated_on. The _at columns should be timestamps and the _on ones should be dates.
Then I need to store values and define restrictions to the fields like
unique or things like if bank_name is set, account_number must be set
The built-in validations make these really easy. Have a look at:
Hope that helps,