A step-by-step guide on how to open a savings account thus making your account opening procedure hassle free. Click here to read more!.

1. How To Open A Savings Bank Account
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2. • A savings account is one in which the depositor earns interest on the
balance in her/his account.
• A savings account encourages savings habit amongst salary earners
as well as those who have fixed income.
• A bank account allows savings bank account holders to make
payments by issuing cheques, through debit cards, and various
electronic fund transfer methods like internet and mobile banking.
• The account holder can use the saving account passbook /
statement as an identity and residential proof.
• A savings account allows access to immediate access to the
account holder’s money with the help of an ATM.
• Banks also offers a variety of services to the account holders
including ease of getting a loan if you already have an account
with the Bank.
What is a
Savings
Account?
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3. How To
Apply For A
Savings
Account
• Choose A bank
• Look up the bank’s website
• Pick the type of account you want
• Keep your documents ready
• Fill up the form and submit your documents
• Deposit your opening amount
• Read, understand and agree to terms
• Sample signature
• Receive welcome kit
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4. Choose
a Bank
• Look around at the banks in your locality.
• Do an online search of the banks around 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 is trustworthy
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5. 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.
• Check if the bank has online and mobile banking, and its ATM strength: Online
and mobile banking have made life easier because there are no time limitations
for transactions 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
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6. Pick The
Type Of
Account
You Want
• All banks offer different types of accounts and services as per customer needs. Some
options are Basic Savings account, Easy Access Accounts, Women’s Savings Account,
Youth Account, and Joint savings account.
• You can check with a bank official at the bank branch or call centre and s/he will
guide you find the account best suited for your needs.
• If you want to open a savings account where you can maintain 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 should also enquire about
how much money you have to maintain in your account as a minimum balance. This
will help you avoid non-maintenance charges on your account
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7. Documents
Required
• To open a basic savings account, you have to provide certain information to the
bank:
• Two latest passport size photographs
Address Proof
• Passport
• Ration Card
• Single utility bill within the last 3 months
• Letters from a recognized public authority verifying address
• Gas connection registration letter
ID Proof
• PAN Card
• Valid Passport
• Election Card
• Driving License
• Photo Identity issued by Government/Defence Services/Public Servant
verifying the identity and photograph of the applicant
Note: In case your mailing address and the permanent address are different, address
proof documents will be required for both
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8. 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 range from a few thousand
rupees to a few lakhs, or you may not need to make a deposit at all
(for zero balance accounts).
 This however, varies from bank to bank. You should enquire in
advance as to how much money you need to deposit and keep 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
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9. Terms &
Conditions
• 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, you would be required to maintain
an average monthly or quarterly balance a few lakh rupees. 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
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10. Sample
Signature
• You will be asked to provide a sample signature which will be used to
operate your account at all times. This is to ensure the security of your
account.
• You will need to use the 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.
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11. Congrats -
Your
Account Is
Now Open!
• 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 would also receive a debit card in your mail some days after you submit
your application form.
• In a few days, your PIN number will be mailed to you and you just have to
activate your card and change your pins to get going.
• You can now start saving and earning interest on your account balance
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12. Opening
Account
Online
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
Important Note:
• 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
• 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. Click here to
read the article
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13. THANK YOU
Visit www.itsallaboutmoney.com to Know More.
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