Question

XYZ company wants to open savings accounts for its employees. List any two requirements that it should fulfil for opening this account.

Answer 1

1. Identity Proof: To open a savings account, specific requirements must be fulfilled. One of the main requirements is proof of identity. The applicant must submit valid documents such as an Aadhaar card or PAN card, which help confirm the identity of the account holder.
2. Initial Deposit: The second requirement is making an initial deposit. A minimum amount must be deposited, which varies according to the bank’s policies, as different banks have different requirements. These steps help ensure proper identification and financial compliance.