for Opening Bank Accounts:
Banks have emerged as important financial institutions. Banks provide a safe
environment and help us to 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 not a difficult task. To open a bank
account we have to follow simple seven steps.
are several types of bank accounts such as Saving Account, Recurring Account,
Fixed Deposit Account and Current Account. So the decision regarding the type
of account to be opened must be taken.
the type of account is decided, the person should approach a convenient bank.
He has to meet the bank officer regarding the opening of the account. The bank
officer will provide a proposal form (Account Opening Form) to open bank
proposal form must be duly filled in all respects. Necessary 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.
bank normally required references or 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 reference or introduction is required to safeguard the interest
of the bank.
The duly filled in proposal form must be submitted to the
bank along with necessary documents. For e.g. 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 produced. The requirements for opening account are:
of the individuals opening the account
of Aaadhar Card, Voter ID card; ration Card, Driving License or passport as
proof of address
bank officer verifies the proposal 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 proposal form.
getting the proposal form cleared, the necessary amount is deposited in the
bank. After depositing the initial money, the bank provides a pass 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. For recurring account,
the pass book and a pay in slip book is issued.