What is a bank account?
Everyone does have a bank account where they deposit and withdraw their money. It is basically financial account maintained by number of banks and it depends on a person that in which bank he/she would like to open an account. In some cases, interest are also been paid to the bank. Every single record of withdrawal, transactions and deposit is maintained by the bank. There are seven basic types of bank account which are followed as;
- Saving Account
- Regular Savings
- Current Account
- Recurring Deposit Account
- NRI Accounts
Saving account is the normal banking service and this account does not require the minimum balance in order to maintain one’s balance. In saving account, the card holder gets the ATM card, Debit card and a Rupay card. There is no limit in depositing the money but only four withdrawals is allowed in a month that includes the ATM withdrawal as well. For saving account, the facility of overdraft is given up to Rs. 5000/-
How to open a saving account?
The saving account can open in person as well as online. If you want to open the saving account in person then at the bank you’ll get the support from the bank employees and to open the saving account then only mobile number is required to start the process. The process of opening a saving account is followed as;
For opening a saving account certain proof is required;
- Identity Proof (Driver License, Passport, Adhaar Card and etc.)
- Address Proof (Driver License, Passport, Adhaar Card and etc.)
- PAN Card
- Form 16 is required, it is a certificate issued by the applicant’s employer. It asserts the TDS that gets deduct from the salary as well. This form is required in the case when applicant doesn’t have the PAN Card.
- Two passport-sized photographs (Latest).
- Fill the application form and then submit the form with required documents. Bank executives will take some time for verifying all the documents and once the verification is done, the first deposit has to be made as per the account’s requirement.
- Once all the processing is done, the bank executive will hand over the debit card and all the relevant documents to the account
With these simple steps you can open a saving account.
Two or more individuals in joint accounts, associations, clubs, single accounts and etc. are eligible for regular account. In regular account, two free cheque books are issued per year. The modest credit is an option and depends on the depositor. In regular accounts facility of internet banking is available and does not require any charge. Students are also eligible to open regular accounts with zero balance in it and only valid documents are required.
In current account, payments can be done for number of times without any limit and it is easy to forward the funds from any part of the country to the parallel account. Facility of internet banking and overdraft is available in the current account.
RECURRING DEPOSIT ACCOUNT
This account can be opened for any period that ranges from 6 months to 120 months and the selected amount for installment during the start of the scheme is payable per month. In this account, once the installment is fixed then it cannot be change again. Pass book is provided to the depositor and TDS is relevant on the interest.
In NRI accounts there are three types of accounts that are-
- NRO (Non-Resident Ordinary Rupees) Account
- NRE (Non-Resident External Rupees) Account
- FCNR (Foreign Currency Non-Resident) Account
How to open a bank account?
With these simple steps a person can open a bank account easily.
- First decide the bank in which you want to open your account and it totally depends on the choice of the person. Several types of bank account are saving account, recurring account, fixed deposit account and current account.
- Once the person decides the account then he/she has to approach to the bank in which he/she is willing to open the account. Then the bank officer will give the applicant an account opening form. After getting the form, fill up all the required details such as name, address, occupation and other relevant details that the form demands.
- Then, give a reference in order to open the account of any account holder whose account already exists. The purpose of reference is to protect the bank’s interest.
- Once the account opening form is filled submit it with required documents to the bank. After the submission of the account opening form bank officer will verify the form along with your documents and when the officer agrees the form further action will be taken.
- Once your bank account gets opened you need to deposit the starting amount and after this the bank will provide you with the pass book, cheque book and pay in slip book but in the matter of saving account.
It takes around 7-10 working days for the bank account to get open where you’ll get the debit card and some other relevant information related to the account. If you are opening an account in person then it will take a time.
How to open a bank account online?
It is not mandatory to open a bank account in person, you can open a bank account online. By opening a bank account online there is no need to go personally to the bank you can open it by sitting at home only. It is a very simple procedure to open the bank account online, all you need to follow these simple steps mentioned below.
- Decide the account in which you want to open your account and find the best bank account as per your choice.
- After deciding this, the next choice that you’ve to make is whether you want to open the joint account or the single account. When you opening a joint bank account you will share your account with someone else and when you open a single account you’re the owner of your own account and no one else.
- After this apply for the account online. Click on the option ‘go to site’ where new tab will be opened and you will receive the form that you need to fill this way you’ll secure your online application. Once you fill the form you’ll get an E-mail within few seconds regarding further steps.
- Afterwards, you need to verify your identity by providing some government-ID proof that will confirm your identity. Click the photo of your identity and paste it along.
- After giving your ID-proof you need to make a deposit but it is required by some of the banks and not all the banks. After all the process, the debit card will get delivered to your address and then you can use it easily as per your wish.
Now, you know how to open a bank account online with these simple steps by sitting at home with just one click on your phone screen. Online bank account is an easy process where your account gets opened in 10-15 minutes.