FAQ related opening an account for new Indian professionals while in the US

How and where can I open a bank account?

Approach a bank nearest to your office or home and they will guide you through the process. If you have a choice, go for a bank that has free checking facilities. Normally banks charge you for operating a checking account. When you open an account you will automatically have two accounts, a Savings account and a Checking account with the same account number. You can easily transfer funds from one account to another. The main difference between these two is that, you get a higher rate of interest on the savings account.

However, the cheques that you issue will be against the checking account. So you have to make sure that there are sufficient funds in your checking account before issuing cheques. On the other hand if there is lot of idle money in your checking account, transfer some of it to the Savings account in order to get more interest.

You will also be issued an ATM card almost instantly. The bank will want to see your Social Security card or Tax ID, passport or other photo ID, and name, location and routing number (if you are transferring funds electronically) of your old bank.

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