Quick Guide on How to Open a Savings Account

Opening a Savings Account is a simple task that may take, at best, an hour, sometimes even 15 minutes. Most banks usually have similar procedures, so it is fairly easy to open a Savings Account.

You can do this in two ways:

  • Apply in person, at the bank. This way, you can get assistance from the bank’s employees, who are designated for this purpose.
  • Apply online. Yes, it is true, you can open a Savings Account All you really need is your mobile number, to initiate the process. In fact, the procedure does not vary much. You simply upload your form and documents online, instead of going to the bank yourself. Also, some banks offer to send their executives to collect your documents, at the address you provide them with.

Whichever of the two you pick the procedure is pretty much the same. There will be minor differences here and there, but documents required to be submitted to complete this process are going to be the same.

Here is a quick run-down on how to open a Savings Account:

  • Once you have applied to open a Savings Account, you will be asked to present certain documents:
  • Identity Proof (driver’s license, passport etc.)
  • Address Proof (driver’s license, passport etc.)
  • PAN card
  • Or, Form 16, which is a certificate issued by the applicant’s employer, asserting that TDS has been deducted from your salary. This is needed here if the applicant does not have a PAN card.
  • Two of the latest passport-sized photographs
  • You must then fill out the application form. A bank executive can be contacted for assistance in this matter. Applicants are urged to fill out all fields in the form, in order to avoid rejection. This can be done either at the bank’s branch of choice, or even online.
  • Once this is done, you must submit the form as well as the required documents at the branch of choice.
  • Now, you simply have to allow the bank executives some time to verify your documents and your form.
  • Get Online Saving Account Opening in secure and simple Video Kyc process of an HDFC Bank.
  • Once, the verification is complete, you will be required to make an initial deposit, depending upon the minimum amount requirement for the account. In doing so, you become an account holder. In case of zero balance Savings Account however, there is no deposit required.
  • After the deposit has been made, the bank executives will hand over the debit card and relevant documents regarding the account, to you, the new account holder.

There you go, a simple and easy method on how to open a Savings Bank Account. To get started, click here to apply now.