PART-3. BUSINESS STRUCTURE OF BANKING IN INDIA
We have already discussed on How to open Saving Bank Deposit Account in the bank in PART-2 OF THE SERIES-Business structure of banking in India. Now we will see the complete process, meaning and requirement of documentation to Open the STUDENT DEPOSIT ACCOUNT in very easy words.
To open the Student Deposit Account in the bank where you want to open the account comes under the operational department. Student account is opened by student to receive the amount from the government in their account. Government directly credit the amount of various schemes of government to student account to bring the better transparency in government transaction, hence student saving deposit account is required for all students to get the advantage of various government schemes.
To open the “Student Deposit Account”, customer means student has to fill up the CUSTOMER INFORMATION FORM(CIF) WITH SAVING DEPOSIT ACCOUNT OPENING FORM-for student (SB-student A/C OPENING form). FORM should be fill up by the customer’s own handwriting, if student is not able to fill-up the form then it can be filled-up by their parent.
After fill up the form customer/student has to submit KYC (KNOW YOUR CUSTOMER) Document with the form. KYC document in case of Student saving deposit account means AADHAR CARD, Leaving certificate of school, Bonafede certificate issued by Principal of School/college, VOTING CARD-parents, EMPLOYER ID CARD-parents, LIGHT BILL-parents, TELEPHONE BILL-parents, latest passport sized Photograph of both student and parents to stick on the ACCOUNT OPENING FORM.
In case of student saving deposit account, student is below 10 years then account is opened with jointly with their parents either with father or with mother. If student is above 10 years then account is opened in the name of student only and account also run by “singly” operation of Account.
All the KYC document should be verified by the concern manager/officer of the bank where you are going to open the saving bank account. After submission of the Account opening form with necessary KYC documents, operational department will process your account opening application and give you one number that is called as STUDENT SAVING DEPOSIT ACCOUNT NUMBER.
After received the Saving bank account number STUDENT can ready to do transaction in their account by depositing initial account opening amount that is vary from bank to bank. Your saving account number is very important to do the transaction with the bank, before doing the transaction in your account you have to check and verify the account number.
Bank does not provide the ATM CARD AND CHEQUE BOOK with the student saving deposit account.
Saving Bank Deposit Account having option of “operation of Account”. “operation of Account” means how you operate your account, whether you want to operate your account by yourself only/singly or by jointly with others. If you opted “Singly” the account operating option as operation of Account, then only and only you can do the transaction in your account, transaction means depositing the amount to your account and withdrawing the amount from your account.
If you select “Jointly” as account operating option, then your account can be operated jointly with the parents like father/mother. Student account offers limited transaction facility for deposit and withdrawals. Bulk amount can not be deposited in the student saving deposit account. Only scholarship amount and government aid amount can be credited in student account. Student can deposit small amount in their account.
