KYC Chronicles, Part 2: The Account Opening Olympics – India vs USA

Let’s talk about the humble bank account. The gateway to adulting. The temple of direct deposits and debit cards. The place where dreams go to auto-debit.

In India, I’ve helped build digital journeys that let customers open accounts in minutes. So when I moved to the U.S., I figured—new country, same ease, right?

Reader, it was not.

🏦 Checking & Savings Accounts in the U.S.

First things first: the types of accounts.

• Checking accounts are for day-to-day transactions. Most are non-interest-bearing (unless you’re with a high-yield or online bank), and come with hidden fees sprinkled like masala on popcorn—monthly maintenance fees, overdraft fees, out-of-network ATM fees, etc.
• Savings accounts usually earn a tiny bit of interest (unless it’s a high-yield account). But there’s often a limit on the number of withdrawals per month.
• High-yield savings & neobanks (like Ally, SoFi, Chime) promise better returns, no-fee structures, and slick UX. They’re like the Jupiter/Niyo of the U.S.—minus the WhatsApp-style onboarding.
• Credit unions are the wildcard. Think cooperative banks with a touch of community feel. Lower fees, better loan rates, but… their tech is still warming up.

Also, in the U.S., overdraft protection is optional and often expensive. You could be charged $35 for buying a coffee on low balance. In India, the coffee would be declined—and that would be the end of it.

🛂 My Account Opening Experience

Let’s just say I wasn’t prepared for the Olympics-level process of opening a basic checking account.

• Step 1: Booked an appointment 10 days in advance
• Step 2: Showed up at the branch, passport and visa in hand
• Step 3: Two hours of paperwork, signature verification, and polite questions like “Why do you need both a checking and a savings account?”
• Step 4: Left the branch with no card, no account number—just a receipt and a smile

My debit card and cheque book arrived a week later. I felt like I was waiting for a Hogwarts letter.

Compare this to India: I once applied online at night, got a call the next morning, and by lunchtime someone showed up with a fingerprint scanner. In 10 minutes, my account was opened, and they handed me a debit card, cheque book, and a thank-you smile—all without me leaving the house. Aadhaar-based eKYC is a thing of beauty.

🤹‍♂️ Cultural & Systemic Differences

• Identity verification in India is centralized (thanks to Aadhaar + KYC registry). In the U.S., it’s fragmented—every bank does their own due diligence.
• Digital-first onboarding is the norm in India now. Even legacy banks have mobile-first journeys. In the U.S., legacy banks still make you walk into a branch for most things. Why? Because regulation, risk, and legacy tech.
• Fintech integration in India is deeply API-driven. In the U.S., many banks still run on mainframes and custom interfaces. It’s getting better, but slowly.

🔮 What’s Next?

In my next post, I’ll explore Retail Lending in the U.S. We’ll talk credit scores, why loans here are more about who you are than what you earn, and how a missed phone bill from 2012 might still haunt your credit report today.

Until then—if you’ve got an account-opening tale (especially one featuring tea, tantrums, or teller trauma), drop it in the comments below.