Basics of A Savings Account

Now a days, keeping hard-earned cash in a gunny sack is not the smartest or the safest way to manage your finances. Today, we safely store our money in banks, which has enabled us to track our transactions, balance, etc. So, when an person with some money approaches a bank and requests for a secure place to store that money, then the bank offers the individual its most basic product, a savings bank account.

savings account

Below-mentioned are the few different types of savings account available today:

  • Regular Savings Account: These accounts basically don’t see regular deposits nor do they see regular withdrawals. These facilitate the common form of virtual savings that are not touched, unless absolutely necessary.
  • Salary based savings account: These accounts are generally opened by banks on the request of large companies. Also, banks offer companies preferential rates for these accounts. Well, it should be noted that most of the salary accounts do not have a minimum balance requirement, but once your salary stops being credited for three consecutive months, then these accounts are changed into regular savings account.
  • Savings account for senior citizens: These accounts are specially created for senior citizens. Savings accounts for senior citizens work in the same way as regular savings account, but they offer a higher rate of interest as compared to other savings accounts and exclusive banking advantages.
  • How to apply for savings account?

In order to apply for a savings bank account in India, applicants should meet the following eligibility criteria:

  • A savings account can be opened by Indian residents, non-Indian residents, and foreign nationals.
  • Usually, banks allows only those to open an account who are 18+. Although, a savings bank account can be opened for minors by their guardian/parents.
  • Unlike other financial or banking products, there is almost no restriction on who can open a savings account.

Apart from this, here is the list of documents that a customer must submit along with his/her application in order to open a savings account:

  • Age and Identity Proof
  • Address proof
  • Photographs
  • Income proof
  • Senior Citizen Card
  • Step-by-step guide on how to open a savings account:

If you want to open a savings account, you need to follow these steps:

  • First of all, do a proper research of different banks and their interest rates. Then find the one that matches your specific requirements, and the type of bank account that you wish to open.
  • Take a copy of your photograph, identity proof, income/employment proof, and age proof and then head to the nearest branch of the bank.
  • Once at the bank, you need to fill an account opening form.
  • Fill out the form as required and submit it along with the copies of essential documents.
  • Thereafter, your application will be submitted for processing and your account will be opened.

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