Today Banks have emerged as important financial institutions. Banks provide a safe environment and helps us manage our financial transactions. To avail professional banking service it is mandatory for every individual to open a bank account. Opening a bank account is not a difficult task. It takes only seven easy steps to open a bank account. This article will help you understand these seven simple steps or procedure to open a bank account.
Finding and opening a bank account can seem intimidating given the sheer number of options out there. Fortunately, most banks and credit unions follow a straightforward process similar to the one described below. Getting your account open is just a matter of picking a bank , providing certain details, and funding your account. Once the formalities are done, you can start using your account—and save time and money. You might already know where you want to bank even if you don't know how to open an account there.
The main advantage of Savings Bank Account is its high liquidity and safety. On top of that Savings Bank Account earn moderate interest too. The rate of interest is decided and periodically reviewed by the Government of India. Presently, the rate of interest is 3. Savings Bank Account can be opened in the name of an individual or in joint names of the depositors.
Bank account is a contractual agreement between a bank and its customer, allowing the customer to use bank service for a fee. Accounts may be established in the name of individuals or firms. There must be some recognizable course or habit of dealing between the customer and the banker. The transactions must be made in the form of regular banking business.