What Documents Needed To Open Bank Account – Simply upload photos or scanned copies of the required documents if you are applying online for a personal or joint alternative account.
Note that this is for a joint account with a child. Please prepare the following documents to be uploaded to complete the online application.
What Documents Needed To Open Bank Account
1 – Please select the nationality as “Malaysia” and enter the 12 digit Malaysia IC of the child in the application
Topics Covered: Procedures Of Opening Bank Account
Tip: Make sure your document is valid. Review the details (eg expiry dates, detail visibility) before submitting your application.
Tip: Use natural light (instead of your camera’s flash mode) or place your document where the reflection won’t blur any part of the image.
Tip: Frame your image leaving at least 1cm of space on each side of the document when shooting it digitally.
Tip: Take both the profile photo and any printed details. Do not block or cut any of the details.
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Tip: Make sure your phone is parallel to the document when you take the picture. Try placing your document against a white sheet of paper and using it as a parallel frame.
Important: Your Singpass should be ready to use once your personal details are displayed on your Singpass mobile app. Once your Singpass is set up, you can sign up for a digbank account. Learn more here. Of all the major decisions related to cash management, the most important decision is opening a bank account. This decision is extremely important as the smooth functioning of any financial task is related to it.
So, to make a wise decision, you should familiarize yourself with all the requirements for opening a bank account. While opening a bank account, several questions may arise, starting with choosing a bank to collect bank documents.
Let’s get answers to all these questions by reading this article that requires an investment of just a few minutes. In this article, we have detailed the 7 steps to help you learn how to open a bank account.
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To be eligible, the individual must be 18 years of age or older. If their account is to be opened by a parent or legal guardian on their behalf, the bank requires identification from both them and the minor, and proof that the government has approved all identification.
To open a bank account, you need to provide several documents. These documents will serve as proof of authenticity of any personal information you provide.
Document compliance will vary from bank to bank. In addition, to open specific types of accounts, you may sometimes need to provide a lot of details about your financial situation.
You must send these documents as photocopies. And in the event that it is requested, you must produce it in its original form.
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Submitting the above documents will assure the bank that the government has approved you as a citizen of the country. You must submit the correct documents to the bank to avoid any restrictions. This is because presenting false documents and information can result in a forgery case or a fine.
When all your documents are ready and verified, your bank requires you to proceed with the following steps to open your account:
Not all banks are the same when it comes to opening regular personal accounts. So it is wise to contact the banks in advance. You can choose banks according to your budget, place of residence, the interest rates they provide on different bank accounts.
Your decision may also depend on some additional conveniences you can get after becoming a bank customer. Banks can be of two types:
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At this stage it is necessary to physically visit the bank branch. Your banker will inform you about the different types of bank accounts there. The following are the types of bank accounts that banks offer you to open:
You can choose any of the above bank accounts according to your needs. A rule of thumb to follow while choosing an option is that all features and fees should suit your needs and budget.
3. Filling out a bank account opening form When you decide on the type of account, a bank employee will give you a bank account opening form. On the form you will need to provide personal details such as first name, last name, permanent address, postal address, date of birth and the names of parents/guardians. You must also provide information on marital status such as spouse’s name, number of children you have. Finally, you must authenticate the provided information with the signature. Your signature certifies the relevant bank that you comply with the bank’s basic terms and conditions.
4. Submit documents for verification proof. Proof documents may vary from bank to bank. However, in this step you may need to obtain permission for the documents you will send with the form. To open a new account you need to submit documents like PAN Card, Ration Card, Social Security Number, Voter ID. They are required to present as proof of identity. Along with them, you should also send two recent passport size photographs of yourself.
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5. Wait for the bank to approve the documents Banks usually take 1-2 days to approve new accounts. When the bank approves all the documents you submitted, the bank officer will contact you to clarify any errors. The bank officer may also ask for a few more details like bank instructions. After resolving all issues, they will approve your account.
Banks usually take 1-2 days to approve new accounts. When the bank approves all the documents you submitted, the bank officer will contact you to clarify any errors.
The bank officer may also ask for a few more details like bank instructions. After resolving all issues, they will approve your account.
It is the bank account owner’s responsibility to keep this data in a secure location. And do not allow anyone other than trusted individuals to access these documents. Sharing this information could lead to fraud or theft.
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You can also take advantage of the checkbook facility. This will give you a checkbook that allows you to transfer funds from one account to another. The validity period of the check is six months, which makes it very useful for making future payments.
Also, once you open a bank account, you will get several other facilities like loans and certificate deposits. You can also take advantage of a locker to store financial documents.
This is how you can find your bank account. Choosing a bank and the type of account you want to maintain depends entirely on your financial goals.
We hope you enjoyed our article on how to open a bank account, if you have any comments or suggestions, please share them in the comments below.
Documents Required For Account Opening
To open a bank account, you must provide at least two government-approved photo IDs. These certificates can include your driver’s license and passport. You may then need to provide your taxpayer identification number, a utility bill that shows information about your residence.
Other details you need to provide are contact information such as phone number, mobile number, email address, name of the nominee.
If you intend to open a student account, you may need to provide proof of enrollment provided by the school. This proof of enrollment certifies your
Some banks also require a minimum deposit requirement and that you must deposit after collecting bank documents.
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You can also open a bank account by going to the bank’s website. Nowadays, many banks provide an online facility to open a bank account, which is very quick and easy. It usually takes a few minutes to open an account.
Most of the time, you have to pay all the account opening costs, except for the minimum deposit part. This deposit is an amount you have to pay your bank at the beginning.
Some banks don’t even want to present it and open an account with zero balance. In addition, some banks charge a fee to maintain a minimum cash deposit in your bank account.
In general, the process of opening a new account is quick. It usually ranges from 15 minutes to 30 minutes. But it may take a few days for the bank to verify the details.
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But in case you request a checkbook, debit card, or credit card, these items usually take eight to 12 business days in the mail.
Money transfer fees for overseas payments depend on the total amount you need to send. Sometimes you also charge taxes that you have to pay while transacting on an international basis.
But before making any payment, you should monitor the exchange rates so that the recipient gets the required amount after taking deductions according to international standards.
According to the financial magazine Forbes, below are the top 5 banks that provide the best means of opening bank accounts.
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You can choose any bank after comparing the interest rates provided by the banks to their customers. You can also consider other banking services while making a preference.
Prakash is a passionate person who loves to live life to its fullest potential. Ann
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