How To Open a Bank Account: Check Steps, List of Documents Required Here (2024)

Opening A Bank Account In India: Opening a bank account, whether online or in person, is a simple and easy process. Check steps and list of documents required Here.

Opening A Bank Account In India: The days of physically seeing all of one’s savings and money stashed away in one’s home or locker are long gone. With the majority of transactions now taking place online and all financial transactions being handled digitally, having a bank account has become a necessity in every individual’s life. People can keep their hard-earned money safe in bank accounts and invest it for profit. Opening a bank account, whether online or in person, is a simple and easy process. On the other hand, Choosing the best bank and type of account takes the most time because many factors are to be considered before opening a new bank account.

Step-by-Step Guide to Follow to Open A Bank Account

Step 1: Choose ‘The Right Banking Partner‍’

The first and foremost step in opening a bank account is to find the best banking partner for your needs and preferences. When shortlisting banks, one must ensure that a few factors are taken into account. If you’re going to open a savings account, you will want to maximise the interest earned on your account balance. Keep an eye out for banks with higher interest rates that will allow you to profit more. Another important factor to consider is the minimum balance requirements set by individual banks. Some bank accounts may have a minimum balance requirement, whereas others may have a zero balance requirement.

If you do not maintain the minimum balance required by the terms and conditions, banks will charge you a penalty. Furthermore, banks charge fees for a variety of items, such as overdraft fees, standard service costs, and ATM fees. Before selecting the best bank, you must consider all of these factors.

Step 2: Visit the Bank or go to their Website/ App‍

Once you’ve decided on a banking partner, go to their branch or website. If you are visiting in person, proceed to the counter and request the form and process for opening a new account. If you’re doing it online, navigate to the appropriate section and select the option to open an account. ‍

Step 3: Fill out the Application Form‍

Step 4: Submit the Necessary Paperwork ‍

After completing the application form, you must attach copies of the required documents. This list may differ slightly from one bank to the next. According to the requirements of certain banks, you may be required to self-attest the copies of your documents before submitting them. Some of the mandatory documents that must be included in the necessary paperwork are as follows:

1. Aadhaar card
2. Proof of identity and address – PAN card, driver’s licence and passport
3. Form 16 (required only if the individual does not have a PAN card)
4. Most recent passport-size photographs
5. Some banks may require you to self-attest your documents before submitting them online.

Step 5: Complete KYC Process‍

If the account was opened online, Know Your Customer (KYC) must be completed online via a video call. To proceed, one must confirm their identity and ensure that they are who they claim to be.

Step 6: Make an initial deposit

Once the account is opened, the customer must physically visit the bank and make an initial deposit in accordance with the bank’s regulations. Following the verification process, a passbook and chequebook will be issued.