The era of physically storing savings and cash in homes or safes has faded into history.
These days, where the majority of financial transactions happen online, having a bank
account has become an indispensable part of everyone’s life. It provides a secure place to
safeguard earnings and explore investment opportunities.
Do you currently possess a bank account? If not, it is highly recommended to have one, as
it serves as the initial step when navigating the world of finances. The Pradhan Mantri Jan
Dhan Yojana, launched on August 28, 2014, has successfully added over 20 crore accounts
as part of its financial inclusion initiative. A bank account not only ensures the safety of your
funds but also allows you to earn interest on your balance. In this article, you will learn how
to open a bank account easily in 5 steps.
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Steps to Open a Bank Account
Open bank account online is straightforward as long as you have the necessary documents to
verify your identity. You can easily open a bank account, whether online or in-person.
However, selecting the ideal bank and account type can be time-consuming due to the
various factors that need to be evaluated before finalising.
Follow these steps to initiate the process of opening a bank account:
1.Select a Bank
You’ve likely completed this step already, but if not, explore different banks in your
vicinity. Have discussions with various banks to understand the benefits of opening
an account with them. You can choose based on each bank’s unique services and
features, some of which may include higher interest rates than the standard ones
provided by many private sector banks.
2.Visit the Bank or Their Website
After selecting your preferred bank, you have two options for opening your account.
You can visit the bank during operating hours with your identification documents and
initial deposit to open your account in person. Alternatively, you can choose the
online route by accessing the bank’s website or by downloading their app, which
offers the convenience of opening an account anytime and from anywhere.
3.Choose Your Banking Account
Banks provide a range of account types and services to cater to various needs.
Depending on your requirements, you can opt for a savings bank account for basic
banking needs or a current account if you are a business owner.
4.Provide Your Information and Documents
To complete the account opening process, you’ll need to fill out the required forms,
affix your photograph, and provide your Know Your Customer (KYC) details. Submit
the necessary documents, which typically include a photo identity proof such as your
PAN card, Passport, or Aadhaar card and an address proof like your Passport,
Ration card, or Voter ID card. It is worth noting that your passport or Aadhaar card
can serve as photo proof and address proof. Provide your essential details, including
your name, birth date, email address, phone number, and more. Complete the form
in its entirety and then submit it.
5.Review and Accept Terms and Conditions
Before signing any documents, it’s essential to carefully review all the terms and
conditions associated with your account. If you have any doubts or questions, don’t
hesitate to contact the bank representative for clarification. In many cases, banks will
assist you in filling out the application form, and you’ll simply need to submit your
documents and provide your signature after thoroughly understanding the terms and
conditions. In case of an online account opening, the KYC process may also be
conducted online via video call. To proceed, you’ll need to confirm your identity and
verify that you are the person you claim to be.
After successfully opening the account, the customer may need to make an in-person visit to
the bank to make an initial deposit as per the bank’s requirements. Once the verification is
completed, the bank will provide a passbook and a chequebook.
Enjoy a convenient, secure, and beneficial banking experience with a Savings Account that
many banks and financial institutions provide. Your funds are readily accessible, and
continue to earn interest. You can access your money conveniently through our extensive
branch and ATM network and 24×7 phone banking service.
Effectively and securely oversee your finances from the comfort of your home or workplace
through Internet Banking. You can effortlessly transfer funds, settle bills, make purchases,
book tickets, and perform many other tasks at your fingertips.
Carry your banking with you wherever you go with the services at your disposal.
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Conclusion
Savings Bank account these days isn’t just a choice; it’s a necessity. Choosing a bank or
financial institution whose offerings tally with what you want to achieve in the short- and
long-term is paramount. Research thoroughly and choose wisely.
