Every Bank either the Commercial or Centralized/Nationalized bank follow the most of the common credentials for the Opening an Account of an individual in its bank as per guidelines by the Reserve Bank Of India. Having a Savings Account is a most required thing for the common person to gain financial reservations from the government such as pension.
Why Do i need a Bank Account
There must be need to do any thing ever for the account opening in a bank. You need to think of the necessity of the Account. Do you want make some savings in a secure place? Will your father has to travel miles of distance to give the college fee? Is your company paying only Account Pay Cheque for your work? Like this every might be in a situation to get the benefit of the bank. So, first check your-self is it mandatory for your a Bank Account?
Financial Instruments like Cheque Book necessary
In this globalized society there are a lot of financial instruments available for the people needs for such online shopping, buying petrol at a fuel station using Debit/ATM Card, paying the Insurance Premium with a Cheque. So, there will be additional charges for such instruments. Different banks charges different fees. In centralized banks you will get a passbook with which you can withdraw amount for a free of cost, where as in corporate bank you need to use only cheque or ATM Cards to withdraw the amount for them their banks charge annual fee.
Take Necessary Documents for Account Opening
You need to take lease an Identity proof and a Residence proof and few (2) Colour Passport sized Photographs of you.
Residence or Address Proof
It represents the location where you are living in. If you don't have any residence certification you can get the Residence Certificate from the Mandal Revenue Office or some separate government organizations, who issues the certificates on behalf of the MRO, Gram Panchayats like Mee Seva in Andhra Pradesh state. An Address proof can any of the below.
- Electricity Bill
- Municipal Bill
- Ration Card or such kind of the cards issued by the state government.
- Other Bank's last three months statement.
Identity proof tells that the person is the citizen of the country and he is the unique. You must get from the statement government but it is complecated go have. In common practice central government issues some identity cards to the people then only we have get it. Later is quite impossible to have. Like Aadhaar Card. An Identity proof can be any of the below.
- Electoral Card issued by the Election Commission of India.
- PAN Card issued by the Income Tax Department.
- Driving License issued by the Regional Transport Authority/Officer.
- Aadhaar Card issued by the Unique Identification Authority of India.
Approach Bank Officer
Now banking information for account opening; such as minimum balance at bank, annual charges are open to every through its notice board and media. So, select the choice of your bank to open your account which meets your financial needs and banking services. Appeal the officer for the Bank Account Opening Form/Application. Don't forget to keep your ID Proof.
Complete the Application Form and enclose the documents.
After getting the application form fill your personal details like name, address as show in the ID Proof and provide the financial details for the interest of the bank. As well make necessary claim for financial instruments like Cheque Book. As well you need to get the specimen signature of the existing account holders as an introducer for you to the bank. The introducer must belongs to the same bank, yet having account in different branch. So, ask him to sign in the specified area in the form for the interest of the bank.
Take back the completed Proposal form to the Banker
The Bank Officer will verify your Proposal form against the documents and clears your application for the account opening if all the information is met as per bank needs.
Deposit Initial Amount for Account Opeing
After verification you need to deposit the initial amount. This amount varies based on the instruments and bank type you choose. Usually 500 in normal case, with ATM 600, if you want cheque book as well you need to deposit 1,000 Indian Rupees in your account. After that you will be given the Passbook. Some commercial banks will send you monthly statement to your address they don't use the passbook.