A Savings Account is usually the most common Bank Account that banks offer. Such an account lets you save your hard-earned money. It also lets you earn interest on the balance you maintain in the account. Opening a Savings Bank Account is hassle-free and easy. Here are the essential steps of how to open a Bank Account.
Go online
Today, you need not visit the branch of your chosen bank in person to open a Savings Bank Account. Instead, you can go online, i.e., use the internet to open a Savings Account. You can easily visit the bank’s website to open a Savings Account.
Select a Bank Account
When opening your Savings Account, explore the various types of accounts your bank offers. The different kinds available include the following:
- Regular Savings Accounts
This is the most common Savings Bank Account. It usually has a daily limit for the amount you can withdraw from an ATM. Such an account also has a minimum balance requirement.
- Women’s Savings Accounts
Such a Savings Account is especially tailored to the needs of women. It may offer discounts on locker facilities and special rates on Loans.
- Zero-Balance or Basic Savings Account
You do not have to maintain a minimum balance when you open this Savings Account.
- Senior Citizen Savings Accounts
Such an account is tailored to the needs of senior citizens and offers them a host of benefits. For example, it may provide access to higher rates on the Fixed Deposits you open with the bank and priority treatment at the branches. Your bank may also offer other Savings Accounts. Each such account is designed especially to the needs of various customer segments.
Evaluate your financial goals, Personal Banking requirements, and the benefits each account offers. Then, decide which account aligns with your needs.
Keep documents handy
Before opening your Savings Account, determine the documents you need and keep them ready. They will help you verify your address and identity. You may need to fill out and submit an account opening form along with the documents.
Complete your KYC
Know Your Customer is mandatory for all banks. When opening your Savings Bank Account online, you can easily complete the KYC digitally using video KYC.
Start transacting
After you fill out the form, submit the required documents, complete the KYC process, and fund your new account, your new Savings Account is accessible. Once the account is set up, you can start transacting. You also receive a kit with your account number, chequebook, passbook, and ATM card.
Once you receive these, you can start using your account for offline transactions and withdrawing money from ATMs. You can also use Online Banking platforms to transact.
Conclusion
Now that you know the various steps, you can easily follow them to open a Savings Bank Account online.
