How to Open a Bank Account in India?

Having a bank account is a must for almost everyone. Fortunately, the process is not that complicated once you have learned the basics.

Image Source

The following are the steps to opening a bank account in India:

1. Choosing the bank and the account type

First things first, you have to choose the bank you want to open your account at. It pays to take your time comparing the options. This is because things such as interest rates on loans credit cards, penalties and fines, ATMs availability, online banking services, etc. vary from one bank to another.

Once you have zeroed in on a particular bank you have to choose your account type.

There are two main types of accounts- savings account and current account. The former is catered towards individuals or salaried people, and the latter towards the businesspersons.

2. Filling Out Forms and Submitting Documents

You can now approach the bank of your choice and get a proposal form or an account opening form from there. Typical details that have to be filled in the form are- name, address, type of account, income information, etc. You also usually have to provide multiple passport size photographs.

Once you have filled out the forms you can submit them along with the Xerox copies of the necessary documents. The requirements are different for savings accounts and current accounts.

For Savings Account:

• PAN card (can also be optional)

• ID proof

• Address proof

• Age proof

For Current Account:

• PAN card

• Articles of association, memorandum of association, certificate of incorporation

• Partnership deed (if it’s a partnership firm)

• Address proof of the business facility

• IDs and address proof of the business partners/directors

3. Introduction

Most banks also require an introduction of the applicant by any of the existing account holders in the same branch. So, if any of your friends or family members have an existing account they can enter their details and sign for introduction.

After you have submitted the account opening form along with the required documents the bank officer will finally create an account post verification.