Opening a bank account in India

Opening a bank account in India Banks in India Home

The procedure for opening a bank account is different depending on bank type:

1. For public sector banks and urban co-op banks you have to visit the branch yourself. A copy of the ration card/PAN Card and passport size photos are required. The banks also require you to be introduced by a known person who is an account holder. This is extremely inconvenient if you do not know any account holder at the branch. If you are working with a very well reputed company, they may relax this rule while opening a savings account . A copy of your appointment letter is sufficient.

Nationalised (public sector) and urban co-op banks are more rigid in their procedure for opening a current account. They insist on a introduction from current account holder at the bank branch. If you already have a savings bank account at the branch, you cannot open a current account unless your application is signed by another current account holder. In some cases, they also insist that your introducer signs the application form in the presence of the bank manager. However , like most things in India, if you have "contacts" rules are waived.

Opening a savings or current account in private sector banks like ICICI bank and HDFC bank is simpler. For salary accounts, the Direct Sales Agents (DSA) of the bank will visit your office and get the forms filled. In some cases, they will also arrange for the photos to be taken in the office itself. Not much paperwork is required

To open a current account in HDFC bank, you can contact their marketing department. They will send an officer to your office, who will collect the standard documents (photo, PAN, passport photocopy) . If you have a current account in some other bank, you can issue the cheque from this branch for account opening. All documents, cheque books are send by courier or post within a week of opening the account.

The procedure for opening an account with ICICI bank is similar, but more tedious. They may send their Direct Sales Agents for account opening only after you make multiple requests. They will initially insist on a certificate from a Chartered Accountant but may finally settle for your current account bank statements in some other bank for the last 2-3 months. Account opening could take more than 10 days.

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