How old to open bank account

How to set up a new bank account in Czech Republic? First part.

How old to open bank account Banks in Czech Republic

This time we will focus on basic information – what to know when opening an account and what to watch out for. One basic condition for establishing your own account is you must be 18 years old. Exceptions include student accounts that can be opened at the age of 15, but only with the presence of a legal representative. For foreigners, it is also necessary to have confirmation of residence in the Czech Republic. When opening a bank account, you are required to submit two identification documents. What kind of evidence specifically? Usually banks specify it themselves. Generally these include an ID card, birth certificate, health insurance card, passport, driving license or employee identification card. For foreign banks, it is necessary to specify whether they are coming from the European Union or elsewhere. Foreigners from the EU must present an identification document that is usually issued and valid in the EU (European union identification card). They can also present a passport and a second document that is equivalent to a Czech birth certificate, driver’s license or proof of residence permits that are issued by the Ministry of the Interior. For foreigners from outside the EU, the main document required is a passport while secondary documents are similar to those of foreigners from EU. Banks always prefer documents with photos.

There are also specific conditions in setting up a business account. If you want to open an account as a legal entity, you are required to have the standard bank documents that were mentioned above. Moreover, it is usually necessary to provide proof of establishment of the company, the certificate of incorporation issued in the Czech Republic or in another state (where legal provenance). If the company is not yet registered in the Commercial Register, it must be added to the founder’s deed or memorandum. All documents in a foreign language must be translated into Czech, officially verified and submitted when applying for an account. Before you choose a bank and decide to open an account, it is important to verify the extent of the services they offer within the standard account management. Every bank in the country has helplines who will answer any questions. The information is usually provided in several languages though always in English. Most of banks in the Czech Republic, in addition to the fees for classical account management, deduct fees and other services. Therefore you should ask how much extra you can pay to get discounted or free services fees, etc. The moment you start your account , your bank will comply with the banking code and inform you of standard information . It is written in an overview of the key features of the services provided and details of their terms and conditions including the published tariff of fees (all fees for withdrawing money, all additional fees , penalty and interest) . The Bank is obliged to disclose this information upon request and at any other time. If you need translate any documents with official verification or if you need help to the bank or another institutions whit a paid assistant, do not hesitate to contact us!

What is a Current Account and How to open it in a Bank?

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Current Account is an account in which there is no limit on the no. of transactions that can be done in a day and are therefore also referred to as Transactional Accounts. These type of accounts are held neither for the purpose of Investment nor for the purpose of Savings but only for the convenience of the business as these accounts are the most liquid type of accounts.

Banks don’t pay any interest on the amount lying in these accounts and in some cases also charge a small fee for the services they provide. These types of Bank Accounts are usually opened by businesses as there no. of transactions are on the higher side.

How to open a Current Account in a Bank?

All Indian Banks are allowed to open Current Accounts. You can approach any bank with the requisite documents and on successfully furnishing all details in the application form, the banker will verify all documents and on being satisfied, they will open your Current Account.

Current Account users are also required to maintain minimum quarterly average balance in their accounts. Most banks have minimum quarterly average balance criteria of Rs 5,000/ Rs 10,000.

How old to open bank account

Documents required for opening a Current Account

The following documents are required for opening a Current Account in India

The account holder would also be required to comply with all the KYC Norms. In case you don’t have all the above documents, you can refer this link which provides the list of alternate documents to be submitted in case the above documents are not available.

Almost all banks provide the facility of Debit Card, mobile banking and internet banking for current account users. However, they may charge a small fee for such services.

Karan is CA by Qualification with the rare distinction of being awarded All India Rank 22. He is also the founder of this website and loves to help people with their Tax Queries.

How to open SBI bank account online and offline

Last updated on May 17th, 2017 at 09:47 pm

“SBI” is the first choice to every common man because of their facilities to the customers. So, if you wish to open an account in SBI have two modes Offline and Online.

Steps to Open SBI Account Online:

To Open an SBI Saving Account Online you have to follow few easy steps given below-

  1. Click “apply online” to visit the official site
  2. Submit all the necessary details of the customer and account information section

Note: Before filling the form please read the saving bank rules.

How old to open bank account

  • Customer will get Temporary Customer Number (TCRN) on registered mobile number.
  • Print The Account Opening Form (AOF) on A4 size white papers.
  • Within 30 days Visit the nearest Branch of SBI along with the required documents.
  • After verification your account will opened.

    So,here is the Sample of Online Application Form

    How old to open bank account

  • How to Open SBI Account Offline:

    1. To open SBI saving Account Offline you need to
      1. Collect the account opening form from any SBI branch.
      2. Or Download the SBI Account opening Form Online in SBI’s official site.
    2. Fill all mandatory details which includes
      1. personal information
      2. account information,
      3. Form 60
      4. Nomination Form.
    3. Attach the required documents with the application form
    4. Visit branch with original documents for verification.

      So, Here the sample for Account Opening Form

      How old to open bank account

    Checklist Of Documents Required

    1. Account Opening Form (AOF)
    2. Proof of identity and address Proof Voter’s ID, Driving License , Aadhar Card and also PAN Card
    3. Recent passport size colored photographs
    • Savings Plus Account is a Savings Bank Account linked to Multi Option Deposit (MOD),
    • From the Savings Bank Account will transfer to Term Deposits opened in multiples of Rs. 1000.
      • This is a Savings Bank account for young adults having age between the 18 to 30
      • They give them the first experience of an independent, restriction free Banking experience.
    1. Basic Savings Account With SBI

      • Anyone above 18 years old with valid KYC documents can open this account.
      • It is for poorer society to encourage them to start saving without any burden of charges or fees.
      • Anyone above 18 years old with valid KYC documents can open this account.
      • This is for poor society to encourage them to start saving without any burden of charges or fees.
    1. Savings Account for Minors With SBI

      • SBI offers two schemes for minors known as PehlaKadam and PehliUdaan.
      • No least balance required.
      • Can opened joint account with parents or guardians.
      • Transfer the account to any SBI Branch without changing the account number.
      • Nomination facility available.
      • Interest rate calculated on the daily balance at 4% p.a.
      • Photo ATM cum debit card with withdrawal/POS limit of Rs. 5,000.
    • SBI Salary account is where your salary gets credited on regular bases. and also this is a zero balance account.
    • SBI offers Salary Accounts for employees of-
      • Corporates, Government organization, Railways, Police establishments, Defence Personnel etc.

    The SBI Salary Accounts benefits are:

    • Zero Balance accounts
    • free debit card
    • Various personal loans
    • Unique Lifetime Account number
    • Free personalise multi-city cheque
    • Free personal accident insurance.
    • First of all If your college is an SBI client then it is very simple to open the student saving account.
    • You have to collect the application form and fill it.
    • Hence he college will submit all other documents.

    1. Can anyone submit information online for opening a Savings Bank account?
    2. Ans- Yes, Any Indian resident can open an account in any SB Branch.
    1. Can I open a joint account and with how much applicants I can joint with?
    2. Ans- Yes you can open joint account with most three applicants.
    1. Can a minor submit information online for opening a Savings Bank account?
    2. Ans- Yes, If he/she is above 10 in age can submit information for account opening.
    1. Is SBI have a time limit to approach a branch after submitting the information online?
    2. Ans- Yes between 30 days you must go to branch otherwise your request will cancelled.
    1. Is it safe to submit my personal information online.?
    2. Ans- Yes the information encrypted and VeriSign secured so it is Safe Don’t Worry.
    1. Can I submit the documents by mail to the branch?
    2. Ans- No you have to visit to the branch, other modes are not accepted.
    1. Can I submit the documents to any branch of SBI?
    2. Ans- Yes But you can’t submit same form to another branch.
    1. Is SBI have any alternative to retrieve TARN if I forgotten.?
    2. Ans- At the time of TARN generation you will receive it by SMS in your registered mobile number
    3. if in case of lost of SMS you need to generate it again.

    How to Check If an Old Bank Account Is Active

    Regardless of how old a bank account is, financial institutions retain inactive, closed and active accounts in their database. You can easily log into your account online, call the customer service number or visit a branch location -- but that's only if you remember your account information. You can also determine the status of an account by providing specific information to verify your identity.

    If you previously enrolled in online banking with your institution, use your username and password to check the status of your account. If you have forgotten these log-in essentials, you can reset your username or password if your email address is in the bank's system. Most institutions will also require you to verify a site key or answer security questions that you set up when you originally enrolled in online banking. Once you have entered your account summary page, all active accounts will be listed.

    Call the customer service number, which is provided on the financial institution's website. If you know your account number and any phone verification passwords, you can use the automated system to check the status of the account. Otherwise, bypass the automated system by selecting the right code that will connect you with a bank representative. This person will ask for your Social Security number and the address you provided when you opened the account. If you provided answers to security questions when the account was initially activated, you may also be required to answer these questions. Afterward, the representative should be able to locate the account and verify whether it's active or closed.

    You can speak directly with a bank representative at one of the branch locations. If you have the account number, the representative can verify if the account is active. Most banks also require you to bring an identification card, like a driver's license or state ID, to verify your identity. If you do not know your account number, a bank representative can still check your account status with your full name, Social Security number and ID.

    How to Open Sole Proprietorship Bank Account

    Doing business in the name of the individual is called Sole Proprietorship. Proprietorships fall under the category of unregistered business as it is not registered with the Central Government – as an independent business entity. Proprietorships are suitable for very small businesses in the unorganized sector which will not have an annual turnover of more than Rs.10 lakhs. In many cases, the Sole Proprietor would operate a business in a different business name (for example: Chennai Metal Trading, Kumar Groceries, etc.,) . Sole Proprietorship business names are not stringently verified or controlled and most Entrepreneurs adopt a business name that is common and not infringing on any popular trademark. Finally, to provide legitimacy to the Sole Proprietorship and collect payment in the name of the Sole Proprietorship business, a bank account must be established. In this article, we detail the procedure for opening sole proprietorship bank account.

    Bank Account for Sole Proprietorship

    The Reserve Bank of India has laid out Know Your Customer (KYC) norms for opening of current account in the name of a sole proprietorship and all Banks have procedure to open sole proprietorship current account in business name. The RBI has widely prescribed the following to be adopted by banks as KYC norms for opening of sole proprietorship current account:

    • Proof of the name, address and activity of the concern: Proof of the name, address and activity of the concern, like registration certificate (in the case of a registered concern), certificate/licence issued by the Municipal authorities under Shop & Establishment Act, sales and income tax returns, CST / VAT certificate, certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities, Licence issued by the Registering authority like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities, etc.
    • Secondary Proof: Any registration / licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority / Department. NBFCs/RNBCs may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of account.
    • The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities.
    • Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.

    Any two of the above documents would be sufficient for opening of sole proprietorship current account. The RBI KYC norms also mention that these documents should be in the name of the proprietorship.

    Document Required for Opening Proprietorship Bank Account

    Based on the above RBI guidelines, various banks have enacted procedures and list of documents required for opening current account in the name of a Sole Proprietorship firm. The following is a Bank’s list of documents required for opening Proprietorship Bank Account.

    First Sole Proprietorship Proof (Any one of the following documents)

    • Any certificate issued for registration/operations/Trade License/business by Local/ State/ Central Government/ Government Agency/ SEBI/ IRDA/ ICAI/ ICSI/ ICWAI/ Office of Registrar of Newspapers for India in the name of entity/firm. Eg: Sales Tax, TIN/ VAT/ TAN etc.
    • APMC/ Mandi License/ Certificate
    • Labour License/Certificate
    • Professional Tax Registration Certificate
    • Trade Mark Registration Certificate
    • Liquor License/ Registration Certificate
    • Drug License
    • Registration Certificate issued by Excise & Customs Department.
    • License/ Certificate to Sell/ Stock/ Exhibit for Sale or Distribute Insecticide/Pesticide
    • Registration Certificate issued under Weight & Measurement Act
    • Police Department Permission/License/Certificate
    • Regional Transport Office Permit/Registration Certificate
    • Consent to Operate document issued by State/Central Pollution Control Board
    • Sales Tax Registration Certificate/ TIN Certificate/ VAT Certificate/ Service Tax certificate/ TAN certificate.
    • Valid Shops & Establishment Certificate/ Trade License. Validity can be extended up to the grace period for renewal as mentioned in such certificate.
    • Certificate Issued by SEZ, STP, EHTP, DTA and EPZ in the name of the entity mentioning the address allotted.
    • Importer–Exporter Code Certificate along with PAN Card (if PAN is quoted on the IEC Certificate).
    • Gram Panchayat Certificate (should be on letterhead and not more than 3 month old).
    • Trade License in the name of entity.
    • District Industries Center (DIC)/ Small Scale Industries (SSI) Certificate – Acknowledgment Part -II issued by DIC/ SSI containing Entrepreneur’s Memorandum Number. Duly stamped and signed by issuing authority.
    • Factory Registration Certificate in the name of entity.
    • SEBI Registration Certificate in the name of the entity.
    • Certificate of enlistment/license/shop allotment letter issued by Municipal Corporation (Kolkatta, Ludhiana and others).
    • Shops & Establishment Certificate issued by E-Seva Kendra’s (Andhra Pradesh). Receipt issued only by Municipal Corporation of Hyderabad (MCH) to be accepted along with Shops & Establishment Certificate.
    • The Shops and Establishment Certificate issued by the Municipal Corporations in West Bengal are valid till March 31 every year.

    Second Sole Proprietorship Proof (Any one of the following documents)

    • Registration of firm with Employee Provident Fund Organization.
    • Registration of firm with Employee State Insurance Corporation.
    • Letter or Certificate (should be on letterhead and not more than 3 month old) confirming existence of business issued by Chairman/ President/ CEO/ Head of the Nagar Panchayat/ Parishad, and not by local councillors/ corporators
    • Complete Sales tax return in the name of the firm duly acknowledged. Note: The portion of the sales tax return showing the name of the firm should be duly acknowledged by the accepting authority
    • Last available Income/ Wealth Tax Assessment order in the name of firm.
    • Latest copy of Electricity Bill, not more than 3 months old.
    • Latest copy of Telephone Bill from Telecom operator, not more than 3 months old.
    • Certificate issued by Municipal Corporation/ Local Self Government Bodies confirming address of the firm.
    • True copy of gas connection book in the name of entity along with latest gas receipt not more than 3 months old or Gas bill in case of pipe connection.
    • Water Tax bill paid to Municipal Body/ Corporations, not more than 6 months old along with the Tax receipt should stand in the name of the firm.
    • Property Tax bill should not be more than calender one year old from the bill issuance date along with Tax receipts for property tax paid to Municipal Body / Corporations. The Tax receipt should stand in the name of the firm.
    • Certificate of Verification issued under Weight & Measurement Act–This document will not be considered if Registration Certificate issued under the same act has being taken as 1st entity proof document.

    Sole Proprietor Identity Proof (Any one of the following)

    • Pan card in the name of the Proprietor (Mandatory)
    • Passport
    • Voter Identity Card
    • Driving License
    • Aadhaar card issued by Unique Identification Authority of India (UIDAI)
    • Senior Citizen Card issued by State/Central Govt
    • Fisherman Identity card issued by State/Central Government
    • Arms License

    Sole Proprietor Address Proof (Any one of the following)

    • Passport
    • Voter Identity Card
    • Driving License
    • Aadhaar card issued by Unique Identification Authority of India (UIDAI)
    • Senior Citizen Card issued by State/Central Govt
    • Fisherman Identity card issued by State/Central Government
    • Arms License
    • Utility bills (Electricity bill,Telephone bill) not older than 3 months
    • Water tax bill along with receipt not older than 6 months
    • Property Tax bill less than one year old along with Tax payment receipts
    • Latest Three months Bank Statement from scheduled commercial bank with account opening cheque/Bank passbook/Original letter from existing banker with account opening cheque
    • Consumer gas connection card/Passbook along with the receipt of gas supply not older than 3 months
    • Registered Lease & Licence Agreement along with utility bill not older than 3 months in the name of the landlord

    With the above documents and information, a Banker can open a current account in the name of the Sole Proprietorship Business. For more information, get in touch with an IndiaFilings Business Advisor.