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What is the New Bank Account Opening Process?

by chalmelaarjit

Money is essential to meet your current and future needs. Working hard to earn is as important as saving. You should plan your finances well to get the best outcome and avoid debts. Banks are a safe place to store your savings and access them whenever required. They offer varying features and benefits to customers.

Therefore, research well before a new Bank Account open. Although Online Banking is as easy as a click of a button, you should know the benefits, features, and processes before proceeding. If you are a busy parent, business owner, or community member, technology is of great help for everyone. Here is a guide:

Decide The Account Type

Compare all the bank offers and products before submitting the documents. You should select an account that suits your financial needs. Some common categories include regular Savings Accounts, Zero-Balance Accounts, Women’s accounts, Senior Citizens’ Accounts, etc.

Visit The Website

After browsing through the types, visit the bank’s official website to check the schemes, offers, inclusions, benefits, and other features. Browse their KYC and eligibility requirements and read all the terms and conditions carefully.

Log In With Credentials

Open an account and ask the bank to give access to Internet Banking. Log in to the account online for easy access. Set a strong password when prompted. You can see many banking and financial services options upon opening the portal.

Fill The Form

You should fill out the application form and enter your name, address, date of birth, and other details. To fulfill the KYC and eligibility requirements, provide all the relevant documents, including the Aadhaar, PAN Card, and Voter ID. Upon submitting these documents, the bank starts the verification process. You get approval to open the account if all the documents and information are correct. You can also opt for an Instant Account opening facility.

What is the Eligibility?

Banks set varying eligibility criteria for a new Bank Account open. The standard criteria include Indian nationality, resident status, and age. Only resident Indians above 18 years can open and operate the account independently. Minors can open an account jointly with a parent or guardian.

How to Operate?

You need to make an initial deposit, depending on the account type. You can operate the account and withdraw funds using the ATM or Debit Card linked to the account. Avoid sharing confidential information like passwords and PINs. Once the verification completes, the bank provides a chequebook, passbook, and other relevant documents.

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