The procedure of opening of a bank
account is not difficult. It is quite simple and easy. It takes only 9 steps to
open it. This article will help you to open your bank account. The steps to
open a bank account are discussed below.
1. Selection of Bank and its Branch
Once the prospective
accountholder has made up his mind to open a bank account, he will have to
choose the convenient bank and its nearest branch.
2. Decide on Type of Account
There are different types of
bank accounts such as current, saving and fixed deposit accounts. Current
account is opened for daily business transactions. Saving account is used for
saving purpose. While fixed deposit account is open for earning interest
income.
3. Filling up Application Form
Once the prospective customer
has selected bank and type of account, he has to meet the bank manager to open
a bank account. The bank manager will provide him an application form (Account
Opening Form) and reference card to fill up such informations:
- Name
- Address
- Occupation
- Contact number
- Date of birth
- Gender
- Initial deposit
- Two signatures on reference card for specimen
- And other necessary details
4. Attachments of Documents
The filled up application form
must be submitted to the bank along with necessary documents. For example, in
case of individual, photocopy of identity card must be attached. In case of Joint
Stock Company, bank requires photocopies of board’s resolution, articles and
memorandum of association. Other necessary documents may also be required by
bank.
5. Giving References
The bank requires introduction
of the prospective customer from the existing customers. The introducer or
referee will sign the name and write his account number in the columns provided
in the application form.
6. Issuance of Account Number
After verification of an
application form, the bank will issue an account number to customer. The
customer will be able to deposit and withdraw money by using account number.
7. Providing Pay-in-slip
At this step the account has
been opened. Now the bank will provide pay-in slip to the accountholder. The
pay-in-slip is use to deposit the money.
8. Deposit of Initial Amount
When the account number is
issued and pay-in-slip is received, the accountholder will make an initial
deposit at cash counter by filling up pay-in-slip.
9. Provision of Cheque Book
When the accountholder deposit
initial amount, the bank will supply a cheque book. The cheque book will only
be provided for current and saving account. Bank does not supply a cheque book
for fixed deposit account, because it non-checking account.
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