What are the steps involved in opening a bank account in any bank?

The following points may help you:

a. Banks are  an important organisation and medium of making accepting deposits and lending money to the public.
b.  People can open a current account or a saving account in banks and can deposit their money.
c. It involves the following steps:

i. Firstly it is important to decide in which bank one wants to open an account, the choice is determined by the credibility, services offered like ATM, cheques, telephone , Internet banking , interests rate offered by the bank etc,
ii.Decide on the type of account you need, whether you need a current or saving account, joint account etc.
iii. Collect the application form from the bank and fill in the necessary details along with photographs.
iv. Furnish and attach necessary documents required to open an account like identity proof, address proof, age proof.
v.  Self attested Photocopies of the aforesaid forms are to be attached and original are to be produced for verification.
vi. Bank forms also contains the column of the guarantor who already has an account in the bank.
vii. Once all the documents are furnished, bank processes them and if satisfied , an account is opened.

 

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1Examine Your Financial Situation.Let's begin with a practical question: do you have any money? Coins don't count (unless they're valuable collector's coins). You don't have to be loaded to start a bank account, but it's tough to open a bank account with $0.23 in your wallet. Here's why:

  • Minimum Balances: Certain types of accounts require you to maintain a minimum balance - that means that you must have at least a certain amount of money in the bank at all times. If your account ever dips below that minimum balance, then you'll get charged a fine. The reason why banks like to hold onto at least some of your hard-earned cash is because they need it to lend to other people who want to take out loans for houses, cars, college tuition.
  • Service Charges: Some accounts charge you a monthly fee for the privilege of using their services; so if you have no money to give to them, why bother paying that service charge every month? We should add, however, that the service fees at most banks are usually fairly low, so it might be worth it for you to just keep an account open if you know that you'll at least have some money to put away some time. But it's still an expense to plan for.
  • Self-Esteem: It'll be depressing for you to get your bank statement in the mail every month if it's always going to tell you the same thing: "You have $0.00 in your account. Get a job. Loser."
  • ATM Services: Your bank will most likely charge you a fee for using automated teller machines (ATMs) that don't belong to them, and some will limit you to a certain number of ATM transactions per month on your bank's ATM's (if you exceed that number, you'll have to pay an additional fee at some banks). So although they're convenient, ATMs can be an expensive service.
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