Learning more about The Account Opening Kit

Khushi Shrimali
3 min readFeb 22, 2022

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In this blog, we we learn more about what’s inside of an account opening kit and the basic terms related to it. So let’s get started!

Credit : Internet

Debit card :

A debit card is a little card like the size of a visiting card. It has an electronic chip fixed in it. It allows you to withdraw money from your account from any ATM. That means, you don’t always have to go to the bank to withdraw the money you need.

ATM :

ATM stands for Automated Teller Machine. It is an electronic machine that is used to help people with basic bank transactions

Authorizing user during withdrawal of money from an ATM :

For every debit card, there is an ATM PIN that is set by the account holder when he gets the card. The owner of the card can change the PIN whenever they wish to. Unless you enter the correct ATM PIN, you won’t be able to access your account

ATM PIN :

An ATM PIN is a four-digit code that the owner of the account sets as a password for their debit card

Changing ATM pin for safety :

When setting the ATM PIN for your account, it is usually kept as a secret. Even if someone asks you, never tell them the PIN of your debit card. Never write it in a place where someone else can see it. Lastly, even if someone gets to know your ATM PIN by mistake, you can change it by logging into your online account or by going to the ATM

Passbook :

A passbook is a book where you maintain a record of the deposits and withdrawals in your bank account.

Passbook is a record keeping mechanism. An update of the passbook will print all the latest transactions and show us exactly how much money you have in your account. Your passbook not only helps in keeping a record of all your transactions, but is accepted as a proof of identification and of address, in many places. So, always keep your passbook carefully

Internet banking :

When you do your banking transactions through the internet, it is called internet banking

Internet banking ID :

Any person who wants to access your internet banking account needs your internet banking ID which is not the same as your account number. It is either a number assigned to you by the bank or a complex name that you yourself can choose

OTP :

OTP stands for ‘One Time Password’. Every account is linked to a mobile number and an email address provided and verified by the bank account holder. Whenever you do a transaction through internet banking, the bank automatically sends an OTP to your registered mobile number and email address. If you do not enter that OTP into the computer screen within a given, short amount of time, the transaction doesn’t get completed.

In the next lesson, we will learn more about credit cards and how to use them.

Note : I intend to share what I learn through this blog. Since these are mostly notes, I have tried not to be extra creative with my sentences. The phrases are mostly extracted from the source, as they were. Due credits go to TCSiON Reference Material for Financial Literacy

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Khushi Shrimali
Khushi Shrimali

Written by Khushi Shrimali

Enthusiastic & highly ambitious teenager, driven towards -->Entrepreneurship & Innovation -->Technology & Automation -->Personal Growth & Transformation

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