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How To Open A Savings Bank Account

If you want to open a bank account, you can follow the following simple steps.
Most banks follow the same formula for people to open an account. A savings account is where most people start with. A bank is the safest place to keep your money. It holds your money safely, and pays you for it. But before you open an account, you have to first decide which bank to go to.

Below are simple steps to open a savings bank account

1. Choose a bank. Look around at the banks in your locality. Do an online search of the Banks available to 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 will be there with you at all times.

2. 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. Online and mobile banking has made life easier because there are no time limitations 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.

3. Pick the type of account you want. All banks have a good number of types of accounts and services that will match your needs. Some options are Basic Savings account, EasyAccess Accounts, Women’s Savings Account, Youth Account, and Joint savings account. You can check with a bank official at the bank’s help counter and he or she will help you find the best account for your needs. If you want to open a savings account where you can keep 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 would also like to find out how much money you have to keep in your account as a minimum balance. They will have something suitable for you.

4. Keep your Information ready. To open an easy access savings account, you have to provide certain information to the bank. This information is required by all banks. You might be asked for more documents too so keep your valid documents handy. The person helping you at the bank will have a list like this of the necessary documents for your reference.

All applicants must provide the following documents

i. Two latest passport size photographs
ii. Address Proof

i. Passport
ii. Ration Card
iii. Single utility bill within the last 3 months
iv. Letters from a recognized public authority verifying address
v. Gas connection registration letter

iii. ID Proof

i. PAN Card
ii. Valid Passport
iii. Election Card
iv. Driving License
v. Photo Identity issued by Government/Defence Services/Public Servant verifying the identity and photograph of the applicant

In case your Mailing Address and the Permanent Address are different, address proof documents will be required for both.

5. 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 be a higher amount of up to a few thousands Rupees or you may not need to make a deposit at all. This however, varies from bank to bank. You might like to find out in advance how much money you have to deposit and have 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.

6. Read, Understand and Agree to Terms. 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 like Axis Priority, you might like to know that you will have to maintain an average quarterly balance (AQB) of minimum Rs. 1 lakh in Semi-urban & Rural Branches and Rs. 2 lakh in Metro & Urban branches. 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.

7. Sample Signature. You will be asked to give a sample signature which will be used to operate your account at all times. You have to use this 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. This is to keep your account safe.

8. Congratulations. You are a valued bank customer now! 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 may also receive a debit card immediately if you are at the Branch or in your mail some days after you submit your application. In a few days, your pin number, net banking pin and phone banking pin will be mailed to you and you just have to activate your card and change your pins to get going.

You are now a proud bank account holder and your days of saving and banking has begun.

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

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.

There are several rules regarding opening a Savings Account at a bank. 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.

If you are under the age of eighteen, you are called a minor and you will require the help of your parents to open a savings account at any bank. The same procedure will be followed in your case as well except that your parents will be asked to sign the form on your behalf. You will be able to operate your account on your own on when you are eighteen years old. Any person above the age of 10 years who can read and write is allowed to open a bank account with the help of parents or a guardian appointed by the court.

Opening a bank account has become very simple in this day and age with everything literally a click away. Keeping your money growing and safe is a very easy option now.

Now that, we have understood the process of opening a savings bank account, it is imperative that we also know ‘Why Does one need a savings account & its advantages. Click here to read the full article.

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