Opening a bank account is an important step in the process of becoming financially independent. It can be a daunting task, but it doesn’t need to be! In this blog post you will learn how to open your very own bank account with the State Bank of India (SBI); the most reliable and trustworthy banking institution in India.
This is a list of the procedure for opening a bank account in SBI:
- Visit the nearest SBI branch
- Request the manager for account an opening form
- Fill the account opening form accordingly
- Provide a photocopy of your Identity card
- Provide proof of address
- Make the initial deposit as required by SBI
- Wait for the verification process to be completed
Visit the Nearest SBI Branch
This is the first step in this procedure of how to open a bank account in SBI. You should locate an SBI branch near you and visit it. Remember, this should be an SBI branch of your interest where you will be comfortable visiting at your convenience. When choosing the SBI branch to open an account with, please put in mind the costs of travel to and from the bank. You don’t want a bank that will be stressing you when you want to visit and do some financial transactions.
Apart from visiting the bank in person, you can get more information on the SBI website. It is important to read more about the requirements of the bank. If you do this, the process of opening a bank account in SBI will be easy for you.
Request the Manager for Account opening form
Once you get o your preferred SBI branch, you should request the managing director for the account opening form. This is one of the necessary documents you need to open a bank account with SBI, and it will be given by the manager. You will be required to fill in some personal details about yourself and your current employment status. Therefore, you should make sure that you have all those ready before visiting the branch!
Fill the Account Opening Form Accordingly
Once you get the account opening form, make sure that you fill it accordingly. The information in this document is crucial for your future transactions with SBI and should be filled correctly. Some of the details you will be required to provide are your name, address, and contact information. Remember when transacting with SBI, you will be required to provide these details every time. So, you are advised to provide the correct information to make your transactions with the bank easy.
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Provide a photocopy of your Identity Card
After filling the bank account opening form, provide a photocopy of the original ID card to prove who you are. Your Identity Card is one of the required documents for opening a bank account with SBI.
Provide Proof of Address
In order to open an account in any Indian Bank, you will be also required to provide proof that it’s your residence. The document can be obtained by providing a utility bill or rent agreement. This information will help avoid any future fraud and make it easier for SBI to recover any losses from a fraudulent transaction.
Make the Initial Deposit as Required by SBI
After completing all of these steps, you will need to make an initial deposit in order to start using your account. The amount is different depending on what type of account you are opening. There are usually two types: Savings and Current Account. A savings account should be used for long-term savings and investments, while the current account is best suited for day-to-day transactions such as withdrawing or depositing cash and making purchases using the debit card linked with your bank account.
Wait for Verification Process to Be Completed
After completing all these steps, you will need to wait for the verification process to be completed. In general, this should take a maximum of one week. However, depending on your KYC (Know Your Customer) status and other factors, it might last longer than that. During this period you will not have full access to the account and will only be able to use limited services such as Internet Banking or Mobile Banking.
SBI Account Opening Documents
Below is a list of documents that are required as a proof for all Indian citizens:
- A photocopy of the PAN card, Aadhar Card and Voters Identity card.
- An address Proof in one out of these forms: Driving license or passport copy with phone number on it, utility bill, ownership certificate other than land, water, electricity and telephone bills
- Copy of address that is issued by the Housing Board or Municipal Corporation/council.
- Notarized copy of passport for Non-Resident Indians (NRIs)
- A certificate from employer stating current employment status.
- PAN card number for all Indian citizens in case they have not been included as a dependent in another person’s PAN card.
- Can I open SBI account online?
Yes, you can open SBI account online. SBI has launched the ‘Insta Saving Bank Account’ that can be opened online at www.onlinesbi.com.
2. CAn I open SBI saving account for free?
Yes. You can open the SBI basic savings account for free from any branch.
3. What is KYC in SBI Bank?
This stands for Know Your Customer (KYC). It affects the time taken to open an account at SBI.
In summary, opening a bank account in SBI is not difficult. With these steps on how to open a bank account in SBI, you will be able to easily open an account. Moreover, you will be able to use all the services that the State Bank of India has to offer!
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