Banks are no longer just the place to keep money and use the locker feature to safely keep jewellery and important documents. Nowadays, opening a bank account helps you invest in stocks, buy shares, have access to digital payment options, and even provide a copy of the passbook as identity proof. Many banks offer lucrative interest rates to customers who opt for a savings account or open a fixed deposit account. Each bank has its own set of benefits and offerings. But, the main criteria that prompt people to open a bank account is the security these banks provide when making online transactions or even oversea money transfers.
A bank account helps keep a record of how much money you have at a given time. When you go to deposit or withdraw money, your account details are updated accordingly.
Upon opening a bank account, you also get a debit card and mobile banking facilities. This removes the need to go to your bank branch every time you need to make a transaction. Want to withdraw money? Simply visit any ATM and use your debit card for the same. Debit cards, credit cards, and banks’ own UPI also help you make cashless payments whenever you purchase anything.
To be considered eligible for opening a bank account, you need to:
In the case a minor requires to open a bank account, then the parents or the legal guardian must sign and register on the minor’s behalf. Some nationalized banks do have the option of minors having a joint account with a parent. This parent’s name is removed once the minor reaches 18 years of age.
For opening a bank account, you need to provide certain documents that confirm your citizenship and your earnings. The set of documents requested are:
Online new account opening is as easy as creating a new Facebook account. If you want to know how to open a bank account online, you need to follow the given steps:
Once the bank receives it, they will call and send a representative with the new account kit and also verify the documents. In case you are opting for a Neobank like Jupiter, you can easily open an account with your PAN and AADHAR card numbers. OTP and codes will be sent to your registered mobile account.
If you find online account opening to be confusing or are still unsure about the type of account that will suit your needs, you can always visit the branch nearest to you to get the account opened. The process for opening a bank account offline is very similar to that done online. You visit the branch, understand the different types of accounts and get suggestions on which suits you best. Next:
You are all set to use your new bank account.
Banks are considered to be financial institutes responsible for regulating the economic status of an individual and also dealing with loans.There are primarily three types of banks and their roles vary based on the types of services they provide.
The Central Bank is responsible for regulating the other banks. In India, this role is on the RBI or Reserve Bank of India. Central banks usually do not let other citizens open a direct bank account but they respond to grievances and compliance issues related to the banks they oversee.
Cooperative Banks are governed by the laws of either the state or the nation. Some examples of Cooperative Banks are Saraswat Co-operative Bank, Cosmos Co-operative Bank, and Bharat Co-operative Bank.These banks help people from the lower strata of society to become financially stable.
Commercial Banks are regulated by the Banking Regulation Act of 1949 and the core interest of these banks is usually to make a decent profit. They function either as public sector banks (Bank of India, State Bank of India, Punjab National Bank, etc.), private sector banks (HDFC Bank, Axis Bank, Federal Bank, etc.), or foreign banks (HSBC, Citi Bank, Standard Chartered Bank, etc.).
The process for opening a bank account is simple and technology has made it possible to open an account within a few minutes. But, the first thing that you need to consider before opening a bank account is to know if that particular account is right for you. Here is a checklist for the same:
Having a bank account is a crucial part of living in this age and day. You can link your bank account with a digital wallet and pay bills or recharge your phones from your phone. There are many myths and misconceptions surrounding banks and bank accounts. People often refrain from opening a bank account thinking that their money can be looted by hackers. But, banks do have strict policies regarding safeguarding client money and data. Hence, you can open a bank account with an easy mind.
Yes, you can have more than one account with a single bank or have accounts over multiple banks. As long as you provide your authentic data and the banks allow it.
This depends on the banks. Some offer a zero-balance savings account while others require at least 10000 rupees to be deposited and maintained for the same.
Some banks require you to maintain a CIBIL score of 700 while some allow people with low or no CIBIL score to open an account.
Priyanka Rao is a content strategist for Jupiter.Money, and specializes in writing on topics related to finance, banking, budgeting, salary & wages, and other financial matters. She has a passion for creating engaging content that resonates with audiences across various digital platforms. In her free time, Priyanka enjoys traveling and reading, which allows her to gain new perspectives and inspiration for her work. With a keen eye for detail and a creative mindset, Priyanka is committed to creating content that connects well with her readers, enhancing their digital experiences.
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