{"id":852,"date":"2016-03-24T12:56:28","date_gmt":"2016-03-24T07:26:28","guid":{"rendered":"http:\/\/easybankingtips.com\/?p=852"},"modified":"2023-08-11T10:52:37","modified_gmt":"2023-08-11T05:22:37","slug":"how-to-open-savings-account","status":"publish","type":"post","link":"https:\/\/easybankingtips.com\/how-to-open-savings-account\/","title":{"rendered":"How to Open a Savings Bank Account in India?"},"content":{"rendered":"

As defined by ‘Investopedia<\/a>‘, a savings account is a deposit account held at a bank or any financial institution that provides principal security and modest interest rate.\u00a0<\/p>\n

For a common man, a savings account is where they can save their money and withdraw it when necessary.<\/span><\/p>\n

Basically, a savings bank account\u00a0acts as\u00a0a repository of customer’s saving. It stores the money securely and gives interest on the deposit.<\/p>\n

A savings account can be opened in a bank, post office, or any financial institution. However, banks are more convenient\u00a0as their norms are customer-friendly and services are easily accessible.\u00a0This article tells you how to open a savings bank account in a commercial bank in India while offering\u00a0a brief insight into the benefits of having a savings account.<\/p>\n

Opening a savings bank account is really very simple and easy these days\u00a0and you can open it without much restrictions. Earlier you needed to have an introducer who is an existing account holder in the same bank, to open a savings bank account, but currently introduction is not mandatory<\/a>.<\/p>\n

Who Can Open Savings Bank Account?<\/h2>\n

Resident individuals, Non resident Indians, Foreign Nationals and other categories of applicants can open a savings account after complying with bank’s KYC requirements. Those who are\u00a0below the age of 18 are also eligible to open a savings account under the guardianship of parents. Zero balance accounts can also be opened under the \u00a0Pradhan Mantri Jan Dhan Yojana (PMJDY), given a set of conditions.<\/p>\n

Sponsored Blurb<\/strong>: Shaker style cabinets<\/a> remain as universally popular today as ever. But just what is it about Shaker style kitchen cabinets that has secured their place as a kitchen design classic? Let’s find out<\/a>!<\/div>\n

How to Open a Savings Bank Account?<\/h2>\n

It starts with choosing the right Bank. While many people select a bank on the basis of its distance from home or office, it’s important that you understand your own expectations and requirements first and invest some time in researching about the bank. Below are the\u00a0steps to open a savings bank account.<\/p>\n

Select the Right Bank<\/strong><\/p>\n

Accessibility is a real life issue. When the bank is located in the same locality as yours, it\u2019s easier to carry out the financial and non-financial transaction. The same holds true for its ATM network. However, before selecting the bank make sure the Internet banking and mobile banking services are available, since you are going to use the facilities over the time.<\/p>\n

Visit the Bank or Bank\u2019s Website<\/strong><\/p>\n

Visit bank\u2019s website to know more about the bank you want to have your account in. Websites are the best place to acquire more information on their services, products, and facilities. Besides, you can choose to visit the branch office physically during the business hours. Most of the commercial banks are open from 10am to 4pm on week days including 1st<\/sup>, 3rd<\/sup>, and 5th<\/sup> Saturday and remain closed on 2nd<\/sup> and 4th<\/sup> Saturday, Sundays and public holidays.<\/p>\n

Decide the Type or Scheme of Savings account<\/strong><\/p>\n

Banks have a good number of savings account schemes such as Basic Savings accounts, No Frill accounts, and Students account etc, each with its own rules, charges and fees. Depending on whether you want to operate it singly or jointly, the account opening will be subject to the submission of correct KYC documents. Pick a scheme type that serves your needs.<\/p>\n

Keep the KYC Documents Ready<\/strong><\/p>\n

To open a savings account in your name you need to have a ‘Proof of identity’ and ‘proof of address’ together with two recent passport size photographs.<\/p>\n

As per the RBI rules, there are six documents notified as ‘Officially Valid Documents (OVDs)’ for the purpose of producing ‘Proof of Identity’. Those are<\/p>\n