A bank account is a fincial account maintained by a fincial institution for a customer. A bank account can be a deposit account, a credit card account, or any other type of account offered by a fincial institution, and represents the funds that a customer has entrusted to the fincial institution and from which the customer can make withdrawals. Altertively, accounts may be loan accounts in which case the customer owes money to the fincial institution.
Requirements to open a bank account
An applicant has to fill in forms necessary for opening a bank account. The forms are provided by the banks concerned. Documents that are required while opening a bank account are –
(1) PAN Card.
(2) Identity proof: Documents that are accepted as identity proofs are voter ID cards, passports, driving lecense, job cards, identity cards, et.
(3) Address proof: Electricity bills, ration cards, telephone bills, etc., are accepted as address proofs.
(4) Two copies of passport size photograph.
(5) Two witnesses: The witnesses should give their address proofs and bank account details.
(6) Birth certificate and guardians’ details: This for minor applicant. The guardian should submit the birth certificate of the applicant. The guardian should also give his PAN Card, identity proof, passport size photographs and address proof.