what is the procedure to open a bank account?
iam staying in chennai in a mansion iam having pan card and lic orginal bond i need a bank account
Open Bank Account Step 1: Choose an Institution
You may have already done this. If not, shop around. What type of account do you want? A savings account? A free checking account? Should you use a credit union? See who has the features you want and get an open bank account with them.
* Choosing a Bank
* Best Savings Account Interest Rates
* How Credit Unions Work
Open Bank Account Step 2: Go to the Bank or Website
The easiest way to get this done is find the institution’s website. Try searching on Google. The advantage of opening a bank account online is that you can do it at any hour, anywhere. However, if you only want to open a bank account in person you can just show up at the branch during business hours.
Open Bank Account Step 3: Pick the Product You Want
Any financial institution will have a variety of account types and services that you can mix and match. They’ll all have fancy names that you may need to learn. Pick the one that has the mix that is right for you.
On a website, you may have to drill down to the product that is right for you. You might click “Open Bank Account”, and then click “Checking”, and finally “Free Checking”. If you open bank accounts in person, you can just chat with a banker who will help you open the best account for your needs.
* Checking Account Essentials
* CD Investment Basics
Open Bank Account Step 4: Provide Your Information
In order to open an account, you must provide some information to the bank. They do not open bank accounts without certain details about you. This is to protect them against risk and comply with a variety of regulations. You’ll need to provide simple details like your name and birthday, as well as identification numbers (in the U.S. this is most likely your Social Security Number). You may also need to provide a government ID or Driver’s License number.
If you’re doing this online, you’ll just type the information into a textbox. If you open bank accounts in person you can hand your ID’s over to the banker who will probably make photocopies.
Open Bank Account Step 5: Agree to Terms
You’ll have to agree to abide by certain rules and accept responsibility for certain actions. When you open bank accounts, you form a relationship based on a very touchy subject – your money. Therefore you should know what you’re getting into. If you open bank accounts online, you complete this step by clicking an “I Agree” (or similar) button, and performing the next step.
Open Bank Account Step 6: Print, Sign, and Mail (If Applicable)
If you open bank accounts in person, this step does not apply. Skip to “Open Bank Account Step 7”. If you are opening an account online, you’ll probably have to print, sign, and mail a document to the bank before the account is opened. Some banks may use electronic disclosure and consent that is legally binding, but many still won’t open bank accounts unless you complete this step. Until they receive the documents, your account is not active.
Open Bank Account Step 7: Congratulate Yourself!
Congratulations, you are the proud owner of a new account.
Now, you’ll just need to wait a few days to a few weeks for the bank to process your paperwork. Then, they will mail you anything you need for the account such as checkbooks and debit cards.
Opening bank accounts is really quite easy as long as you know what to expect. Just be ready to complete the required steps.
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