7 Steps To Open Bank Account

How to Open Bank Account?
7 Steps To Open Bank Account

PROCEDURE TO OPEN BANK ACCOUNT

There are several steps are required to open a bank account but the procedure of opening an account is quite simple and easy as discussed below.

SELECT A TYPE OF BANK ACCOUNT: When a client wants to open a bank account, first he selects the type of bank account according to his preference because in modern age a commercial bank provides the facility to open the different kinds of bank account, considering the need of all groups in the society. Savings account serves the purpose of saving; current account is used for settling business transactions.

APPLICATION & ENCLOSURES PROCESS: The bank manager will provide the client an application form for getting such information as: name, father name, address, profession, amount to be deposited, introducer`s date, date & signature, etc. Along with the application form, a photocopy of the identity card of the account holder must be attached. For identification purpose, the bank may also ask to enclose a photograph.

REFERENCE CARD: Along with the application form the bank also gives a blank reference card, which requires two signatures of the account holder as a specimen to be kept at the bank. When a cheque is presented at the bank, it matches the signature on the cheque will the one on the reference card.

REFERENCES: At the time of opening an account the bank requires one or two referees who are already account holders of the same bank. The referee will sign the name and write his account number in the columns provided in the application form. This reference ensures the bank`s confidence in the new account holder.

ALLOTMENT OF ACCOUNT NUMBER: After thorough scrutiny of the application form, the bank will allot an account number through which all deposits and withdrawals will be carried out.

RECEIVE PAY-IN-SLIP: At this stage the bank provides pay-in-slip to the account holder to use it for deposit the money. The stub, a smaller part of the slip, duly signed and stamped by the bank, will be given back to the depositor as a proof of deposit. In short, the pay-in-slip is used to deposit the money.


RECEIVE CHEQUE BOOK: Now the bank supplies a cheque book that contains up to 25 leaves for savings account and 25 or more for current account. Fixed deposit account doesn`t carry cheque books because it is a non-cheque account.