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:
- Contact number
- Date of birth
- 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.