How To Open A Savings Bank Account

• A savings account is one in which the depositor earns interest on

the balance in her/his account.

• A savings account encourages savings habit amongst salary

earners as well as those who have fixed income.

• A bank account allows savings bank account holders to make

payments by issuing cheques, through debit cards, and various

electronic fund transfer methods like internet and mobile banking.

• The account holder can use the saving account passbook /

statement as an identity and residential proof.

• A savings account allows access to immediate access to the

account holder’s money with the help of an ATM.

• Banks also offers a variety of services to the account holders

including ease of getting a loan if you already have an account

with the Bank.

What is a

Savings

Account?

How To

Apply For A

Savings

Account

• Choose A bank

• Look up the bank’s website

• Pick the type of account you want

• Keep your documents ready

• Fill up the form and submit your documents

• Deposit your opening amount

• Read, understand and agree to terms

• Sample signature

• Receive welcome kit

Choose

a Bank

• Look around at the banks in your locality.

• Do an online search of the banks around you

• Find out the facilities and services provided by the bank and

you can then decide which services you would like to avail.

• High presence of bank branches and wide ATM networks

would be important points to consider.

• Remember that you will be needing several services of your

bank over time and it is imperative to consider availability of

mobile and online banking as well.

• Choose a bank that is trustworthy

Look up

The Bank’s

Website

• To find out more about the bank, you can look up the bank’s website and find

out all you need to know about the bank’s services. All in one place without

having to leave your desk or home.

• Check if the bank has online and mobile banking, and its ATM strength: Online

and mobile banking have made life easier because there are no time

limitations for transactions and ATMs can be made use of round the clock, all

over the country and whenever you need them.

• If you chose to visit the nearest branch, you have to plan your visit during the

bank’s fixed business hours. Most banks are open from 9:30 a.m. to 3.30 p.m.

from Monday to Friday and on Saturdays, close at 1.30 p.m. Banks observe

holiday on Sundays and on other public holidays

Pick The

Type Of

Account

You Want

• All banks offer different types of accounts and services as per customer needs.

Some options are Basic Savings account, Easy Access Accounts, Women’s Savings

Account, Youth Account, and Joint savings account.

• You can check with a bank official at the bank branch or call centre and s/he will

guide you find the account best suited for your needs.

• If you want to open a savings account where you can maintain a low balance, ask if

you have the option of a zero balance account.

• You can also ask for an account with minimum fees. You should also enquire about

how much money you have to maintain in your account as a minimum balance. This

will help you avoid non-maintenance charges on your account

Documents

Required

• To open a basic savings account, you have to provide certain information to the bank:

• Two latest passport size photographsAddress Proof

• Passport• Ration Card• Single utility bill within the last 3 months• Letters from a recognized public authority verifying address• Gas connection registration letter

ID Proof• PAN Card• Valid Passport• Election Card• Driving License• Photo Identity issued by Government/Defence Services/Public Servant

verifying the identity and photograph of the applicant

Note: In case your mailing address and the permanent address are different, address proof documents will be required for both

Depositing

Your

Opening

Amount

Most banks require you to make a minimum amount deposit to

open a new account.

In some cases, the amount may range from a few thousand

rupees to a few lakhs, or you may not need to make a deposit at

all (for zero balance accounts).

This however, varies from bank to bank. You should enquire in

advance as to how much money you need to deposit and keep it

ready with you when you go to open your account.

You will have to fill up a deposit slip to put your money in your

account

Terms &

Conditions

• Cover all aspects of the account in detail. Ask all your questions and read the information available on the online portal.

• Be clear and get all the answers you need on service charges, benefits and services available on the account. For example, if you have chosen a premium bank account, you would be required to maintain an average monthly or quarterly balance a few lakh rupees. But you will enjoy services like complimentary anywhere banking, priority processing of all requests and personalized services like access to a Relationship Team which means you don’t have to stand in queues at Banks, besides earning exciting rewards

• Once you know that this is what you want, you fill up the form, sign it and hand it over with your deposit amount. You will have to make several signatures on the form and the assisting banker will show you how and where if you are at the Branch

Sample

Signature

• You will be asked to provide a sample signature which will be used to

operate your account at all times. This is to ensure the security of your

account.

• You will need to use the same signature whenever you sign a cheque or

withdraw money from your account in future.

• If there are clear differences in the signature you have put on your

identification papers and the sample on the form, you might be asked to

fill up and sign another form.

Congrats -

Your

Account Is

Now Open!

• Once your form has been inspected and your documents are found

correct, your account will be opened.

• You will be issued a welcome kit which includes important information

about your account like your Customer Relationship Number, information

leaflets and a cheque book.

• You would also receive a debit card in your mail some days after you

submit your application form.

• In a few days, your PIN number will be mailed to you and you just have to

activate your card and change your pins to get going.

• You can now start saving and earning interest on your account balance

Opening

Account

Online

Opening an online account is way simpler. You can do it in three simple steps:

i. Fill the form

ii. Verify the details

iii. Get your Welcome Kit

Important Note:

• When opening an online account, at some point you have to download, print and

sign the form and mail it to the bank

• In some cities, a bank executive may visit you at your home and take you through

the necessary steps to getting you an account

• Many banks would require a person who already has an account with the bank to

give you an introduction so that you can open an account with them. Click here to

read the article

THANK YOU

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