Everyone wants to have financial independence. The fundamental step in this process is to
open account in bank. Are you a recent graduate? Or a person who is looking to get their
financial life together, then this article is for you. In this article, we will discuss everything you
should know before opening a bank account.
Why should you open a Bank Account?
We will learn how to open a bank account, but first, let us think about why a bank account is
even needed. Why is it important?
1.Safekeeping the funds: No need to keep worrying about theft of your money. Funds
are safe in the hands of a bank.
2.Interest and savings: Almost every bank provides interest on your savings in the
bank. So, you can fund your education or travel or achieve your financial goals.
3.Ease of financial transactions: In this digital era, financial transactions are super
necessary. Not all the time you can carry cash. During those times, you can do any
kind of transaction with ease if you have a bank account. You can withdraw your
money as and when you want. It is such a convenient way to handle your finances.
4.Financial record keeping: Never lose track of your finances. If you have a bank
account, then you can use your bank statement to keep track of your spending, and
expenses, file for taxes, etc. It makes things so easy. The ICICI Bank app helps you
view and download your statement as per your convenience.
5.Access to Credit: If you are thinking of taking a loan or buying a credit card, then
you will first have to have a bank account. It ensures your credibility and authenticity.
It also hints that you are a responsible citizen.
Selecting the right bank
The right bank for you is more important than the account. You should consider these factors
before choosing a bank:
1.Account fees: You should learn about the fees associated with your account. What
is it? How much? Monthly or annual? ATM fees, monthly maintenance fees, or
transaction fees could be anything, so you should be aware of it.
2.Location: Learn about the location of the bank so that it is not too far from your
house and you can reach it whenever you want. It should be accessible to you so
that if you have any emergency, you can reach there as soon as possible.
3.Interest rates: Are you thinking of opening a savings account? Then be sure to
check the interest rates provided by the bank. It can impact your funds. Also, ICICI
Bank provides great savings interest rates to its customers.
4.Account features: Learn about your requirements and needs and search for the
features in the account. What do you wish to have? A mobile banking app or bill pay
services, or do you want to link my many accounts? Find out about it.
5.Customer service: The customer service provided by a bank is crucial. Because
when you are stuck in an emergency, you will call them and they should be helpful to
you. So, read reviews about the bank and then decide. ICICI customer support is
24/7 and they are eager to help you and listen to your queries.
6.Account minimums: Some accounts do require you to maintain a minimum balance
in the bank. So be sure to check it and find out if it aligns with your financial situation.
Opening your bank account
Now you are familiar with the basics of a bank account and which bank would be suitable for
you. So, let’s get into the steps of opening your account:
1.Choose account type: Identify your needs and select which type of account you
want to open — a savings account or a checking account. These are the basic
options that a person begins with.
2.Research and compare banks: Research and learn about different banks and then
come to a conclusion about one bank that suits your needs and wants. Do consider
account features, account fees, accessibility, etc.
3.Gather required documents: For opening an account, you need certain documents.
These are:
●Proof of Identity: This is government-issued ID proof. It could be an Aadhar card,
passport, or driver’s license.
●Proof of Address: You should provide a light bill, ration card, rental agreement, or any
other such documents.
●Tax Identification Number: If applicable, it’s required for tax purposes.
4.Visit the bank in person or apply online
5.You can opt for the traditional way and visit the bank branch in person and do the
necessary process. Or you can do it online. While doing online, be attentive and
provide the documents digitally.
6.Fill out the application: Complete the application details like contact details,
personal information, type of account, etc.
7.Deposit funds: For the activation of your account, you will have to make an initial
deposit. The amount will vary depending on the type of bank.
8.Review and sign agreements: Carefully read them and then sign and submit the
documents.
9.Receive your account information: After the completion of this process, you will
receive your bank account details, like a bank account number.
10.Set up online banking (if available): If the bank offers online banking services, then
take the time to set up your online account as well. This will allow you to manage
your finances.
You can order a chequebook and debit card if you want to. After the completion of this
process.
Conclusion
Opening a bank account is the first step towards being financially independent. Your money
is safe and you even get interest on your money. You can transact anywhere with the ease
of a bank account. You have to choose the right account for your needs. ICICI Bank helps
you at every step to open account in bank. You need not worry about anything, you just
have to understand the responsibilities that come with that and follow best practices. You will
be ready to achieve your financial goals.
