Bank Account | Bank Account Type | Bank Account Opening Process | send money

Bank Account | Bank Account Type | Bank account opening process and remittance >> We all receive money as a reward for our hard work, which we use in many places as per our need. A banking system plays an important role in making our financial transactions formal, transparent and disciplined, and hence “bank” This financial institution is considered as the backbone of the country’s economy. The same

Nowadays everyone has a bank account, but women in rural areas and some farmers still don’t have a bank account. In this article, we will tell you about the benefits of having a bank account, types of bank accounts, the process of opening a bank account, as well as various bank related things like remittance, finance services. We will give information. So let’s know this simple but important information about the bank.

Bank Account Information | Bank Account Type | Bank Account Opening Process & Remittance – Complete Information

Mainly 3 types of benefits we get while transacting through bank:-

• You can deposit money in the bank which remains safe and you also get interest from the bank on that amount.
• Financial transactions are carried out according to the bank’s terms and conditions, which is important for any account security.
• You get a loan from the bank as per your business/ family etc requirements.

Benefits of having a bank account

• Your money stays safe in the bank.
• Your financial transactions are carried out transparently and according to the bank’s terms and conditions.
• You earn interest on your deposits.
• By having an account with the bank, you can get instant benefits of schemes like Jan Dhan Yojana, Sukanya Samriddhi, and also benefit from schemes like pension, insurance.
• If you manage your bank account properly for six months, you can avail great schemes like overdraft.
• You can take a loan from the bank as per your need for higher education, marriage etc.
• Not only this, but your bank account is also a valid identity card that can be used for many government functions.
• Great government schemes like Jan Dhan Yojana have made banking services available to grassroots, remote and migrant citizens. Even in remote areas where there are no bank branches nearby Asha can provide mobile banking services like “Bank Mitra” at the doorsteps of villagers.

Bank account type

While opening an account in a bank, the bank representative asks you about the type of account you want to open. There are mainly two types of bank accounts one is savings account and the other is current account.

If you are opening an account for personal transactions, then a savings account is a good option. Also if you are opening a business related account then a current account is a good option.

As per bank rules, the minimum balance you have to maintain in a savings account is much lower than in a current account. You get interest from the bank according to the amount in the savings account.

Bank Account Opening Process / Bank Account Opening Method

• To open a bank account, you can open a bank account by submitting a valid identity card, proof of residence and two passport size photographs to the bank along with the form.

• You can use any one of Aadhaar Card, PAN Card, Voter ID Card, Driving Licence, Ration Card, Passport as ID.

• You can use any one of passport, Aadhaar card, driving license, even recent electricity bill as proof of residence.

• The process of opening a bank account is completed within two to three days after submitting the application/form to the bank. Then bank you “Welcome Pest” Sends, which includes bank passbook, checkbook and debit card if requested.

• So in short, after opening an account, you can perform various functions like depositing cash in the bank, checking the total balance in your bank account, depositing/withdrawing cash from the bank account, transferring the desired amount in your account to another person using a cheque.

• A passbook records every bank transaction such as the amount received from a person/the amount transferred by you to a person on a particular date and the balance in your account thereafter. Many banks these days also provide the facility of e-statements, where you can see a record of all transactions over a period of time.

Remittance – Different Methods

Remittance using cheque/cheque

By using a cheque, you give an instruction to the bank to pay and accordingly, if the bank accepts the instruction, the bank executes your order. There are two types of checks you can issue to the payee:-

• The first type is an accountpay cheque, in which two horizontal lines are drawn in the upper left corner of the cheque, stating “Accountpay” and the payee’s name, date, amount in numbers and letters, and the account holder has to sign at the bottom right of the cheque. After the payee deposits the check in the bank, the amount mentioned on the check is deposited in his account within two to three days.

• Another type is bearer/bearer cheques, the use of bearer/bearer checks is appropriate when the payee needs money immediately or the payee does not have a bank account. A bearer check can also be used to withdraw money from a bank for yourself. There is no need to strike a horizontal line in the upper left hand corner while issuing a bearer cheque. While issuing this cheque, you are required to put your signature in two places, one in the right side signature box and one on the back of the cheque.

Certain things should be taken care of while issuing cheques, like no tampering on the cheque, the signature on the check should be the same as the signature on opening the bank account. While mentioning the amount on the cheque, ensure that the amount is in your account otherwise the check will not be accepted.

While depositing cash in a bank account or depositing a cheque, one has to go to the bank and pay a deposit slip. The deposit slip has to be signed by mentioning the account holder’s name, account number, check or cash details. A deposit slip and cash or check must be deposited with the teller at the bank.

Send money digitally

In recent times NEFT (National electronic Fund Transfer) and RTGS (Real-Time Gross Settlement) remittance/fund transfer methods have become very popular. By adopting this method it is possible to send money to the payee immediately. This service runs continuously 24 X 7 throughout the year. You can visit the bank directly or online/ Net BankingYou can avail this service through You can send a maximum of Rs.2,00,000/- to the payee through NEFT, and can use RTGS for higher amounts.

Since last decade there has been a huge push by the government to make banking transactions digital, so it is in everyone’s interest to learn about digital payment methods like debit cards, ATMs, netbanking and UPI. The above mentioned bank services/facilities are uninterrupted throughout the year, seven days a week, twenty four hours (365 x 24 x 7). You can do net banking transactions from the comfort of your home or from any corner of the world.

meaning – Bank Account – Bank Account Type

So, congregation, in short, it is to our advantage to keep benefiting from the various plans and financial services provided by the bank for a long time by establishing a relationship of trust with such an important financial institution “Bank”. At the same time, since all these things are connected with your financial transactions, you can keep your account safe by taking precautions, even though there is some risk involved in carrying out the transaction.

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