Filed under: finance
There are certain formalities to complete when we approach a bank to open an account under the custody of the bank. The bank takes some information about the personal details of the account holder, some reference of acknowledgment of the applicant for the account. In some cases, bank may ask the credit history of the applicant and some other related information about the payment track record. Once all the formalities are complete and bank is satisfied with the verification the account will be opened and the account owner will start to manage his own savings account. The primary requirement of opening regular savings account is:
submission of personal photo identity
submission of personal residence proof
date of birth to prove the eligibility of handling independent account
some banks may require either some amount of money to be deposited at the time of opening an account
some banks ask for a self signed check from other existing account to be deposited here as the first deposit. This clause is given priority in case of overdraft facility and making fixed deposit savings bond with the bank for signature verification purpose.
To run the account, the account holder has to follow the rules and regulation of the bank and all information are available through introduction brochure of bank. Normally cheque books are given to pay money to others and deposit slips are required to deposit either cheques or payment from other sources. Generally, Debit card is provided with savings account for shopping, withdrawal of money and other purposes, TIN number is provided to do banking over phone and IPIN is provided to do the net banking. All this is intended to keep you savings and investments safe and secure and easy to operate.
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