Opening an account with American Express Bank in the USA is a simple process whether resident or non-resident. This manual covers the specific process, required documentation, account types, expenses, interest rates, senior citizen benefits, and much more
Step by Step Process to Open an Account with American Express Bank
For Residents:
- Visit the official American Express Bank website or branch.
- Select the type of account you wish to open.
- Fill out the online or physical application form.
- Upload or submit required documents.
- Complete the Know Your Customer (KYC) verification.
- If required, visit the branch for biometric updates.
- Deposit the minimum balance as per the account type.
- Receive account details and activate online banking.
For Non-Residents:
- Check eligibility on the American Express Bank website.
- Fill out the Non-Resident Online Application Form.
- Upload scanned copies of required documents.
- Complete remote KYC verification.
- Make an initial deposit as per account requirements.
- Receive confirmation and account activation details.
Online System & Mobile Banking
- Secure online banking platform.
- American Express mobile app for seamless transactions.
- 24/7 customer support.
- Online fund transfers, bill payments, and credit card management.
Required Documents
For Residents:
- Government-issued ID (passport, driver’s license, or state ID).
- Social Security Number (SSN).
- Proof of address (utility bill, lease agreement, or bank statement).
- Initial deposit proof.
For Non-Residents:
- Valid passport.
- Visa or residency proof.
- Tax Identification Number (TIN) (if applicable).
- Proof of overseas address.
- Source of funds declaration.
KYC & Biometric Updates
- KYC verification is mandatory for all new accounts.
- Biometrics may be required for security purposes.
- Online video KYC options available for non-residents.
Types of Accounts
- Savings Account – For daily transactions with interest benefits.
- Checking Account – For easy access and unlimited transactions.
- Fixed Deposit Account – High-interest savings for long-term deposits.
- Business Account – For companies and entrepreneurs.
- Senior Citizen Savings Scheme – Special benefits for individuals above 60 years.
Account Opening Charges & Minimum Balance
| Account Type | Opening Fee | Minimum Balance Requirement |
|---|---|---|
| Savings Account | $0 | $500 |
| Checking Account | $0 | $1,000 |
| Fixed Deposit | $0 | $5,000 |
| Business Account | $50 | $2,500 |
| Senior Citizen Account | $0 | $300 |
Interest Rate Charts
Daily Interest Rate Chart
| Account Type | Interest Rate (Daily) |
| Savings Account | 0.02% |
| Checking Account | 0.01% |
| Fixed Deposit | 0.05% |
Yearly Interest Rate Chart
| Account Type | Interest Rate (Yearly) |
| Savings Account | 2.0% |
| Checking Account | 1.2% |
| Fixed Deposit | 5.5% |
Fixed Deposit Interest Rates (2025)
| Tenure | Interest Rate |
| 1 Year | 4.5% |
| 3 Years | 5.0% |
| 5 Years | 5.5% |
Senior Citizen Scheme Facilities
- Additional 0.5% interest on savings & fixed deposits.
- Free insurance cover.
- Priority customer service.
Monthly Income Scheme (MIS)
- Guaranteed monthly interest payout.
- Minimum deposit: $5,000.
- Interest credited directly to the linked account.
Insurance Facilities
- Free accidental insurance with premium accounts.
- Life insurance add-ons available.
- Travel insurance for international account holders.
Mobile Apps & Online Payment Methods
- American Express Mobile App: Available on Android & iOS.
- Online Payments:
- ACH transfers
- Wire transfers
- Bill payments
- Peer-to-peer payments
- Digital wallets (Apple Pay, Google Pay, PayPal)
Customer Facilities
- 24/7 customer support.
- Dedicated relationship managers for premium accounts.
- Free international transactions for select accounts.
Bank Details & New Updates in 2025
- American Express Bank Headquarters: New York, USA.
- Branch Expansion: More branches in Asia & Europe.
- Interest Rate Updates: Increased fixed deposit rates for 2025.
- AI-Based Fraud Detection: Enhanced security measures.
- New Credit Card Offers: Exclusive rewards for account holders.
Frequently Asked Questions(FAQs)
1. Can non-residents open an account online?
Yes, American Express Bank allows non-residents to open an account online with remote verification.
2. How long does the account opening process take?
Typically, accounts are activated within 2-5 business days.
3. Is there an account maintenance fee?
Some accounts have maintenance fees, depending on the type and balance.
4. What is the minimum deposit required for a fixed deposit?
A minimum of $5,000 is required to open a fixed deposit account.
5. Does the bank offer free ATM withdrawals?
Yes, selected accounts provide free withdrawals from American Express ATMs.
