In today’s fast-paced world, money travels fast, and all major transactions are happening with a tap of fingers. To cater to these changing requirements, opening a bank account is crucial. Modern banking has made opening a bank account pretty simple for everyone. Whether a student or professional, you should know the basic requirements of opening a bank account.
Along with all the necessary documents required for opening a bank account, you also need to fund the account. This is usually the initial deposit you must submit to start your account. In this article, you will receive complete information about the basic and important requirements for opening a bank account.
What is a Know Your Customer?
Know Your Customer (KYC). This is the process through which the bank obtains all the customer information, including the documents. This information may include the identity of the customer along with the address. With the help of KYC, banks can keep track of all their customers. The bank further uses the KYC information to verify all your submitted documents. Depending on that, you will receive approval for the business.
What Are The Documents Needed For Opening A Bank Account?
Submitting the documents is the first step towards completing the formalities. The documents required for opening a bank account usually vary from bank to bank. Below are some of the common documents that you will need to submit:
The identity proof also acts as proof of your age. The banks often accept the following documents to verify your identity and age. These include:
● Government-approved Aadhaar Card
● Driving Licence
● Government Provided Passport
● Voter ID Card
Your residential roof is of utmost importance as well. The banks will use this residential proof as a mode of communication. Below are the residential proof documents that you will need to submit to open your bank account:
● Driving Licence
● Voter ID Card
The utility bill that you submit should be at most two months. The following bills act as utility bills you can submit:
● Electricity bill
● Telephone bill
● Water bill
● Piped gas bill
● Post-paid mobile phone bill
For the application form to be approved, it is important to submit two passport-size photographs of the customer opening the bank account.
Steps to Open a Bank Account
Before you move forward with opening a bank account, you need to know if you want to open it online or offline. In the section below, we will be discussing the two methods through which you can open your bank account and easily get started:
Visit The Bank To Open A Bank Account
Opening your bank account by visiting the bank is often hailed as one of the easiest ways. You can complete the process just by visiting the bank. Below are the steps to open a bank account directly from the bank:
● Step 1: Visit the bank and request a ‘Bank Account Opening Form.’ In the form, you should fill in all the important details like address, name, occupation, and more. It is advisable to fill out the application form properly.
● Step 2: If you’re opening the account via the bank, you may need to submit some references too. You must provide information in the introduction section if you have a reference.
● Step 3: After completing the form, you must attach the necessary documents. The bank will use the document for verification purposes.
● Step 4: The bank officer will check all the documents and provide approval only if they are in accordance. Once you receive approval, you can open the account.
Opening A Bank Account Online
The online procedure is not only paperless but also hassle-free. You wouldn’t have to visit the bank branch, and the account would be ready with a few clicks. Below are the steps you need to follow to open the bank account online:
● Step 1: Check the official website of the bank.
● Step 2: You must fill out the application form on the website. After filling out the application form, you need to attach a digital copy of all the necessary documents. You must also submit a digital copy of the photographs.
● Step 3: After you have submitted the documents, the backend team of the bank will verify all the documents.
Only after the complete verification process can you open the account. Once the account is opened after verification, you can start using your bank account.
Opening a bank account in today’s world has become simple. The banks are adopting technology to help individuals open their accounts online or offline. No matter what mode you use to open the account, you should follow the process carefully. At the same time, you should submit accurate documents.