How to Open a Bank Account?

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.

Step 1:

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.

Step 2:

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.

Step 3:

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.

Step 4:

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.

Step 5:

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.

Step 6:

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.

Step 7:

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.

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