Savings Accounts are the ideal place to park your money. You can withdraw and deposit sums conveniently here. This is the most popular product offered by banks. This account offers numerous features and benefits that you can use like competitive interest rates, daily withdrawal limits, ATM or Debit Cards, and so on. You can also sign up for Online Banking and conduct your transactions from anywhere.
Most banks today let you open a Savings Account online. Here are the eligibility criteria, documentation, and steps to open the account.
Eligibility criteria
Every bank needs you to fulfil the mentioned eligibility criteria:
- You can be a resident Indian
- You can be a foreign national currently residing in India
- You can be a non-resident Indian (with ties in India)
- You should be 18 years old to qualify for the account.
You can also open a Kids Bank Account, but these accounts should be jointly operated, i.e., a parent or guardian of the minor should be the second account holder.
Documents required
While opening the Savings Account, ensure you provide the following documents:
Account opening form
You can download the account opening form from the Savings Account tab of the bank’s website. Download this form and duly fill it up. Make sure to not leave any tab empty.
Passport-sized photographs
You need to provide scanned copies of your passport size photographs.
ID and age proofs
Submit a scanned copy of any government-approved ID and age proof featuring your photograph and your birth date. Acceptable documents include your PAN Card, Aadhaar, passport, driving license, and Voter’s ID card among other things. Ensure you scan the original documents.
Address proofs
You need to provide an original scanned copy of any government-approved document featuring your address on it. Acceptable documents are Aadhaar, Passport, driving license, ration card, and utility bills.
If you are a senior citizen, you can open a Savings Account online, provide a senior citizen card as age proof, and you are done. You can apply for this card from the Social Welfare Department.
Process to open the account
- Research the different banks offering online accounts, the interest rates offered, and the services provided. Select the one that suits your requirements.
- Visit your chosen bank’s website and select ‘Savings Account’ section. Choose the type of account you wish to open, like a regular, women, joint, etc.
- Fill out the application form and submit scanned copies of the documents as listed. If your bank needs hard copies, they will send over a representative to your home to collect them.
- The bank verifies your documents post which your account number gets allotted and you can use the account.