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.
.
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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