Name: Exploring Money as a Medium of Exchange in Our World
Uploaded: 2019-07-19
Duration: 4 min 39 s
Description: We do different daily transactions. Let’s learn how money is a part of these transactions, how things are different than before with money, and how it is a medium of exchange.

Question

What is the procedure of opening a Savings Bank account?

Accepted Answer

The following steps are to be taken into consideration before opening a savings bank account.

Choose a bank in which the account is to be opened.

Filling up the prescribed application form that involves information regarding name, residence, and space for fixing an image.

Submitting the filled application form to the bank officer. Along with the application form, other relevant documents such as the proof of residence, proof of identity has to be submitted to the bank officer. Post scrutiny of the documents the bank officer will issue an account number.

After the necessary documents have been collected by the bank and an account number is issued the bank will provide documents such as a passbook and cheque book which should be collected by the account holder.

What is the procedure of opening a Savings Bank account?

Important Questions on Money and Banking

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