It is safe to say that opening a current account is easy in India. But the tricky part is to make sure that you choose the right type of account for yourself or for your family members.
First of all, anyone can open a current account, whether be a businessman or a salaried person subject to your capability of maintaining it. It is beneficial for those who want to keep track of their transactions on a day to day basis.
If you are opening a current account for the first time, you may be wondering how I must choose the best one for myself. To make it easier for you, we have created a guide, which can be helpful for you.
- List down your needs
You may have certain requirements that you want in your current account. Before applying, make a list of your requirements like your day to day expenditures, volume of transactions, how much money you can keep in the account, services you need in the account, etc.
- Compare different accounts
Each financial institution offers a current account that satisfies certain requirements. You must compare each financial institution’s offerings in the account like fee structure, penalties, accessibility, monthly charges, overdraft facilities, low minimum balance fees, etc.
After comparing you can choose from these current accounts which suit your requirements.
- Preparing required documents
Once you have selected the suitable current account, the bank will request for certain documents that you must hand over to them. These documents would be address proof, salary slip, residence proof, age proof, passport size photo, etc. The bank will verify the documents provided by you before they open your current account.
Remember that different banks ask for a different set of documents, and you must provide them with correct documents without fail.
- Filling the application
Once you have prepared the required documents, you can apply for opening a current account either online or by physically visiting the bank branch in your locality.
While filling the application form, enter the correct details asked by the bank. The bank will cross-check the details entered by you, and any wrong information will create a bad impression.
- Making an opening deposit
Once the bank opens the account, you must deposit a certain required minimum deposit to make the account operational. It is to be noted that the requirement of maintaining a minimum deposit differs from bank to bank. So open a current account that meets your requirement of minimum balance.
- Account tools
Once your application is finalized, your deposit is made and your account set up by the bank, you will receive your welcome kit from the bank. The kit will have all the account details along with debit card or credit card. You will need to activate your card and set up online account access.