How to Open a Savings Bank Account in Any Bank in India: Savings Account is one of the convenient ways of saving you money in the bank. This type of Account is normally maintained by salaried employees, housewives, senior citizens, and students. Savings Account Holders have to maintain a minimum balance in their Account (it may vary from bank to bank, and few may have ‘no minimum balance limits’ also). One of the benefits that saving accounts offer the transaction are made easier, your relative from other state can send you money within short span of time through the account number. Any Individual who is students or adults can open Savings Account as there are almost no restrictions. In this Article, we will be learning How to open a Saving Account Step by Step procedure.
Nowadays bank offers a variety of advantages one of this is ‘Online Banking’. Any person with a bank Account can access his/her bank account activists like Transfer of Money, Shopping, Bill Payments and much more. In short, there are lots of advantages of having a bank account. Whenever you open a Savings Account, the procedure might be identical but the only difference that changes with every bank might be a Minimum balance, ATM withdrawal limit, deposit limit and others basic rules which are applicable to every bank account holders.
Steps to Open a Savings Account
Deciding which Bank is Better
If you are planning to open a savings account, the first thing you need to find out that which bank provides better facilities in terms of online banking, ATM withdrawal or cash withdraw. So, research and take your time to open an account in right bank. Also note, the ‘Current Account’ is usually used for business purposes, the common people can use the Savings/PMJDY account etc (this is mentioned because there are some people asking difference between Current and Savings account) Check Here: Difference Between Savings Account & Current Account – Which One To Choose
Collecting Necessary Documents
After deciding which bank is better, the next step is collecting Necessary documents. The Bank Employee will ask you to provide 2-4 recent passport size photos along with your Address proof. Recently Aadhaar Card is made mandatory to open a Bank Account. The new method which is called as KYC (Know Your Customer) in which the banker attach your Aadhaar details with your bank account. In extension to Aadhaar Card, the person in charge will also ask you to provide PAN (Permanent Account Number). If you don’t have the PAN card you have to fill form 60 or 61 (It is a form which is filled by an individual who doesn’t have a PAN and who wants to do transactions above Rs.50, 000). Thus, If you are planning on Opening an Account. Make sure you have a PAN card.
Fill the Bank Opening Form
In this form, You need to fill all the necessary details regarding your name, parents name (In case of minor), occupation, mobile/phone Number (for minor, you can provide your parent’s number), address and many others field with are to be filled by an individual. You need to sign 2 or 3 times (wherever needed) to provide your specimen signature so that the bank’s employees can use it to check cheques etc which have been signed with your name.
Give Reference For Opening a Bank account
The bank employees will ask you to present a reference or introduction to an existing account holder. This referential person will sign the account opening form along with you. If you have opted for public sector banks like SBI (State Bank of India) or it’s branches like SBH, SBM etc, Syndicate Bank, Bank of Baroda, Punjab National Bank (PNB) to open a savings account then better start looking for someone who already has an account or in case you haven’t had one you can request to a bank employee to Sign in case you don’t have any reference. In Case of Private sector banks like Axis Bank, Yes Bank, HDFC, HSBC, ICICI and so on, these banks do not require any references. Which means you can open a Savings Account without any references.
Submit all the Important Documents
After filling all the essential form, you need to submit the form to Bank officer alongside with documents such as Photocopies, Aadhaar Card Copy, PAN card copy etc. The officer carefully verifies the form. If he/she satisfies with your form. Then the request is approved and form is cleared. Also Read: How you can port your sim card in just 2 days
Deposit Initial Amount to Newly Bank Account
After your form is cleared, the bank officer will ask the individual to deposit the minimum balance for the maintenance of account. The minimum balance may vary from Bank to Banks. You need to provide the balance in cash or cheque. Our advice will always maintain a minimum balance in your account, because if you don’t maintain, after a certain period the bank will have the authority to terminate your account and again you have to pay some amount to re-active the account, although you can also go for some banks like Kotak etc which don’t need minimum balance etc, although the minimum balance can be withdrawn by you in case if you required and again you can deposit it.
That’s it, this is the whole process to open a savings account. It is quite simple if you have all the required documents. After you opened a savings account the bank will send the Bank Passbook and ATM Card to your registered Address or you can collect from the bank after 2-3 days (some banks offer on same day itself). After that, you can start using it good purposes like if you are financially weak then apply for the scholarship schemes. If you find our article helpful, share with your friends and don’t forget to like our page on Facebook. Some banks also offers you to open the account through online process also.