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Opening of a bank account

Opening of a bank account

Opening of a bank account shall enable persons to save and store their funds safely, to control them conveniently, to carry out payments online (or by a mobile telephone), to replenish the bank account in cash and to withdraw money from the account at a bank office or an ATM, to receive a salary and to carry out other financial operations.

For opening a bank account, you may arrive to a branch of the chosen bank office and conclude a current account agreement. Any physical person (a citizen of Republic of Lithuania, a foreigner or a stateless person) may open a bank account at a bank office of the Republic. For opening a bank account, a person shall present to the bank office the well-defined documents, namely: a personal identification document, a permit for residence in Republic of Lithuania (if a foreigner wishes to open a bank account). In the person wishes to open a bank account in the name of another person, a power of attorney shall be presented to the bank officer. Also any legal entities registered in Republic of Lithuania or foreign states may open accounts at a bank. Physical persons that are entitled to develop economic activities and/or involved in provision of services may open a bank account at any bank or credit office operating in Republic of Lithuania.

On opening a bank account, no initial deposit is required. More than one account may be opened at the same bank. The account bearer may terminate the account agreement and withdraw the money from the account at any moment.

Some banks in Republic of Lithuania provide an opportunity of a bank account opening online, i.e. without a necessity of arriving to a branch of the chosen bank. In such a case, the person shall fill the application of the form approved by the bank and sign it by electronic signature. After the said action, the person is provided a right to familiarize with the current account agreement and to sign it. After signing the agreement, the bank carries out the relevant actions for opening a bank account in the name of the client at the bank.

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