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How To Open A Bank Account

Usually, the first step one takes while entering the world of money is to open a bank account. Think about it. When you took that first job, what did your employer need to make your salary payment? Your bank account details! In fact, large corporates get their employees to open ‘salary’ savings accounts with the bank selected by the corporate. Employees’ salaries are automatically credited to their accounts with the bank each month.

A bank account not only helps you keep your money safe but also multiplies it by paying interest. There are different kinds of bank accounts available – a savings account, a recurring deposit account and a fixed deposit account. Usually the first account that you need to open is a savings account. Your money is held in this account and can be freely withdrawn. However, banks usually require you to retain a minimum balance in the account (the amount varies from bank to bank).

 

Bank Account Opening Procedure

The procedure of opening a bank account is fairly simple. You can walk into any branch of a bank and tell them to help you open a bank account.  The bank will send their representative with the account opening form to your residence or office as per your convenience. The account opening form contains details such as your name, address, contact number, date of birth, gender, occupation, communication address and whether you want to receive your account statements by hard copy or by email. Details of your initial deposit also have to be given. In case your initial deposit is in the form of cash, the amount of cash and if it is by cheque, then the date, number, amount of cheque and the bank name and branch from which the cheque is drawn.

Most banks offer a free debit-cum-ATM card linked with your bank account. Hence, the next time you go shopping, instead of carrying bulky notes of cash, you can simply swipe your debit card to pay for your goods. Also, if you need to withdraw money, you can do so from any ATM at any time of the day or night and from anywhere.

The form will also give you the option of operating your account online through internet banking or by mobile banking or the traditional method of drawing cheques and filling slips books.

Below are simple steps to open a bank account

  1. Fill up the form, affix your photograph and provide your Know Your Customer (KYC) details.
  2. Submit your documents:
    1. Your photo identity proof can be in the form of your PAN card, passport or Aadhar card.
    2. Address proof can be in the form of your passport, Aadhar card, voter’s ID, ration card, any utility bill or your rent agreement in case of rented premises.
    3. In fact your Aadhar card and passport are two documents which can be singly used as your photo and address proof.

In most cases the bank representative will fill up the entire account opening form. All that you have to do is sign it and submit your photo identity and address proof.

The important things that you need to keep in mind while opening a bank account are as follows:

  • Always open a bank account in a joint name. It could either be with your parents or your spouse.
  • Fill in complete nomination details. It helps to counter unforeseen circumstances.

Opening a bank account is very simple. Open your account today!

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