Whether you are a student, housewife, or businessman, everyone in today’s world has the requirement of a bank account. Without a bank account, life is unimaginable. According to the purpose, transaction frequency, and account holder location, a bank provides you with different types of bank accounts. In this article, we want to tell you the meaning and the types of bank accounts.
What do you mean by the bank account?
A Bank account is a financial bank interest rate on saving account that is handled or managed by the financial institution in which the financial transaction of cash between the bank branch or or customer is the recorded customer.
Types of the Bank account
There are six types of bank accounts. You must know about every type of bank account if you already have or want to go to your bank accounts.
Current account: It acts as a deposit account for business owners and business houses, that are required to make and receive payments from others.
Saving account: It is a regular domestic account where you can earn some interest.
Salary account: The account where the employee salaries are credited every month.
Fixed deposit account: This allows you to earn a good return on a fixed interest rate.
Recurring deposit account: This account has a fixed tenure where you have to invest a fixed sum of the money at a fixed time.
NRI accounts: NRI accounts are called overseas accounts that further offer various types of accounts, such as NRO saving accounts, etc.
What are the documents required to open a bank account?
When you open a bank account, you have to submit your KYC documents for the verification process, such as identity proof and address proof. Under the verification process, customers can constantly begin to get benefits from their documents. Consider the following steps if you want to read the required documents while opening a bank account.
All interested candidates have to submit the following documents to verify their identity. Here we highlight the list of the important documents for opening a bank account.
ID Proof: Aadhar Card, Voter ID, driving license, PAN card, Passport size photos, employee ID, passport, or the NREGA Job card
Address Proof: Passport, driving license, utility bills, ration card, Aadhar Card, bank statement of your passbook, signed or recognized letter to verify the applicant details.
The applicant also has to submit the KYC form along with the above documents.
You can easily download the application form from the bank’s official portal or collect the application form from the nearest branch of the bank. Under this process, once the candidate submits these mentioned documents, the bank will verify your details and personal information to decide whether you are eligible to open your savings account or not.
Conclusion
In this article, we informed you about different types of bank accounts with the required documents. You must have the proper information for opening a bank account.
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