A savings account is one common type of bank account people usually have. As the name insists, it is mostly used to save money and allow the customers to earn interest for their idle amount. There are different types of savings accounts available for children, senior citizens and non-residential Indians etc. Some people may need to learn the eligibility, documents required and steps to open a savings account. You can open savings account online, if you don’t have time to reach the bank branch. Let us see the steps involved in opening a savings account below:
Fill out the application form:
To open a savings account, you should visit a bank nearby your location. If you prefer to do it online, you can visit the bank website and fill out your banking details and contact details. After completing the KYC process, you can start using your savings account. Search for the interest rate, minimum balance requirement, and loan eligibility of several banks. Choose the one which meets your requirements. In offline, request an account opening form. Fill out the required details such as name, father’s name, address, phone number, occupation, etc. You can choose the type of savings account you need. Study the terms, policies, and services offered by the bank.
Attach the documents required:
After filling out the necessary details, you should attach the required documents like Id proof, address proof etc. The supporting documents are:
- An Aadhaar card.
- PAN card.
- Driving license (address proof).
- Passport-size photos (recent).
If you are a student, you need your school’s bona fide certificate. If you are an employee, you should attach a TDS certificate issued by your employer. Submit your application, and you will get acknowledged in a minimum of two working days. If you apply online, you will get acknowledged within a few hours. To verify your details and give you access. These document requirements may vary according to the bank’s norms.
Fund your account:
Once your bank account is activated, you are asked to deposit a certain amount. Most banks require a minimum balance will be maintained in your savings account. The amount will differ based on the type of bank and account and the terms and policies of the bank. There is an option for opening a zero-balance savings account, but it has some limitations in withdrawals and interest rates. The same steps discussed earlier will be followed to open a Zero Balance Savings Account Online. To earn decent interest, use a regular savings account. After the formalities are done, you will be provided with the unique account number and IFSC code. You can collect your passbook and start using your savings account.
Set up online banking:
Remember to apply for a debit card. If you need, you can apply for cheque book and credit cards. Request the bank to enable net banking. This will provide you with various services like checking your bank balance, money transactions, statements and more.
To conclude:
The above-mentioned are the steps involved in opening a savings account. If you are engaged with lots of work, you can open savings account online, saving you time and effort. Prefer the bank that offers you greater benefits.
