Hello all , i’m John . Today i’m going to teach you all How You Can Open Your Own Bank Account. So below are all the necessary steps that you can follow in order to create your own Bank Account. So here’s How To Open A Bank Account . In India of course.
So the first thing is that, you need to ask yourself “Which Bank”? The primary reason to this question is all based on your need . That is , For just basic Savings use or for Business purpose. So smaller 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 , which are all crucial for a Businessman.
2.- Gather all Documents
You will now need an ID Proof along with a Residence Proof – more commonly known as an Address Proof . So here are all the Proofs that are accepted:
ID Proof – 1. PAN Card 2. Aadhar Card 3.Driver’s License 4.Voter ID 5.Job Card etc.
Residence Proof – 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 Proof. 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
Now you will again have to focus on your need, as there are 2 main types of bank accounts and or Cards. Here’s a complete clarification of both:
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 sometimes 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 our 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.
Once you have your card , it’s now time to Activate . So that you can start using your card. Just visit your Bank’s ATM and Follow all the instructions.