The oldest bank known existed around the 15th century AD in Italy. Banking has changed the way people look at wealth. They have worked as a safehouse for the people’s money for centuries. Along with time banking itself has gone through a transformation. It has infiltrated almost all strata of life. They are one of the oldest financial constructs of the world to exist today. Many of us have probably been introduced to banking at some point in our lifetime. But today we are going to revisit the basics of banking.
Why do we need to talk about the basics of banking? Isn’t everyone today quite familiar with the banking basics? In a country like India, on fetching the statistics, you’ll find that about 60% of Indian females are alien to the process of banking. To pull out the big picture, India is the second-largest country which can be stated as unbanked. Though there are banking wonders in India too. Chetna Gala Sinha, an icon who with the team of ladies made a bank for the poor. This gave banking access to the poor who used to find it difficult financially to open a bank account. Sure, there are much more banking wonders lined up but for now, let’s dive into the basic steps of how simple opening a bank account actually is.
- KYC:
If you are looking to open a bank account online, then there is a mandatory KYC process that one has to go through. The government in India today, is striving to digitize the entire banking infrastructure and even the KYC process. It’s made things simpler! Just search “open bank account” and you will be listed with many banking apps that should help you open your account from day one. - Important Documents:
Opening online or offline, there are a few sets of documents that you’ll need to open a bank account. Nowadays customers can find all the details while following the simple registration process on the app. - Opening bank account offline:
To open any sort of bank account, you must go to the bank’s branch or go to the bank’s website to obtain the bank account opening form. This form asks you to fill out personal information such as your name, permanent address, date of birth, and the names of your parents or spouse, as well as your signature, to agree to the bank’s fundamental terms and conditions. - UPI:
UPI or Unified Payments Interface is a powerful tool that allows the users to carry out monetary transactions and more, right from their smartphone with ease. One can simply type “UPI app download” and find multiple payment apps enabled with UPI. One can start transacting from one account to another with the use of just their phone numbers once linked successfully. Today bank apps come with the feature of “pay bill online”. This has made it easy for customers to get the dues settled in time. One can directly transfer the money wherever it’s needed in a flash!
I hope this piece was informational for you. This should sum up the process to open a bank account. Cheers!
