Bank and bank account are fundamental:
Definition: A bank is a financial institution that accepts deposits from the public, provides loans, and offers various financial services. Banks play a crucial role in the economy by facilitating financial transactions, providing credit, and managing money.
Functions of Banks:
- Accept Deposits: Banks allow customers to deposit money into various types of accounts, such as savings accounts, checking accounts, and certificates of deposit.
- Provide Loans: Banks lend money to individuals, businesses, and governments. This includes personal loans, mortgages, business loans, and credit lines.
- Facilitate Transactions: Banks provide services like money transfers, bill payments, and electronic funds transfers (EFT).
- Offer Financial Services: Banks offer investment services, financial advice, wealth management, and insurance products.
- Safeguard Assets: Banks help protect money and other valuables through secure storage and advanced security measures.
Examples: JPMorgan Chase, Bank of America, HSBC, and Wells Fargo are examples of well-known banks.
Bank Account
Definition: A bank account is a financial account maintained by a bank for a customer. It allows the customer to deposit and withdraw money, and it often provides access to additional financial services.
Types of Bank Accounts:
Checking Account:
- Purpose: Primarily used for day-to-day transactions.
- Features: Offers easy access to funds via checks, debit cards, and electronic transfers. Usually does not earn significant interest.
Savings Account:
- Purpose: Designed to save money and earn interest.
- Features: Generally offers higher interest rates than checking accounts but may have limited withdrawal options.
Certificate of Deposit (CD):
- Purpose: A savings account with a fixed interest rate and fixed term.
- Features: Typically offers higher interest rates than regular savings accounts, but funds are less accessible before the term ends.
Money Market Account:
- Purpose: A type of savings account that usually offers higher interest rates.
- Features: Often requires a higher minimum balance and may offer limited check-writing capabilities.
Business Account:
- Purpose: Designed for business transactions and operations.
- Features: Includes features tailored to business needs, such as merchant services and payroll management.
Key Functions of a Bank Account:
- Deposits and Withdrawals: Customers can deposit money into their account and withdraw it as needed.
- Interest Earnings: Depending on the type of account, customers may earn interest on their balance.
- Transaction Management: Accounts provide a record of transactions, helping customers manage their finances.
- Access to Banking Services: Accounts offer access to various banking services, including online and mobile banking.
Account Management: Customers can manage their accounts through physical bank branches, ATMs, online banking platforms, and mobile apps.
In summary, banks are institutions that provide a range of financial services, while bank accounts are individual financial tools that allow customers to manage their money within those institutions.
How to open offline Bank Account?
Opening a bank account offline (in person) involves visiting a bank branch and completing the necessary paperwork. Here’s a step-by-step guide to help you through the process:
Steps to Open an Offline Bank Account
Choose a Bank:
- Research: Look for banks that offer the services you need, such as savings or checking accounts. Consider factors like fees, interest rates, and convenience.
- Visit a Branch: Find a branch location near you.
Gather Required Documents: Typically, you’ll need the following documents:
- Proof of Identity: This could be a government-issued ID like a driver’s license, passport, or national ID card.
- Proof of Address: Utility bill, lease agreement, or any other document that shows your current address.
- Social Security Number (SSN) or Tax Identification Number (TIN): This is required for identification and tax purposes.
- Initial Deposit: Some banks require an initial deposit to open an account. Check with the bank for their minimum deposit requirement.
Visit the Bank Branch:
- Speak with a Banker: Go to the bank branch and speak with a representative or banker. They will guide you through the account opening process.
- Complete the Application Form: Fill out an application form with your personal details, including your name, address, date of birth, and occupation.
Review Terms and Conditions:
- Account Features: Understand the features of the account you’re opening, such as fees, interest rates, and minimum balance requirements.
- Bank Policies: Make sure you’re aware of any policies related to account maintenance, overdrafts, and transaction limits.
Submit Your Documents:
- Provide the required documents to the bank representative. They will verify your identity and address.
Sign the Agreement:
- Account Agreement: Read and sign the account agreement, which outlines the terms and conditions of your new account.
Receive Your Account Details:
- Account Number: The bank representative will provide you with your new account number.
- Checkbook and Debit Card: If applicable, you may receive a checkbook and/or a debit card. If not provided immediately, these will be mailed to you.
Set Up Online Banking (Optional):
- Online Access: Although this is done offline initially, you may want to set up online banking for convenient account management. This can often be done at a later time, either by visiting the bank or setting it up online once you receive your account details.
Make Your Initial Deposit:
- Deposit Funds: Deposit the required initial amount into your new account. This can be done at the bank branch.
Confirm Account Opening:
- Account Confirmation: Ensure you receive confirmation that your account has been successfully opened and is active.
Additional Tips
- Ask Questions: Don’t hesitate to ask the bank representative any questions you have about fees, account features, or the banking process.
- Keep Documents Safe: Retain copies of any documents or agreements related to your new account.
- Verify Information: Double-check all account details and information provided to ensure accuracy.
By following these steps, you’ll be able to open a bank account offline and start managing your finances effectively.
How to open bank account online?
Opening a bank account online with Axis Bank is a straightforward process. Here’s a step-by-step guide to help you through the process:
Steps to Open an Axis Bank Account Online
Visit the Axis Bank Website:
- Go to the Axis Bank official website.
Navigate to Account Opening:
- Find the Section: Look for the section related to opening a new account. This is usually found under the “Personal Banking” or “Accounts” tab.
- Select the Type of Account: Choose the type of account you want to open (e.g., savings account, checking account). Axis Bank offers various options such as the Easy Savings Account, Insta Easy Savings Account, etc.
Start the Online Application:
- Click on “Apply Now” or “Open Account”: Follow the link to start the application process.
Enter Personal Information:
- Fill in the Details: Provide your personal information, including your name, date of birth, contact details, and address. You may also need to provide details such as your PAN (Permanent Account Number) and Aadhaar number (if applicable).
Verify Your Identity:
- Aadhaar Verification: Axis Bank may use Aadhaar-based e-KYC (electronic Know Your Customer) for identity verification. You’ll need to provide your Aadhaar number and authorize the bank to fetch your details.
- Upload Documents: If e-KYC is not used, upload scanned copies of your government-issued ID, proof of address, and a recent photograph.
Set Up Account Preferences:
- Choose Account Features: Select your preferences for account features, such as SMS alerts, debit card options, and other services.
Review and Confirm:
- Review Information: Carefully review all the information you’ve entered to ensure it is correct.
- Agree to Terms: Read and accept the terms and conditions of the account.
Complete the Application:
- Submit Your Application: Once you’ve filled out all the required information and uploaded the necessary documents, submit your application.
Verification Process:
- Bank Verification: Axis Bank will review your application and documents. If required, a bank representative may contact you for further verification or to schedule a video call.
Receive Your Account Details:
- Account Number and Details: After successful verification, you will receive your account number and other details via email or SMS.
- Debit Card and Cheque Book: You will receive your debit card and cheque book by mail, depending on the type of account and your preferences.
Access Your Online Banking:
- Set Up Online Banking: Log in to Axis Bank’s online banking portal using the credentials provided. You can manage your account, view transactions, and access other services online.
Download the Axis Bank App (Optional):
- Mobile Banking: For convenient access to your account on the go, download the Axis Bank mobile app from the App Store (for iOS) or Google Play Store (for Android).
Additional Tips
- Document Readiness: Have your documents ready for upload to avoid delays.
- Security: Use a secure network when applying online and keep your credentials safe.
- Customer Support: If you encounter any issues or need assistance, Axis Bank’s customer support can be reached via their website or through their helpline.
By following these steps, you can efficiently open a bank account online with Axis Bank and enjoy the convenience of digital banking.
How to Apply online for Atm Card?
Applying for an ATM card online is a convenient process offered by most banks. Here’s a general guide on how to apply for an ATM card online:
Steps to Apply for an ATM Card Online
Log in to Your Online Banking Account:
- Access Your Bank’s Website or App: Visit your bank’s official website or open their mobile banking app.
- Log In: Enter your login credentials (username and password) to access your account.
Navigate to the ATM Card Section:
- Find the Card Services: Look for sections related to card services, debit cards, or ATM cards. This might be under "Services," "Accounts," or a similar menu.
Select ATM Card Application:
- Choose the Option: Find and select the option to apply for a new ATM card. It may be labeled as “Request ATM Card,” “Apply for Debit Card,” or something similar.
Fill Out the Application Form:
- Provide Required Details: Enter the necessary details, which may include:
- Your full name
- Account number
- Contact information
- Address
- Select Card Type: Some banks offer different types of ATM cards with varying features. Choose the type of card you want, if applicable.
- Provide Required Details: Enter the necessary details, which may include:
Review and Confirm:
- Check Information: Review the information you’ve entered to ensure its accuracy.
- Agree to Terms: Read and accept the terms and conditions related to the ATM card.
Submit the Application:
- Submit: Click on the “Submit” or “Apply” button to complete your application.
Verification Process:
- Bank Review: The bank may review your application. Some banks might send a verification code to your registered mobile number or email to confirm your request.
- Contact Information: If needed, a bank representative may contact you for further verification or to provide additional instructions.
Receive Your ATM Card:
- Card Issuance: Once your application is processed, the bank will issue your ATM card.
- Delivery: The card will be sent to your registered address by mail. Delivery times can vary depending on the bank and location.
Activate Your ATM Card:
- Activation Instructions: Follow the instructions provided with your card to activate it. This may involve visiting an ATM, calling the bank’s customer service, or using online banking.
Set Up PIN (If Required):
- PIN Generation: You may need to set up a PIN (Personal Identification Number) for your card. This can typically be done at an ATM or through the bank’s app/website.
Additional Tips:
- Update Contact Details: Ensure that your contact details and address are up-to-date with the bank to avoid any issues with card delivery.
- Secure Information: Keep your personal and banking information secure during the application process.
- Customer Support: If you face any issues or need assistance, contact your bank’s customer support for help.
By following these steps, you can efficiently apply for an ATM card online and manage your banking needs more conveniently.
How to set your Atm Card pin?
Setting or changing your ATM card PIN is an important step for ensuring your account's security. Here’s how you can do it:
1. Via an ATM Machine:
- Locate a Bank ATM: Find an ATM associated with your bank.
- Insert Your ATM Card: Insert your card into the ATM slot.
- Enter Your Current PIN: If this is your first time setting the PIN, you may be prompted to enter a default or temporary PIN provided by the bank.
- Select ‘PIN Change’ Option: Look for an option labeled “PIN Change” or something similar.
- Enter New PIN: Follow the prompts to enter a new PIN. Typically, you’ll need to enter the new PIN twice for confirmation.
- Complete the Process: Follow any additional instructions to finalize the change. Once done, you’ll receive a confirmation that your PIN has been successfully changed.
2. Via Your Bank’s Online Banking Portal:
- Log In to Online Banking: Access your online banking account through your bank’s website or app.
- Navigate to Card Services: Look for a section related to card services, often found under “Accounts” or “Services.”
- Select ‘Change PIN’: Find and select the option to change your ATM card PIN.
- Authenticate: You may need to provide additional authentication, such as entering your current PIN or answering security questions.
- Enter New PIN: Input your new PIN and confirm it as per the instructions.
3. Via Phone Banking:
- Call Customer Service: Contact your bank’s customer service or phone banking number.
- Authenticate Yourself: You may be asked to provide personal information or a security code to verify your identity.
- Request PIN Change: Ask the representative to guide you through the process of changing your ATM PIN.
- Follow Instructions: Follow the instructions given by the representative to set your new PIN.
4. Via Bank Branch:
- Visit Your Bank: Go to your bank branch in person.
- Provide Identification: Show your ID and request to change your ATM PIN.
- Complete the Form: Fill out any required forms or follow the procedure as instructed by the bank staff.
- Set New PIN: You may need to enter your new PIN into a secure device provided by the bank.
Tips for Setting a Secure PIN:
- Choose a Unique PIN: Avoid using easily guessable numbers such as birthdays or sequential digits.
- Keep It Confidential: Never share your PIN with anyone and avoid writing it down in insecure places.
- Update Regularly: Change your PIN periodically to enhance security.
If you encounter any issues or need assistance, don’t hesitate to contact your bank’s customer service for support.
How to close your bank account?
Closing a bank account is a straightforward process, but it's important to follow the proper steps to ensure that the account is closed correctly and to avoid any potential issues. Here’s a step-by-step guide on how to close your bank account:
Steps to Close Your Bank Account
Review Account Terms and Conditions:
- Check for Fees: Look for any fees associated with closing the account, such as early closure fees for accounts that were recently opened.
- Understand Requirements: Review any requirements or conditions for closing the account.
Transfer or Withdraw Funds:
- Move Funds: Transfer the remaining balance to another account or withdraw the funds in cash. Ensure that there are no pending transactions or automatic payments that could affect the closure.
Cancel Automatic Transactions:
- Review Transactions: Check for any automatic payments, direct deposits, or subscriptions linked to the account.
- Update Information: Redirect these transactions to your new account to avoid missed payments or deposits.
Contact the Bank:
- Visit or Call: Depending on the bank’s policy, you may need to visit a branch or call customer service to request account closure. Some banks also offer online options for closing accounts.
- Request Closure: Inform the bank representative of your intent to close the account.
Submit a Closure Request:
- Complete Forms: Fill out any required forms or documentation. Some banks might require a written request or form to process the closure.
Return Bank Property:
- Return Items: Return any bank property, such as checkbooks, debit cards, or credit cards associated with the account.
Confirm Closure:
- Get Confirmation: Request written confirmation that your account has been closed. This will serve as proof that the closure was processed.
Monitor the Account:
- Check Statements: After closing the account, monitor your account statements for a few weeks to ensure that no additional transactions or fees are applied and that the closure was processed correctly.
Dispose of Documents Securely:
- Shred Documents: Safely dispose of any documents related to the closed account, such as old statements or checkbooks, to protect your personal information.
Additional Tips:
- Contact Customer Support: If you encounter any issues or have questions during the closure process, contact your bank’s customer support for assistance.
- Check for Outstanding Items: Ensure there are no pending transactions or unresolved issues before closing the account to avoid complications.
- Update Your Records: Update your financial records and budget to reflect the account closure.
By following these steps, you can close your bank account efficiently and ensure that all aspects of the closure are handled properly.
How to complete bank account kyc?
Completing the Know Your Customer (KYC) process for a bank account is essential for verifying your identity and complying with regulatory requirements. Here’s a step-by-step guide on how to complete the KYC process:
Steps to Complete Bank Account KYC
Understand KYC Requirements:
- Know the Documents Needed: Banks typically require specific documents to verify your identity and address. Common documents include:
- Proof of Identity: Government-issued ID (e.g., passport, driver’s license, national ID card).
- Proof of Address: Utility bill, lease agreement, bank statement, or any official document that shows your current address.
- Photograph: A recent passport-sized photograph may be required.
- Know the Documents Needed: Banks typically require specific documents to verify your identity and address. Common documents include:
Gather Required Documents:
- Collect Documents: Ensure you have the original documents and photocopies if required. Some banks may also accept digital copies.
Complete the KYC Form:
- Fill Out the Form: Fill in the KYC form provided by the bank, either online or in person. The form will ask for your personal details such as your name, date of birth, address, and occupation.
Submit Documents:
- Online Submission:
- Log In: Access your bank’s online banking portal or mobile app.
- Navigate to KYC Section: Find the KYC section under account services or similar.
- Upload Documents: Upload scanned copies of the required documents and any additional information as instructed.
- In-Person Submission:
- Visit a Branch: Go to your bank branch with the required documents.
- Submit Documents: Hand over the documents and completed KYC form to a bank representative.
- Online Submission:
Verification Process:
- Bank Review: The bank will review the submitted documents and perform verification checks.
- Additional Information: If needed, the bank may request additional information or documents.
Receive Confirmation:
- KYC Completion: Once the bank has verified your information, you will receive confirmation that your KYC process is complete.
- Account Status: Your account status will be updated to reflect the KYC completion.
Update Records (If Needed):
- Correct Information: If there are any discrepancies or updates required, contact the bank to correct or update your details.
Additional Tips:
- Ensure Document Validity: Make sure all documents are current and valid. Expired or incorrect documents can delay the KYC process.
- Check Bank Policies: Each bank may have specific KYC requirements and processes. Review your bank’s guidelines to ensure you meet all criteria.
- Secure Your Information: Handle your personal and financial information securely during the KYC process to protect against fraud.
By following these steps, you can successfully complete the KYC process for your bank account and ensure compliance with regulatory requirements.
How to start net banking in your bank account?
Starting net banking typically involves a few steps, but the exact process can vary slightly depending on your bank. Here’s a general guide to help you get started:
Check Eligibility: Ensure that your bank account is eligible for net banking services. Most banks offer this service, but it's good to confirm.
Visit Your Bank’s Website: Go to your bank’s official website. Look for the net banking or online banking section.
Register for Net Banking:
- Online Registration: If available, you can usually register online. Click on the option for new user registration or sign-up.
- Offline Registration: If you can’t register online, visit your bank branch. You might need to fill out a registration form and provide identification.
Provide Details:
- Online: You’ll need to provide details like your account number, mobile number, and sometimes an OTP (One-Time Password) sent to your registered mobile number.
- Offline: The bank will provide you with a temporary password or activation code.
Set Up Your Account:
- Create a Username and Password: Once registered, you’ll usually be asked to create a secure username and password. Follow the bank’s guidelines for creating strong passwords.
- Security Questions: Some banks may ask you to set up security questions for account recovery.
Log In: Use your new username and password to log in to your net banking account.
Explore and Customize: Familiarize yourself with the features available. You can set up additional security features, such as two-factor authentication, and customize your account settings.
Troubleshooting: If you encounter issues during registration or login, contact your bank’s customer service for assistance.
Always make sure to use secure and trusted devices and networks when accessing your net banking account to protect your personal and financial information.
How to check your bank account online?
Checking your bank account online is straightforward once you’re set up with net banking. Here’s a step-by-step guide to help you:
Log In to Your Net Banking Account:
- Open your web browser and go to your bank’s official website.
- Locate and click on the “Net Banking” or “Online Banking” section.
- Enter your username and password. Some banks might also require a security code or one-time password (OTP) sent to your registered mobile number.
Navigate to Your Account Dashboard:
- After logging in, you’ll typically be directed to your account dashboard. This page shows an overview of your accounts and balances.
View Account Details:
- To check details like your account balance, recent transactions, or statements, look for options such as “Account Summary,” “Account Balance,” or “Transaction History.”
- Click on the relevant section to view the information you need.
Download or Print Statements (if needed):
- If you need a record of your account activity, look for options to view, download, or print your account statements. This might be under sections labeled “Statements,” “Reports,” or similar.
Check Recent Transactions:
- To view recent transactions, find and click on the “Transaction History” or “Recent Transactions” link. This will display a list of recent transactions for the selected account.
Log Out Safely:
- When you’re finished, make sure to log out of your net banking session. This helps protect your account from unauthorized access.
Tips for Online Banking Security:
- Always use a secure and trusted internet connection.
- Avoid logging in from public or shared computers.
- Keep your login credentials private and change your passwords regularly.
- Enable additional security features provided by your bank, such as two-factor authentication.
If you encounter any issues or need help, your bank’s customer service should be able to assist you.
All bank helpline number for bank account checking:
Here’s a list of helpline numbers for some major banks in India. These numbers are generally used for account-related queries, including account checking, transaction issues, and other customer service needs. Please note that these numbers are subject to change, so it’s a good idea to verify the latest contact details on the bank’s official website or app.
Major Indian Banks Helplines:
State Bank of India (SBI):
- Customer Care (24/7): 1800 425 3800 / 1800 11 2211
- For NRI Services: +91 22 2771 7777
HDFC Bank:
- Customer Care (24/7): 1860 267 6161 / 1800 22 4060
- For NRI Services: +91 22 7171 6161
ICICI Bank:
- Customer Care (24/7): 1800 102 4242 / 1800 103 4242
- For NRI Services: +91 22 2653 1414
Axis Bank:
- Customer Care (24/7): 1800 419 5959 / 1800 103 5963
- For NRI Services: +91 22 6798 7700
Punjab National Bank (PNB):
- Customer Care (24/7): 1800 180 2222 / 1800 103 2222
- For NRI Services: +91 22 2282 0411
Bank of Baroda (BoB):
- Customer Care (24/7): 1800 102 4444 / 1800 22 33 44
- For NRI Services: +91 22 6658 3000
Canara Bank:
- Customer Care (24/7): 1800 425 0018 / 1800 103 0018
- For NRI Services: +91 80 2202 1234
Union Bank of India:
- Customer Care (24/7): 1800 22 22 44 / 1800 208 2244
- For NRI Services: +91 22 2623 1256
Kotak Mahindra Bank:
- Customer Care (24/7): 1860 266 2666 / 1800 102 6022
- For NRI Services: +91 22 6605 4444
IDFC FIRST Bank:
- Customer Care (24/7): 1800 10 888
- For NRI Services: +91 22 7115 8888
Yes Bank:
- Customer Care (24/7): 1800 1200 / 1800 103 1212
- For NRI Services: +91 22 2553 1222
IndusInd Bank:
- Customer Care (24/7): 1860 267 7777 / 1800 103 8181
- For NRI Services: +91 22 4406 6666
General Advice:
- Visit the Bank’s Official Website: For the most accurate and updated contact details.
- Use Official Apps: Most banks offer customer service through their mobile apps, where you can also find helpline numbers.
- Local Branch: You can also visit your nearest bank branch for direct assistance.
If you're dealing with a bank not listed here, their official website or app should have contact details for customer support.
How to start UPI app in your bank account?
Starting to use a UPI (Unified Payments Interface) app with your bank account is a convenient way to handle payments and transfers directly from your mobile phone. Here’s a step-by-step guide to help you get started:
1. Choose a UPI App:
- Select an App: There are several UPI apps available, including Google Pay, PhonePe, Paytm, and others. You can also use your bank's own UPI app if they offer one.
2. Download and Install the App:
- Go to the App Store: Visit the Google Play Store (for Android) or the Apple App Store (for iOS).
- Search for the App: Look for the UPI app you want to use.
- Download and Install: Tap the download button and wait for the installation to complete.
3. Register and Set Up Your Account:
- Open the App: Launch the UPI app after installation.
- Register Your Mobile Number: The app will prompt you to enter the mobile number linked to your bank account. This number should be the same as the one registered with your bank.
- Verify Your Mobile Number: You’ll receive an OTP (One-Time Password) on your mobile number. Enter this OTP to verify your number.
4. Link Your Bank Account:
- Select Your Bank: Choose your bank from the list of available banks in the app.
- Verify Your Bank Account: The app will automatically fetch details based on your mobile number and bank account information. You may be asked to verify your account using an OTP sent to your registered mobile number.
5. Set Up Your UPI PIN:
- Create a UPI PIN: If you don’t already have a UPI PIN, the app will guide you through the process of setting one up. You’ll need to enter your debit card details (card number, expiration date, and CVV) to verify your account.
- Choose a PIN: Enter a 4 or 6-digit PIN. This will be used for authorizing transactions. Confirm the PIN by entering it again.
6. Start Using the UPI App:
- Explore Features: You can now use the app to make payments, transfer money, pay bills, and more.
- Add Beneficiaries: You can save frequently used payment details, such as payee numbers or UPI IDs, for easier transactions in the future.
Additional Tips:
- Security: Always use a secure network when making transactions. Enable any additional security features offered by the app.
- Update Your App: Keep the app updated to ensure you have the latest features and security improvements.
- Contact Support: If you face any issues, contact the app’s customer support for assistance.
Once set up, UPI apps make it easy to manage transactions and payments right from your smartphone.