How to open a bank account?

How to open a bank account?

 

How to Open Bank Account ? 7 Steps To Open Bank Account

Dictionary of banking and finance says-

" Bank account is a contractual agreement between a bank and it's customer, allowing the customer to use bank services for a fee. Account may be established in the name of individuals or firms.They may be time or demand. They may be single name, multiple name, joint name or trurstee name. They may be general or for specific purpose."

Banks main function is to received the depositor money and makes payment to depositors as per their demand. Depositors may deposit cheques, bill of exchange and cash what they wish.

At present  Banks have emerged as important financial institutions. Banks provide a safe environment and helps us manage our financial transactions. To avail professional banking service it is mandatory for every individual to open a bank account. Opening a bank account is easy task. It takes only seven easy steps to open a bank account. Seven simple steps or procedure to open a bank account

Step -One:

To decide the Type of Bank Account you want to Open

There are various types of bank accounts available  in a bank such as Saving Account,  Fixed Deposit Account and Current Account. So at first you should have to decide what type of account you want to open.



Step -Two:

To approach any Bank of choice & meet its Bank Officer

After deciding what  the type of account you want to open,you have to go to a bank and should approach a convenient bank. You to meet the bank officer regarding the opening of the account. The bank officer will provide Account Opening Form to open bank account.

Step -Three:

Fill up Bank Account Opening Form – Proposal Form

The Account Opening Form must be duly filled in all respects. Required information details regarding name, address, occupation and other details must be filled in wherever required. Two or three specimen signatures are required on the specimen signature card. If the account is opened in joint names, then the form must be signed jointly. Now a days the banks ask the applicant to submit copies of his latest photograph for the purpose of his identification.


Step -Four:

Introducer requires for Opening your Bank Account

The bank normally required  introduction of the prospective account holder by any of the existing account holders for that type of account. The introducer introduces by signing his specimen signature in the column meant for the purpose The  introduction is required to safeguard the interest of the bank.


Step -Five:

To submit Bank Account Opening Form and required  Documents

The duly filled in Account Opening Form must be submitted to the bank along with necessary documents. For example, in case of a joint stock company, the application form must accompany with the Board’s resolution to open the account. Also certified copies of articles and memorandum of association must be submitted or produced.

Step -Six:

Bank Officer will verify your Bank Account Opening Form

The bank officer verifies the Bank Account Opening Form. He checks whether the form is complete in all respects or not. The accompanying documents are verified. If the officer is satisfied, then he clears the Bank Account Opening Form.
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Step -Seven:
      

To deposit initial amount in newly opened Bank Account

After getting the Bank Account Opening Form cleared, the necessary amount is deposited in the bank. After depositing the initial amount of money, the bank provides a deposit slip book, a cheque book and pay in slip book in the case of savings account. In the case of fixed deposits, a fixed deposit receipt is issued. In the case of current account, a cheque book and a pay in slip book is issued.

 

 

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