Serve of various types of bank accounts rate of interest offered and other benefits by bank (minimum 5 banks)
Answers
Answer:
A ‘bank account’ can be conveniently called a suitable negotiation you happen to do with a bank to safeguard your hard-earned money in exchange for certain terms and conditions that depends on the choice you make under different types of bank accounts. The bank keeps your money and provides you with an account number that functions as a reference number for all further transactions. In simpler words, the record where all your money details are saved is given the name of an ‘account’. The bank pays you interest on the money you keep safe with the bank. Therefore, it is good to keep the money with the bank for as long as you can, where you get added advantage of interest for keeping it there. You will be able to deposit or withdraw money accordingly as per your convenience, depending on the type of account you choose.
How to open a Bank Account?
The process of opening a bank account is easy and simple and can be summed up in few steps:
Research about the good banks and compare the facilities they provide including the percentage of interest they offer.
Choose a favorable bank.
Visit the nearest bank branch and choose the type of account you want.
Fill in your details in the ‘account opening form’ provided by the bank officer.
Attach a copy of valid ID proof with the form.
You will be required to produce an ‘introducer’ to open your account, wherein the introducer’s signature will be required on the form itself. This is done to safeguard the bank’s interest.
Submit the form along with all the required documents. The officer will verify it.
Deposit the initial amount required to activate the account. This amount may vary according to the banks.
A passbook, checkbook, and an ATM card will be issued to you according to the choices you tick in the form.