Procedure for Opening a Saving Bank Account:
1. Application in the Prescribed Form: These forms are provided by banks for opening different types of accounts. In these the person willing to open an account should furnish full details about his name, occupation, permanent and official address, specimen signature etc.
2. Introduction of the Applicant: Introduction of the applicant by an existing account holder in the bank to ensure the identity of the applicant. Existing account holder needs sign the application form itself and to write his full name.
3. Specimen Signature: After filling the prescribed form issued by the bank and introduction given by a current account holder, the applicant is required to give his four signatures on a prescribed card. This enables to bank to verify the signature of the account holder with the signature on the cheque issued by him.
4. Photograph: In order to avoid various frauds due to fake identity the banks require photographs of the applicant to be affixed on signature card.
5. Initial Deposit: It is the minimum amount which the applicant must deposit, to activate his newly opened account. After opening an account, the bank provides the passbook, chequebook and pay-in-slips to account holder.
