Open bank account - the most common and first service of the banking
sector. There are different types of bank account in Indian banking
sector. The bank accounts are as follows:
- Bank Savings Account - Bank Savings Account can be opened for
eligible person / persons and certain organisations / agencies (as
advised by Reserve Bank of India (RBI) from time to time)
- Bank Current Account - Bank Current Account can be opened by
individuals / partnership firms / Private and Public Limited
Companies / HUFs / Specified Associates / Societies / Trusts, etc.
- Bank Term Deposits Account - Bank Term Deposits Account can be
opened by individuals / partnership firms / Private and Public
Limited Companies / HUFs/ Specified Associates / Societies / Trusts,
etc.
- Bank Account Online - With the advancement of technology, the
major banks in the public and private sector has faciliated their
customer to open bank account online. Bank account online is
registered through a PC with an internet connection. The advent of
bank account online has saved both the cost of operation for banks
as well as the time taken in opening an account.
Note :- A minor account can be opened but jointly with a
guardian and only the guardian would is allowed to operate the account.
General procedure to open an account
- The Bank will provide you with details of various types of
accounts that you may open with the Bank.
- You can have your choice on what type of account would best suit
you, based on your needs and requirements
- The Bank will, prior to opening an account, require documentation
and information as prescribed by the "Know Your Customer"
(KYC) guidelines issued by RBI and or such other norms or procedures
adopted by the Bank prior to opening the account.
- The due diligence process that the Bank would follow, will
involve providing documentation verifying your identity, verifying
your address, and information onyour occupation or business and
source of funds. As part of the due diligence process the Bank may
also require an introduction from a person acceptable to the Bank if
they so deem necessary and will need your recent photographs.
- The Bank is required by law to obtain Permanent Account Number
(PAN) or General Index Register (GIR) Number or, where you do not
possess such registration, declaration in Form No. 60 or 61 as
specified under the Income Tax Rules.
- In the event that the account opening process is likely to take
longer than normal, the Bank will inform you of the revised
timeline.
- You can also call your branch or the executive for any queries
that you may have and the branch / executive will revert on the
query at the earliest.
- The Bank will provide you with the account opening forms and
other relevant material to enable you open the account. Bank
personnel will advise you on the complete details of information
that would be required by the Bank for the verification process.
- The Bank reserves the right, at its sole discretion, to open any
account and at such terms as the Bank may prescribe from time to
time
