You need to walk into a branch of SBH and ask for opening a recurring deposit. The bank would have a form for the same. You need to fill up the form and then pay up the money you want to pay at the bank teller's counter. Once done, the bank officials would give you a small passbook for the recurring deposit with the days date and the amount you paid up. Every month you need to visit the bank and pay up the monthly installment of the recurring deposit.
In two forms either personal or company e.g the name of the company 2 signatory 3
Visit the bank where you want to make the deposit. If you have an account with the bank then it is easier to open the account. Else you may have to provide an address and identity proof. The bank would want you to fill in a deposit form with the details of the amount you want to deposit and the duration. Once you do that and pay the cash to the teller, you are done.
In the US, contact the bank, provide them with your name, address, social security number, sample of your signature, and the funds for a first deposit.
Actually both of them have their own benefits and drawbacks. In terms of rate of interest an fixed deposit will give you more interest than a recurring deposit. In terms of ease of operation and opening a recurring deposit is easier because it will need much less contribution and on a regular basis whereas you need to deposit in lumpsum in case of a FD.
by opening a/c only can deposit n withdraw money
On opening an account backs will normally ask for a small deposit to start the process.
A Recurring Deposit account is one in which the customer deposits a small sum of money (usually a few hundred or thousands) every month. The bank accepts a deposit every month and at the end of the deposit period (usually 12 months or higher) the bank would return the money deposited with them along with a good interest. You can open a RD account by visiting any bank and filling up the form that is used for opening an RD and pay the first months money to the bank teller.
Yes, it is perfectly legal to check your credit score before opening an account with a bank. The bank themselves would run a credit check on you before finalizing the account opening procedure. However a good credit score is not mandatory to open a deposit account.
The procedure for opening of bank account for blind person in India dictates that they cannot open an independent account. They are required to open a joint account with a sighted person.
In terms of ease of operation and opening a recurring deposit is easier because it will need much less contribution and on a regular basis whereas you need to deposit in lumpsum in case of a FD. But, the rate of interest is less than Fixed Deposits. But it is much easier to use and operate.
I think it is US $ 500 for a simple checking account. The bank would give you an ATM card and a check book for this account. However if you arrange to have a Direct Deposit (Your Monthly Salary/paycheck) into this account Bank of America waives this minimum balance requirement and you can have it as a Zero-Balance checking account.
Journal entry for opening a bank account