Entrepreneur Essentials: 6 Steps to Opening a Savings Account

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Entrepreneur Essentials: 6 Steps to Opening a Savings Account

The following steps are required to open a Savings Account in a Bank branch which provides savings account facilities.

Steps

1. Obtain an application from the relevant bank branch.

2. Complete the application with attachments such as signature form, know your customer (KYC) form and the Customer Identification Form (CIF) provided by the bank branch and hand over to the relevant officer. Identification documents such as National Identity Card, Passport, Driving license and the permanent mailing address will be obtained by the relevant officer.

Note: In the event the customer is a company, the following documents may be requested by the bank.

(i) Incorporation Certificate/Business Registration Certificate, as applicable

(ii) Copy of the resolution passed by the Board of Directors in respect of opening the account, certified by the Company Secretary

(iii) Details of authorized signatories to open and operate the account

(iv) Any other document, if requested by the bank. 3. Handover the completed application and the relevant officer will feed information to the system and issue a deposit slip to make the initial deposit.

4. The relevant officer will open a pass book and update same with the details of the customer and the initial deposit.

5. The updated pass book will be sent to a senior officer for approval and signature verification.

6. Issuance of the passbook will be entered in the pass book register and pass book will be handed over after obtaining the signature of the customer.

Note: Time frame taken to open a Savings Account is less than an hour.

Information provided by:

Central Bank of Sri Lanka