Banks and financial establishments offer Savings Accounts to help you effectively handle finances. These services promote saving by enabling you to earn interest while practising the same. They guarantee the security of your funds and ensure easy accessibility whenever you need it. Moreover, opening a Savings Account has become relatively easy these days.
Now, you can opt for the offline method by visiting the bank physically. However, consider opening the account online to dodge long queues and the commute hassle. Follow these steps to get started:
Step 1: Look for available options
Many banks offer Savings Account facilities online. You can research and compare banks to choose what suits you the best. To make an informed pick, you can also compare factors like minimum required balance, interest rates, monthly fees deducted, banking provisions, availability of the Banking App, etc.
Step 2: Select the type of account
When opening a Savings Account, you can choose the type of account you want. You are expected to select either a Single or Joint Account, depending on your needs. The latter lets you share ownership and access to the funds with your co-owner. On the other hand, an Individual Savings Bank Account does not provide such access to anyone except you.
Step 3: Fulfil requirements
Next, you need to submit documents like government-certified identity proofs, address proofs, PAN Card, and two to three passport-sized photographs. It would be best if you were handy with these documents while applying online as there is a chance of session time out in case of delay. To avoid errors, make sure the documents you submit are correct. Also, see that the photographs you submit are recent.
Step 4: Submit the online application
The online Bank Account application process completes within 10 minutes if all the documents are ready. You can go to the website of the bank chosen. Fill out details like your name, date of birth, address, and other personal details and attach the documents. Once you do so, the bank will get back to you with further instructions.
Ensure you follow the steps appropriately asked. If you have any queries, contact customer support for further assistance.
Step 5: Add funds
The last thing you need to do is make the initial deposit in your account. You can do this with your Debit Card or link to your existing Bank Account through a routing number. If you wish to pay in cash, you can visit the branch. After completing the process, your bank sends you the relevant information, and you will get the new Debit Card and Personal Banking details within 10-15 business days.
Conclusion
A Savings Account is a beneficial tool that fosters a culture of saving. Consequently, initiating the opening process by adhering to the steps mentioned is prudent.
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