Almost all banking services require customers to produce their bank account numbers. An account number helps identify your bank account. A bank or a financial institution assigns a unique account number to every customer. It is important to note that no two customers of the same bank or different banks will have the same account number. Here is a brief analysis of what an account number means and what it looks like.
Features and structure of an account number
Every bank devises its own account number structure. However, a bank account number in India is generally 11 to 16 digits long. According to the Reserve Bank of India (RBI), most banks in India must have a unique account number. 67 of the 78 Indian banks and members of the NEFT (National Electronic Funds Transfer) include branch code as part of their account number structure. A few banks also include product codes as part of the account number structure.
Besides a few foreign banks, all Indian banks have purely numeric account numbers. Only 20 banks in India allot account numbers in the format of a unique running serial number without any discernible pattern. Furthermore, 40 of the 78 NEFT-member banks do not have check digits as part of their account number structure.
How to open a bank account?
The procedure to open a bank account is straightforward. However, before you start, you must be sure about the type of bank account you wish to open. Here are some options that you would like to consider:
- Savings account: A savings account is a bank account designed for individuals who want to deposit their money as savings and keep it liquid for anytime withdrawal at wish. These accounts offer moderate interest rates on the deposited amount and quarterly interest credits interest credits. As a leading new age bank today, IDFC FIRST Bank offers a competitive interest rate as high as up to 6% per annum and with monthly interest credits
- Current account: Current accounts are meant for businesses with frequent cash flow. There is no transaction limit on a current account, and most accounts also have an overdraft facility. IDFC FIRST Bank also offers free bulk uploads for transactions via current accounts.
- Credit card account: You can also opt for a credit card, following which the bank opens a credit card account in your name. You can also opt for a lifetime free credit card with IDFC FIRST Bank and enjoy industry-first super saver interest rates, up to 10x reward points linked to spends that never expire and many more privileges and benefits
How to find out one’s bank account number?
There are four major ways of finding out your account number if you already have a bank account:
- Check your passbook: Your passbook, which contains the credit and debit details of all your transactions, also contains your account details, such as your account number.
- Log in to net banking: If you have availed of the bank’s net banking services, you can find your account number simply by visiting your account online and checking the ‘Account Summary’ or account details page.
- Mobile banking: Checking your account number via a mobile app is probably the easiest way of knowing your account number. Banks have made checking one’s account number easy via a mobile app.
- Monthly statements: Banks also send you emails containing your transactions’ details. It also includes your account number.
It is imperative not only to have a bank account but also to know your account number, as you will be required to produce it every time you need to avail a service from the bank.