The main aim is to be comfortable and have easy access to the banjo fretboard. A music stand will also be helpful if you are learning from a book or sheet music.
The left hand fingers are numbered as such:
The thumb should sit half under, half beside the neck in a relaxed manner as shown in the photo.
Your fingers should be on their tips and placed just behind the frets (not on top of them).
The right hand is used to play the strings by plucking them with the thumb and first two fingers. Many players use a thumb pick and finger picks. This will be discussed later.
Support your right hand by placing the third and fourth fingers on the skin of the banjo as shown in the photo.