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be freely withdrawn.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
- Fill
up the form, affix your photograph and provide your Know Your Customer
(KYC) details.
- Submit
your documents:
- Your photo identity proof can be in the form of your
PAN card, passport or Aadhar card.
- 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.
- 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!
