Banking

What Do You Need To Open a Bank Account and 2 Best Ways to Open Account

what do you need to open a bank account
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What do you need to open a bank account?

If you do not know what do you need to open a bank account, then today in this article we will get information about it.

Nowadays money is involved in every place and every sector and wherever money involves the topic of the bank will come up. The bank is an integral part of the economy and the common man is also connected with the bank. That is why it is very important to have your account in the bank.

what do you need to open a bank account

what do you need to open a bank account

If a person has an account in a bank, he can avail of various services from the bank. That is, from depositing money in a bank account to using online banking, one can avail of all the facilities.

What do you need to open a bank account?

While opening an account in the bank, the bank takes some important documents from the account holder. These important documents are the account holder’s personal information. The bank must know who is the account holder of the bank i.e. the complete identity of the account holder. So let’s know which documents are important to identify the account holder.

  • Three passport-size photographs
  • Aadhaar Card
  • Driver’s license
  • Voter ID card
  • Electricity bill
  • Telephone bill
  • pan card

Among all these documents adhar card and pan card, two documents are considered very important.

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Types of Bank Accounts

After getting the information about what do you need to open a bank account, let’s know about the types of bank accounts. There are mainly 5 types of accounts in the bank.

Bank accounts are mainly of 5 types –

  • Current account
  • Savings account
  • Fixed Deposit Account
  • Recurring Deposit Account
  • Basic Savings Account
  1. Saving Account

A savings account is an account in which you earn interest on the amount deposited by the bank when you deposit money. In this, your money is kept safe in the bank. You can put money into it when you want and withdraw when you need it. If you also want, you can open a savings account in the bank and save your money.

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You can open an individual account or even a joint account if you feel like it. An individual account is opened for one person while a joint account is opened for two or more people.

While filling out the account opening form, the roles and transaction rights of all the stakeholders in the account have to be written in it. To open a joint account all the documents and photos of the account holder have to be deposited in it.

  1. Current Account

A current account is an account that we use for business transactions. If you are a trader and you are dealing with thousands and millions of money every day, then having a current account is very important. With this, you can transact as many times as you want. There is no limit to this but the savings account has a limit.

The account holder does not get interested in the amount deposited in the current account. Overdraft facilities are also provided to the account holder in the current account. You can use your current account for business transactions.

  1. Fixed Deposit Account

A fixed deposit account is a good investment option, in which you can invest your money for a fixed period and earn a fixed interest on your deposit from the bank.

Investment tenure in FDs ranges from 7 days to 10 years. Interest rates in banks range from 4 to 11 percent.

what do you need to open a bank account

what do you need to open a bank account

  1. Recurring Deposit Account

A Recurring Deposit Account is a great investment option, where you have to deposit a fixed amount in installments over some time and get a good rate of interest on the money deposited after the RD limit is met.

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Investment facilities in RD can be from 6 months to 10 years.

  1. Basic Savings Account (No Frill Account)

A basic savings account, also known as a zero balance account and a basic saving account, is an account that can be opened with a zero balance and maintained as such. It is not mandatory to maintain any minimum balance in this account. There is a daily deposit and withdrawal limit of Rs 5000.

Apart from this various types of accounts are opened in the bank like – credit accounts, salary accounts, fixed deposit accounts, smart deposit accounts, power saving bank accounts, etc.

See Also – How to Transfer Money from One Bank to Another and 9 Best Ways of Money Transfer

Bank account opening procedure

What do you need to open a bank account – We have learned that some important documents are required to open an account in a bank, but there is a specific process for opening an account in a bank that the account holder needs to follow. The account opening process is either offline or online.

1. offline method-

  1. First of all you have to go to the bank and get the bank account form
  2. This form is provided free
  3. After obtaining the form it is necessary to fill this form correctly
  4. In this form you have to fill in your personal information.
  5. Use a blue pen or black pen to fill out the form. (As per the bank’s rules)
  6. You have to fill in the information requested in the form like your name, address, date of birth, mobile number, account type, etc. The account holder should not make any mistake in this information, otherwise, the form may be rejected.
  7. After filling out the form you have to sign your signature 3 to 4 times.
  8. Attach the photo and attach all the required documents to the form
  9. Put your signature on every document.
  10. After this, get your form verified by the bank employee and submit it.
  11. If you also want ATM and checkbook then tick it in the form.
  12. This will open your bank account.
what do you need to open a bank account?

what do you need to open a bank account?

  1. Online method-

What do you need to open a bank account – In today’s time, the world seems to have moved on. As a person is looking for a way to do digital processing even sitting at home, he doesn’t need to go to any branch or shop, saving time and getting his work done in less time is always the reason why the government is trying to pay attention to digital work as a digital service. . Digital account has become very important in today’s time, for that the government has created an official website and allowed to draw digital account

  1. To open a bank account from mobile, first go to the website of the bank in which you want to open an account.
  2. Now sit down with the above-mentioned documents to open a bank account from mobile. Also, keep your phone linked to your Aadhaar with you.
  3. Now go to the online application option on your bank’s website.
  4. After this you select your state and your district or branch in which you want to open your account.
  5. After this you will be asked a lot of information about yourself. You should sign and fill them out carefully. Because the information provided by you here will be accepted by the bank finally.
  6. Now an OTP will be sent for verification of your Aadhaar card, phone number, and email id. Now fill it out and complete your verification. Apart from an Aadhaar card, you can also change your phone number and email later.
  7. Finally you will be asked to upload your documents. Here, take a photo of any document you are asked for and upload it. Note that the photo must be clear and the document signed otherwise your form will be rejected.
  8. Generally all banks ask you to submit the printout and photocopies of all the documents attached while filling out the form to the bank after applying online, after which the process of opening your account is further extended.
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What Do You Need To Open a Bank Account

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