What documents do you need to open a checking account

What do you need to open a checking account? It can vary a little from bank to bank but there are typically some fundamental necessities needed to open a checking account.

First Bank has five levels of checking accounts, each with varying conditions and capabilities. But let’s start with the basics that hold true for any checking account:

What You Need to Open a Checking Account

1. Identification. You will be required to show a picture ID in order to open a checking account such as a driver’s license, passport or military ID card.
2. Personal information. Basic information such as name, address, telephone number, date of birth and social security number.
3. Deposit. You’ll need a small minimum amount of money to make the initial deposit into the account.
4. Clean record. Before opening a new checking account, a most banks will run a consumer report of your previous banking relationships to make sure you don’t have a record of charged-off accounts or fraudulent activity. A bank will sometimes allow you to still open a new account provided you repay the charged off account.

Types of Checking Accounts

Let’s take a look at First Bank’s five personal checking account options.

• Everywhere Checking. This is our most fundamental checking account.
• Everywhere Plus. This option allows you to earn interest on your balance.
• Everywhere Premium. Earn interest plus enjoy some additional perks such as an unlimited number of out-of-network ATM transactions with no First Bank fee.
• Campus Checking. Students under the age of 25 get the benefit of a checking account free of a minimum balance requirement and monthly maintenance fees.
• Senior Checking. Customers age 55 and older can be fee-free with direct deposit and get free checks.

Contact First Bank Today

Visit your local First Bank and one of our friendly associates will help you with what you need to open a checking account. Or use our Compare Accounts feature to see which checking account is right for you.

Read more about this topic: What Is Required to Open a Business Checking Account?, Finance 101: Banking Basics.

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Sources:

Investopedia: http://www.investopedia.com/terms/m/minimum-balance.asp

Savings Bank Account

Savings Bank Account

• Savings Bank Account

Savings Bank Account

• Savings Bank Accounts are intended to cultivate the saving habit among people. Any person / entity meeting the criteria laid down by the Bank may open a Savings Bank account upon agreeing to comply with the rules and procedures prescribed by the Bank.
• Any person / entity fulfilling account opening requirements may, upon agreeing to comply with the prescribed rules, open a Savings Bank Account, provided he/ she furnishes proof of identity and proof of address as required by the BankA single person in his or her name or two persons in their joint names, payable to:A single person in his or her name or two persons in their joint names, payable to:
  • A single person in his or her name or two persons in their joint names, payable to:
    • Either or Survivor
    • Both jointly
    • Both or Survivor
    • Former or Survivor
    • Latter or Survivor
  • By more than two persons in their joint names payable to
    • All of them or the survivor(s) or the last
    • Any one or more of them or Survivor(s) or the last survivor
    • A particular person during his/her lifetime or survivor(s) jointly or the last survivor.
• The prospective customer will need to comply with the Know Your Customer (KYC) guidelines which are mandatory. The objective of KYC guidelines is to prevent misuse of the banking system intentionally or unintentionally for criminal purposes/ money laundering and other fraudulent activities.
• The customer identification will be on the basis of documents provided by the customer. The customer has to submit the prescribed application form along with:
  • (a)Permanent Account Number (PAN) or Form No. 60 (except in case of small      accounts).
  • (b) Photograph; and
  • (c) At least one copy of the Officially Valid Documents (OVD’s)/equivalent e-document of OVD’s mentioned below, as proof of his identity and address.
    • Passport,
    • Driving Licence,
    • Proof of possession of Aadhaar Number,
    • Voter's Identity Card issued by Election Commission of India,
    • Job card issued by NREGA duly signed by an officer of the State Government,
    • Letter issued by the National Population Register containing details of name and address.
• If the OVD furnished by the customer does not contain updated address, the following documents / equivalent e-documents shall be deemed to be OVDs for the limited purpose of proof of address:
  • Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);
  • Property or Municipal tax receipt
  • Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public-Sector Undertakings, if they contain the address;
  • Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial Institutions, listed companies and lease and licence agreements with such employers allotting official accommodation.[Provided that the customer shall submit OVD updated with current address within a period of three months of submitting the above documents]
  •  If the customer, at the time of onboarding, voluntarily provides Aadhaar number for identification purpose, and wants to provide current address different from the address in Central Identities Data Repository, a self-declaration (Annexure- I) may be obtained from the customer to that effect and such current address may be entered in CBS. Further, Branches/Business Units shall ensure that Aadhaar authentication through e-KYC is done in all such cases without fail.
• In case of joint accounts, all applicants would be required to establish their identity and address independently.
• vii. Small Account:- An individual who desires to open a BSBDA-Small Account may be allowed to open such an account on production of a self-attested photograph and affixation of signature or thumb print, as the case may be, on Account Opening Form, in the presence of an official of the Bank.Special Features:
  • a) the aggregate of all credits in a financial year must not exceed Rupees one lakh.
  • b) the aggregate of all withdrawals and transfers in a month does not exceed Rupees Ten thousand.
  • c) the balance at any point of time does not exceed Rupees fifty thousand.
  • d) The accounts are initially valid for 12 months only. Further transactions will be permitted only if the customer submits KYC documents or proof of having applied for KYC documents. If the customer submits proof of having applied for KYC documents, the account will be allowed to continue for a period of 24 months from the date of opening of account. If the customer submits KYC documents, the account should be converted to BSBD/ Regular Savings Bank Account at the discretion of the customer. No transactions should be permitted after 24 months of opening the account if the customer fails to submit KYC documents and the account should be closed.
  • (e) Maximum balance in the account should not exceed Rupees fifty thousand at any point of time. Total debits by way of cash withdrawals and transfers will not exceed Rupees ten thousand in a month. Total credits in such accounts should not exceed Rupees one lakh in a year.
  • f) Foreign remittances are not allowed into such accounts.
  • g) If at any time the balance exceeds Rs 50,000/- or the total credit summations during the year exceeds Rs 1,00,000/-, further transactions should not be allowed. Such accounts should either be converted to BSBD or Regular Savings Bank accounts on submission of KYC document
• The applicant(s) will need to come to the branch, in person, for opening the account and will sign at the relevant places in the presence of a Bank Official. Accounts can also be opened digitally though YONO app. Accounts can be opened using Video customer Identification Process where there is no need to visit Branch.
• Interest will be calculated on daily product basis and credited to the account at quarterly intervals. Interest will be paid only if works out to Re 1/- or more. Thereafter, fifty paise and more will be rounded off to the next higher rupee and anything less will be ignored. Interest is paid in the months of June September, December and March every year.
• A passbook is issued in all Savings Bank Accounts. Passbooks are immediately updated across the counter on request. Cheque books are issued on request. 10 cheque leaves are issued free in a year.
• Local cheques for collection will be credited to the account within a maximum period of 2 days depending on the clearing norms at the centre.
• Immediate credit will be provided for outstation collections up to Rs 30000/- for accounts that are satisfactorily conducted. Bank will pay interest for delays in collection of outstation cheques presented for credit to account beyond 7/10/14 days, depending on the centre of collection.
• Service charges are applicable for cheques returned unpaid.
• Amount in withdrawal slip should be in whole rupees and minimum should be Rs.50/-. Payment by withdrawal slip to third parties is not allowed.
• Standing Instructions (S.I.) are accepted in SB A/cs. Service charges apply.
• No minimum balance required to be maintained in a Savings Bank account :
• For details of service charges applicable to savings bank accounts, please ask your branch. Service charges are also available on the Banks web site.
• The service charges/minimum balance requirements are subject to change. For the latest rates please feel free to contact the branch where you maintain the account or call our helpline numbers.

Last Updated On : Saturday, 16-07-2022

Interest Rates

Start From

8.40%* p.a.

w.e.f. 04.10.2022

2.70% p.a.

Upto 1 lakh(w.e.f. 31.05.2020)

2.70% p.a.

Above 1 lakh (w.e.f. 31.05.2020)

8.00% p.a.

SBI Realty Gold Loan

8.00% p.a.

SBI Personal Gold Loan

2.70% p.a.

Upto 1 lakh (w.e.f. 31.05.2020)

2.70% p.a.

Above 1 lakh (w.e.f. 31.05.2020)

8.00% p.a.*

*T&C Apply.

7.85% p.a.

5.45%

3 years to less than 5 year

5.50%

5 years to less than 10 years