Are you looking for a Bank Account that secures your funds and earns you attractive interest rates? End your search by opening a Savings Account. It is a standard account you can open to deposit and maximise your savings. The account carries out day-to-day transactions. The procedure to open one is simple.
Here is a detailed guide on Savings Account opening and the required documents.
1. Pick a suitable account
Determine the type of Savings Account you wish to open. If you need an account for regular banking purposes, a standard Savings Account is ideal. If you are a working individual, your company would open a Salary Account to deposit your monthly income. These generally do not require you to maintain any balance. There are also specialised Women and Senior Citizen Savings Accounts to open. You can consider them if you are eligible for it.
2. Compare all options
Savings Account is a standard banking product that most banks offer. However, each bank’s offerings may differ due to interest rates and account benefits. Explore the market and compare all options before finalising a bank. Go with a bank offering the highest interest rate and maximum Online Banking facilities.
3. Learn about the account opening procedure
The account opening procedure varies for each bank. Reach out to the bank’s customer representative to enquire about it. Check if the bank allows online Saving Account opening. This method is simple and hassle-free.
4. Documents required
You should know about the documents required to open the account. Keep all necessary documents handy to ensure a seamless account opening. Do not forget to check the accuracy of the documents before submitting them. A faulty document delays the procedure. The list of mandatory papers is:
- Account opening form: You can download the form from the bank’s website or Banking app. The bank refers to your application form for account opening, so make no mistakes while filling it. Attach two passport size recent photographs and submit the form.
- ID proofs: You need to prove your identity through PAN Card, Aadhaar, driving license, Voter’s ID, and employee ID card. The bank may also require you to complete the KYC procedure here. You can do it online and need not travel to the bank.
- Address proofs: You also should submit documents like Aadhaar, passport, rental agreement/ lease, and copies of the latest utility bills as address proofs.
Once the bank has verified your documents, your online Bank Account happens within a day. You can then activate your account and make quick transactions on the go!
Also read: 10 Types of Loans and How You Can Qualify for Them
