Procedures for Opening Accounts and Relevant Documents Required
Opening a bank account is a crucial step for both individuals and businesses in managing their financial transactions efficiently. Whether it’s a savings account, current account, or a term deposit, each type of account requires specific steps and documentation to ensure compliance with regulatory standards.
Step-by-Step Procedure for Opening an Account:
- Choose the Type of Account: Decide whether you need a savings account, current account, fixed deposit, or any specialized account (e.g., student, salary, or business account).
- Visit the Branch or Apply Online: Most banks allow online applications, but a physical visit may be required for certain account types or verification purposes.
- Fill Out the Account Opening Form (AOF): Provide personal details such as name, address, occupation, nominee details, and type of account selected.
- Submit KYC Documents: Provide identity and address proof as per the bank’s KYC norms.
- In-Person Verification (IPV): The bank may verify your identity in person to comply with RBI/Bangladesh Bank norms.
- Initial Deposit: Make an initial deposit as required by the bank for activating the account.
- Signature and Photograph: Submit a recent passport-size photograph and sample signature on the form.
- Account Activation: Once verified, your account will be activated and a welcome kit, cheque book, passbook, or debit card will be issued.
Documents Required for Account Opening:
1. For Individual Accounts:
- Proof of Identity: National ID Card / Passport / Driving License
- Proof of Address: Utility bill / Rent agreement / Bank statement
- Recent Passport-size Photograph
- Income Source Declaration (in some cases)
2. For Joint Accounts:
- All documents as above for each applicant
- Joint declaration form with operation instructions
3. For Proprietorship/Business Accounts:
- Trade license
- Business TIN/Tax ID
- Certificate of registration (if applicable)
- Owner’s KYC documents
4. For Partnership Firms:
- Partnership deed
- Registration certificate (if any)
- KYC documents of all partners
5. For Companies:
- Certificate of incorporation
- Memorandum and Articles of Association
- Board resolution for account opening
- KYC documents of directors and authorized signatories
It is important to check with your specific bank as document requirements may vary slightly. Submitting accurate and up-to-date documents ensures a smooth account opening process.
Disclaimer: This blog is for informational purposes only. Please consult your bank for the most recent procedures and document checklist.
