Steps to open a Bank Account
At present Banks have emerged as essential financial institutions. Banks make available a safe environment and help us manage our financial transactions. To gain professional banking service it is compulsory for every individual to open a bank account. Opening a bank account is not a difficult job. It takes simply seven easy steps to open a bank account. This piece of writing will help you understand these seven simple steps or method to open a bank account.
Step One: Decide the Type of Bank Account you want to open
There are various types of bank accounts such as Saving Account, Recurring Account, Fixed Deposit Account and Current Account so on. Therefore a decision regarding the type of account to be opened must be taken.
Step Two: Approach any Bank to open a account
After taking decision the person should approach a convenient bank. He has to meet up the bank officer regarding the opening of the account. The bank officer will provide a application form (Account Opening Form) to open bank account.
Step Three: Fill up Bank Account Opening Application Form
The application form must be duly filled in all respects. Necessary details such as : 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. At present the banks ask the applicant to submit copies of his latest photograph for the purpose of his identification.
Step Four: Give introductions for Opening your Bank Account
The bank normally required introduction of the prospective account holder by any of the existing account holders for which type of account to be opened. The introducer introduces by signing his specimen signature. The introduction is required to safeguard the interest of the bank.
Step Five: Submit Bank Account Opening Form and Required Documents
The duly filled in application 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 submitted by the account holder.
Step Six: Bank Official will verify your Bank Account Opening Form
The bank official verifies the application form. He checks whether the form is complete in all respects or not. The accompanying required documents are verified. If the official is satisfied, then he clears the account opening application form.
Step Seven: Required initial Deposit amount in newly opened Bank Account
After getting the application form cleared, the necessary amount is deposited in the bank. After depositing the initial money, the bank provides a bank account number, 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 by the bank. In the case of current account, a cheque book and a pay in slip book is issued.
After completing above seven steps account holder get a number which is provided by the bank is his bank account number.And completed his opening a bank account formalities