9 comments

  • Binu

    Today(23-05-2015) I went to SBI, Edappally Branch, Kerala for opening an account for my 3 years old daughter. This branch is not situated at my native place. It is near my work place. My work place is around 100 Km far way from my native place

    They asked me the following documents.
    1. Birth certificate of my daughter
    2. My two ID proofs(Identification and address verification)
    3. Three passport size photo of my daughter
    4. Three passport size photo of mine.
    5. Need to fill a KYC form. Inside that form, I pasted one of my passport size photo
    6. After giving all this documents, I answered lot of their quires like why am opening an account on this branch ? why cant I open in my native place ? where am working, what is my company name ? etc.
    7. After that they told me to write down my mobile number on the bottom portion of the form.
    8. Finally they concluded that, It will take one or two weeks to process!!!!!!!!!!!. Once they processed my application, they will inform me through mobile. That time I need to visit the branch and pay the initial deposit.

    My question.
    Is this the right process ????????????? Please share your thoughts….

    • I agree Binu. Banks are still not educated to complete them quickly. I heard one reader commentd few mnutes back stating he approached post office and he was able to open this account in 10 minutes as he carried all docs

  • eTrust

    Its Tax Free, I got it from your Conclusion Remarks. Thanks !

  • Mahesh

    Hi suresh

    WhAt about nri and girl has birth certificate issued in abroad

  • jadbb

    Yes its 9.1% @ Akshay.

  • Akshay

    Hi Suresh,

    Wonderful article.Rate of interest is 9.1% if I am not wrong?

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