Planning to open a new bank account with any bank. There are few things which bank may ask to you but many things bank should inform you about the bank’s policy and charges etc. First, bank will ask you to comply with Know Your Customer (KYC) for any type of account either saving or current or even for FDr.
There is the list of information which bank must provide to the customer for opening an account.
1- Interest on saving account- bank must tell the customer about interest rate on saving account as banks are free to choose interest rate on their own. Some banks give 6% interest whereas some give 4%.
2- Interest period- Banks should tell customers about the time when interest will be credited to your account. Means either monthly, quarterly, half yearly or annually.
3- Minimum balance and charges- Customers should know what is the minimum balance requirement in the account? . For saving account, some banks ask for 1000 whereas some ask 10000.
For current account, the minimum balance requirement is changed with bank to bank. Each bank has his own rules in the matter of minimum balance requirement.
Same as minimum balance, the charges for non-maintaing minimum balance are different bank to bank. Some banks calculate on monthly basis whereas some on quarterly basis. For example Axis bank charges around 500+service tax monthly on non-maintaining minimum balance requirement.
|Points Bank Should Tell before Opening a Bank Account|
4- Transactions- Banks should tell about number of transaction an account holder can do with home branch and non-home branch. The cash limit and the transaction limit should also be clear.
ATM transactions should also be clear as how many transactions are free for other’s bank ATM and afterward charges for each transaction.
5- Nominee- Banks should aware and motivate you to avail the nominee facility which is available at the bank. However, nominating nominee is a desirable thing and not mandatory but it always make harassment free in case of anything wrong.