The basic topic under all banking solutions is how to open a bank account.Opening a bank account is one of the basic function that a bank performs.Customers generally don’t know the full procedure to open a bank account.So here are few steps on how to open your bank account with any bank.
1. Get a basic idea of what kind of account you want.
The first thing you should do is to decide whether you want a current account or a saving account.There are other types of accounts as well such as Recurring Deposit and fixed deposit accounts.But here we’ll only mention savings account and current account.
Open this type of account if you wish to earn an interest on your money deposited with a bank (RD and FD accounts earn you more interest but the are time deposits and locks your money for certain period).There is a certain monthly or quarterly limit on no of transactions you can make in a savings account.You also have to maintain a minimum balance win your savings account(except in zero balance account).This is broadly what a savings bank account is.
Current account makes up for most of the things limited in a saving account except for gaining an interest on your money deposited with the bank.No interest is paid by the bank on money deposited in a current account.There are no transnational limits in current account.In current account you even don’t have to maintain any minimum balance.
So based on above descriptions you can get a solution and decide whether you want to open a savings account or a current account with any banking organisation.
2. Visit different banks to compare them and decide where to open an account.
The next thing you should do is to visit the different banks of your locality and ask about the interest rate they give on your deposit (higher the interest rate higher will be your income on your deposit).Other factor you should consider is how easily accessible is concerned branch to you.You should also lookout for the availability of that bank’s branches as well as ATM’S in other places in case you visit different places a lot.
3. Make copies of your id proofs
To open a bank account primarily banks ask for two proofs.First the ask for your Identity proof and other thing they want is you residential proof.An id proof can be any government authorized photo identity card of an individual such as voter id,adhaar card etc.In case you don’t have any id proof you can get a police verification certificate.For address proof the id’s with your complete residential address mentioned on it are required such as driving licence, adhaar cards ,ration cards etc.In case you are residing in some other place rather than the one mentioned in your id.You need to produce some temporary id proof like copies of your electricity bill of even an undertaking from someone who know you.Take three-four passport sized photographs with you when you visit bank for opening an account.
4. Filling the account opening form
Next step in opening an account in bank is to fill the account opening form.It starts with listing your basic details like Name, Address, father and mother name etc.Then you need to
specify you need savings account or current account,cheque book facility ,Atm facility, net banking etc.Other details asked about you in the form is about annual income,profession, business details,educational qualification,category etc.You also need to specify nomination
details.Nominee is that person who will be entitled to all the funds in your account in case of your death.So do make nomination carefully and in a discrete manner.Fix the passport sized
photographs in the places specified in the form and sign the form carefully in all the places that require your signatures.Attach the self attested copies of your id proofs with the account
5. Finally take your printed passbook from the branch
After filling the account opening form give it to the bank officer to verify the same.After proper verification the bank will open your account and ask you to make some initial deposit in you newly generated account number.Then the bank will give you the pass book of your account accompanied with all banking solutions such as ATM card,Net banking login username and password,a booklet containing other necessary information about your account.Most banks generally give you a banking-kit consisting of all these things in it.So after collecting this kit you can leave the branch having a new account in your name in the bank.