Having a bank account has become nothing short of a necessity these days. With India gradually marching towards the ‘digital’ and cashless era, bank accounts have become a staple in every household. Moreover, in many homes, there is not just one bank account but also multiple. The presence of bank accounts help you save money and makes sure that your money is in a safe place; having a ton of cash in your drawer is not really a safe thing to do. However, before you open a bank account you will need to understand how to do so. Read on to understand the process of opening a current account.
1. Determine what kind of an account you will need- Before you open current account, you will have to decide what kind of an account you want to open. If you are looking to keep money in your account to pay your bills in the short-term or pay for your daily requirements daily, then go for a cheque account. However, if you are planning to save money but want it to be accessible to you at all times, then go for a savings account.
2. Seek a current account with services that you will need- Keep into consideration how you will deposit money and withdraw it. There are several options for doing this and they are-
• Debit card, which you can use for buying whatever you need from any store
• Direct debit, through which all your bills will be paid automatically every month i.e. the money will be automatically deducted from your bank account
• Bank branch, where you can deposit and withdraw your money from using an ATM
• Checks through which you can pay your bills and give money to someone when needed
• Telephone or internet banking can be done for different and various kinds of financial transactions
• Direct deposit, is when your employer deposits your salary or pay directly into your account
3. Explore all your options in the current market- Prior to zeroing on a specific bank, make sure that you check out all the options and then go for the one with the lowest service charge and interest rates.
4. Choose a convenient bank- Make sure that you always select a bank, which has multiple branches and ATMs near you. If you go for a bank that has only one or two ATMs near you, then it will spell a lot of inconvenience for you in case of emergencies.
5. Open your bank account- When you finally go to your preferred bank to open current account, you will have to provide personal information such as name, address, identity proof (Voter card, PAN card, AADHAR card, Passport etc.), date of birth, job designation, social security number, and your personal contact number. Only after you provide all these important documents, you will be able to open a current bank account.
Earlier, having a current account was considered a luxury but with problems growing in our country and society in general, it has become very important to safeguard your money as much as possible. After all, being extra cautious is not going to harm you.
1. Determine what kind of an account you will need- Before you open current account, you will have to decide what kind of an account you want to open. If you are looking to keep money in your account to pay your bills in the short-term or pay for your daily requirements daily, then go for a cheque account. However, if you are planning to save money but want it to be accessible to you at all times, then go for a savings account.
2. Seek a current account with services that you will need- Keep into consideration how you will deposit money and withdraw it. There are several options for doing this and they are-
• Debit card, which you can use for buying whatever you need from any store
• Direct debit, through which all your bills will be paid automatically every month i.e. the money will be automatically deducted from your bank account
• Bank branch, where you can deposit and withdraw your money from using an ATM
• Checks through which you can pay your bills and give money to someone when needed
• Telephone or internet banking can be done for different and various kinds of financial transactions
• Direct deposit, is when your employer deposits your salary or pay directly into your account
3. Explore all your options in the current market- Prior to zeroing on a specific bank, make sure that you check out all the options and then go for the one with the lowest service charge and interest rates.
4. Choose a convenient bank- Make sure that you always select a bank, which has multiple branches and ATMs near you. If you go for a bank that has only one or two ATMs near you, then it will spell a lot of inconvenience for you in case of emergencies.
5. Open your bank account- When you finally go to your preferred bank to open current account, you will have to provide personal information such as name, address, identity proof (Voter card, PAN card, AADHAR card, Passport etc.), date of birth, job designation, social security number, and your personal contact number. Only after you provide all these important documents, you will be able to open a current bank account.
Earlier, having a current account was considered a luxury but with problems growing in our country and society in general, it has become very important to safeguard your money as much as possible. After all, being extra cautious is not going to harm you.
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