Most of us have the experience of having to go to a bank and opening a bank account for the first time. At first, it might seem to be a cumbersome effort, but when seen through steps, you will realize the efficacy of each one.
Decide the type of account you would want to have. If it’s to save a part of your salary, then a Savings deposit account it is. If you are a company or an organization, and you would need an account with no withdrawal limits, then it has to be a Current Deposit Account, if it’s for the long term, then opt for the fixed deposit account and if a monthly deposit is your scheme of things, then the recurring deposit account.
Approach the bank. You can research a bit about the bank you might deposit your money with. All of them provide a standard level of service and have online facilities too.
Meet the officer designated for account openings. A proposal form will be provided to you. A Know Your Customer (KYC) form too would have to be filled out. This is mandatory.
Fill the form out as well as pin the duplicates of the credentials asked for. Proof for address, date of birth, etc. needs to be provided. A few specimen signatures need to be provided. If it is a joint account, then both the holders have to be present and the signature done jointly.
The latest photograph of the account holder/s needs to be provided too.
A Reference is usually asked by the bank as additional information. This is usually done to safeguard the bank from any wrongdoing. A reference can be your friends, relatives, or peers.
Now submit the filled out form after checking all the information provided thoroughly. In case, of a current account, a joint declaration of the board needs to be provided.
A verification process will now be undertaken by the officer. He/she will go through all the information and update the same on to their central database. Once fully satisfied with all the information, the officer will clear the form and a new account will be formed.
Once that is done, the depositor is asked to deposit the initial amount. Once that is done, a Cheque Book, a passbook, and a pay-in-slip book are provided if it’s a Savings Bank Account.
In case it is a recurring deposit account a passbook and a pay-in-slip book are provided.
For a Current deposit account, a checkbook and a pay-in-slip book is provided.
For a Fixed Deposit Account, a fixed deposit receipt is provided.
The above 7 step process is all one needs to get a bank account opened in any Indian Bank.