Opening a bank account with all the required facilities is very easy nowadays. New generation banks come at our door step to open account with them. But some thinking has to be done before
setting out to open an account.

Choosing your bank : Have a clear idea why you are opening this account for. Know all the facilities you need. For your convenience, the bank must be near to your home or office; it must have ATM counters and have branches in places you expect to travel.


In current financial scenario a bank's reputation is to be weighted. While going for new age banking experiences don't forget we have some very good nationalized banks which provide competitive services.

Talk with your relatives and friends about their banks; find out if they are satisfied. New age banks provide a host of services including phone banking, net banking facilities which you may not need at present. Opening all facilities in your account may prove bad for your financial health.

Which type of account to open? : There are basically two types of accounts; Savings Bank Account or SB Account and Current Account.


Savings Account : A saving account allows you to deposit money and receive interest on it. If you would like to save some money every month, then a savings account is the way to go as it
gives you a better rate of interest for your money, than a current account.

Current Account : Current account is considered a convenient place to keep money you need for everyday use and is usually preferred for business.Current accounts has more features than a savings bank accounts.The interest accumulated for current account is only a fraction of that of a savings account.

ATM card or any time money card helps you to withdraw money from ATM counters of the bank. Now most cards can be used in any ATM but they charge an amount for it.

Overdraft facility - The bank may allow you to go overdrawn up to a certain amount.

Things to know before opening an account

Does the customer have to pay monthly or yearly charges?
What is the minimum balance to be kept?
Does the customer receive any interest?
Which are the different cases you get fined?
How much amount will be fined?
Facilities and its service charges
Also know the fine you have to pay for going under minimum balance.

Opening the account : To open a bank account you need to complete an application form and provide certain personal information. Account will be activated instantly. In some banks
it may take several days.You can operate the account by depositing money, drawing cash, issuing cheques etc. Also account can be started via net.

Things to go with In some banks you need to give a reference of an existing account holder of the branch, to introduce you.

Photo identification- Driving license/ Election id/Pan Card etc
Address proof- Ration card/ Passport / Phone bill/Electricity bill etc.
Photos
Initial deposit