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  • Category: Banking

    Time taken for opening bank accounts

    Planning to open a bank account? wondering how much time does it take to open an account? On this page, find suggestions from experts to your query.

    How much time it takes to open a bank account in State Bank of India?
    After submission of account opening form and E-KYC is done at the bank, what is the further process done by the bank for opening the account?
    Why banks does not issue account number on the same day?
  • Answers

    7 Answers found.
  • If you do it manually that is fill the physical form and take it to bank and give your photograph and KYC documents then they will check them and ask you to come after 1-2 days as they require time to enter the details in computer and generate your account number etc.
    But if you apply for a new account online by filling a form and then getting a temporary number there and take it's print out to bank along with all the KYC documents then they will open the account immediately and allot account number also.

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  • Account opening in a bank is not a big issue, if you are properly identified, you have proper documents - Aadhaar and PAN card -with you and you are residing locally. The following is the overall general procedure for opening a new savings bank account for a literate normal individual.

    1.Get the account opening form and KYC form .
    2. Fill them correctly giving all mandatory relevant information asked.
    3.Affix photograph at the earmarked pace
    4 Sign the forms at the marked places and submit it along with the self attested copies of identity and address proof , details of which you have mentioned in the form .
    5. The relevant official will make the e verification if you have submitted the Asdhaar details.
    If needed and asked sign a specimen signature in front of the official.

    If all things are okay, then it will need about 15 to 30 minutes or more depending on the waiting crowd and people before you; to have account opened, and account number given to you. Then you may be asked to remit the initial opening cash in your account. The cheque books and pass books may be issued in due course.

    After you submit the papers, and you are identified and e verified, the bank personnel have to enter each and every detail in the relevant field in the account master inthe computer system. The system will generate the account number. However the details have to be authenticated by another higher level authorised official. Your specimen signature has to be scanned and attached to the system to your account. The Aadhaar number has to be linked to the account.
    After the direct liking of Aadhaar as a compulsory requirement, to open an account, the sequence may be different .

    Generally State Bank of India branches are crowded, and after the merging of associate banks recently, the staff may be facing some problem in getting familiarised and ease in the unified system in use. Staff shortage and one staf handling multiple services all may hamper speed. Otherwise I do not see any reason for any delay if everything is okay.

  • With the computerisation and linking various branches, it does not take much time to open a Savings A/c in any public sector bank including SBI, provided all documents are submitted along with account-opening form. But the bank has to complete various follow-up actions like verifying AADHAR, PAN card, address proof and other documents. All these have to be taken on record. The signature has to be scanned and linked with account details. Same is applicable for nominee details. A bank employee has to do these work at the time of account opening. So, the pass-book is given to the new account-holder the next day.

    Please remember that even 15 years ago, the entire process from filling up the account-opening form to getting the pass-book used to be completed in 15 days or more.

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  • There are two ways to open your account. One is online opening and the other one is physically going to the bank and opening an account.

    You require an application form for opening an account, you can fill the same online. Then upload the asked for papers like aadhaar card and the computer will generate your account and a temporary number will be allotted. You have to take a print of that and go to the bank and submit. They will do the needful. But generally, it may take about a day to give you the passbook chequebook and other details.
    If we want to file the manual application, go to the bank. Ask for an application form. Fill it and attach copies of your identity cards like aadhaar, pan, DOB certificate and passport size photographs and pay a minimum balance that is required for your account and submit them to the counter. It may take two or three days for you to get your Passbook and other details.

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  • These days you have two options to open bank account. One being online using internet or using the app through your mobile. And second being visiting the branch. Some of the banks like ICICI, Kotak, HDFC, etc are offering online bank account opening. And here you just have to give your Aadhar and the PAN card number. And the account will be opened online. You can also give your biometric details and get things done properly. DBS is one such bank that has made entire process online. And the interest rates of such banks are also same as the normal account opening process. So there seems to be no difference.

    Alternatively visit the bank branch, show your aadhar card, PAN and photographs if required. They may not do biometric if you are filling up the form at branch. but in case of online account opening that may be required. So you may have to watch out on that part. You can get the debit card and passbook on same day. Or you can ask for the embossed debit card with your name.

  • Since the mode of operation has changed being adopted earlier in 90's, due to adoption of on line process in almost all banks, the time - consumption for opening a Bank - account would hardly take more than thirty minutes. The first thing required in this connection is to fill up the application form provided by the concerned bank and then you have to provide them Aadhar - card, PAN card, Residential - proof and a photograph to be affixed in the application - form apart from submission of additional passport size photograph. The photograph pasted on the application - form must be self attested and so is the case with the the passport size photograph being submitted to the authorities.
    Recent trend is to link your PAN card along with Adhar - card and provide the same before the authorised staff of the Bank.
    Entire process would not take substantial time if the staff deputed in the counter is active enough to undertake the required process. However, with the completion of the essential formalities, the Nationlised banks would not take more than three days.
    The formalities would be somewhat faster in case of private Banks such as ICICI, Axis, HDFC banks where time for accomplishment of the formalities is considrably reduced. In most of the case, account can be opened in the same day in a private - bank.

  • It takes 2 to 3 working days to open your account on their branch. They will provide you bank diary, cheque book as a welcome kit so it needs to be processed. The time of opening an account is depends upon the availability of staff. Sometimes many banks ignore to opening an account because they already fill up forms so if there is not a rush in branch and less staff to work that is the reason of taking a time in opening an account.

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