Account Number

Definition:

An account number is a unique identification number assigned by a bank or  financial institution to each customer when they open an account. It functions like a personal

ID for tracking all financial activities related to that account.

Example:

Just as every person has a unique Aadhaar number, each bank account has its own  account number, like 1234567890, which belongs only to one person.

How to understand an account number:

When opening a bank account, the bank provides this number to keep track of your money.  Every transaction, whether depositing, withdrawing, or transferring money, is recorded under  this account number.

Importance of an Account Number:

Identification: Helps banks identify who owns the account.

Accuracy in Transactions: Ensures money is sent or received by the correct person.

Safety & Record Keeping: Prevents mix-ups and keeps all transactions organized.

Digital Banking: Supports online payments, UPI transfers, and automatic bill payments.