How to open a bank account

Storing money in your homes- whether it is dropping change in the piggy banks or hiding a pile under your mattresses is surely not a safe way of placing your cash. The most preferable method is by opening up a bank account.

It is vital to have a bank account as it is considered to be a safer place to keep your money rather than keeping it at homes. Online banking is a trend these days, which is growing steadily as people prefer doing all their daily transactions via this. Maintaining a bank account is not essential but has a lot of perks.

Depending upon the nature of your transactions, banks offer a variety of accounts. From savings to personal to deposit, banks provide you with several options to choose from.

Opening a bank account is not a difficult task. This article provides you with seven easy steps on how to go about opening a bank account-

1)   Deciding on which type of account to hold?

As mentioned before, there are several types of accounts to choose from. So depending upon the nature of transaction, people need to zero down on one particular option.

2)   Approach any bank.

Ask, follow, research which bank you would like to open your account in. Therefore after deciding that, you can schedule a meeting with the bank officer who would then give you the necessary bank opening forms and information.

 3)   Submit account opening forms and the necessary documents along.

Banks often ask for documents such as passport copies or diving licenses. Banks require identity proofs along with passport size photographs. You are also required to give in your signatures.

4)   Wait for the Bank to do its work.

Now that you have submitted the various documents, your job is temporarily done here. The bank officer will not verify your documents. He would check various details, which are extremely significant such as phone numbers, address proof etc. If the bank officer is satisfied with the given information, he will process your documents and thus your bank account is opened.

 5)   Deposit initial fixed amount.

Banks and various other financial institutions have different policies. Therefore every bank asks for a certain type of amount to be deposited.

6)   Collect!

It’s finally time for you to now collect your debit/credit card, and in some cases a chequebook. Passbooks are also handed out to every customer. Passbooks are small ledgers, which maintain your daily transactions.

7)   Keep checking.

Due to a tremendous growth in technology, account hacking is very common. So therefore make sure you check your transactions, which take place. Make sure you receive your bank statements every month or so. Checking and validating transactions is necessary.

 

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