Hey there! this is Daimary John and in this post, How to open a bank account in India. I’m going to teach you all, How you can open your own Bank Account.
Below are all the necessary steps that you can follow in order to create your own Bank Account.
That is, for just basic savings use or for business purpose? Public Banks are suitable for most daily uses, but if you are planning for business use. Try applying for the Private Banks. They offer much more Withdraw limits, Transfer limits, Payment limits, and a lot of facilities which are all crucial for a Businessman.
2. Gather all Documents
2. Aadhar Card
3. Driver’s License
4. Voter ID
5. Job Card etc.
1. Driver’s License
2. Aadhar Card
3. Voter ID
4. Electricity Bill etc.
In my case, I submitted my PAN Card as an ID Proof and my Caste Certificate as an Address Proof. If you don’t have the appropriate Proofs, make sure you contact the Branch Manager first. That way, he/she will be capable of assisting you in all the possible ways.
And if you visit few banks such as PNB, they also accepts an NOC as an address roof. So for people who are currently on rent, you can also apply for public banks such as SBI. They will provide you a form which will have to be filled by the house owner.
And as far as private bank goes, they will also accept your father’s Driver’s License as an Address Proof.
3. Know your need
1. Debit Card: Debit Cards works with “Your Money”. What i mean to say is that, You will have to Add Funds to your card before you can actually use it. Just the way we recharge our Phones. This are also known as an ATM card, as they can be used in the ATM machines to Withdraw Funds, Deposit Funds, Transfer Funds and etc and etc. And there are 2 Types of account associated with your Debit card. Here are they:
(a) Current Account: This type of account is suitable for Business Purposes. Mainly because it has a higher limit on Withdrawals, Transfers, Payments etc.
(b) Savings Account: Just as the name suggests, “Savings”. This account is used for saving your hard earned money. Here you will also receive additional interests from banks Per Annum. Which is usually around 4% – 6% p.a. But you do have a lot of limitations here. Such as 40,000 withdrawal per day, maximum payment around ₹1 – 4 lac. And etc and etc.
2. Credit Card: Now this Card does not run with “Your Money”. It works with the “Bank’s Money”. In other words, you can make a payment with your Credit Card even if you don’t have funds. In short, “Bank Pays For You”. And you will have to repay the amount with Interest, at a later stage. You can also buy expensive Gadgets and pay the amount “Monthly”. Which is known as “EMI”.
4. Deposit(s) / Payment(s)
Now you will have to make payments. For most Public Banks, you will actually have to pay nothing extra. And they also Demands to have a smaller amount of deposit. Amount starts at a minimum ₹1,000 and maximum ₹3,000.
On the other hand , Private Banks demand around ₹10,000 – 11,000 as deposit and they also charge around ₹200 – 600 extra for your Debit Card.
Now that you have successfully applied for your Bank Account, you will have to wait for around 7-15 days before you can actually start using your Debit Card. Or you can also get the “Insta” card. Which will be issued within the moment you apply.
After you have received your card, it’s now time to Activate it, so that you can start using your card. Just visit your Bank’s ATM and follow all the instructions.