Savings Accounts are the primary association you hold with the bank. It is the beginning of the banking journey for most of us. By opening the account, you develop a saving habit and make your short-term funds work for you. These accounts involve no age barriers. Kids can equally benefit from them through online Savings Account for kids. However, parents should act as a consignee until they become adults.

The traditional account opening process takes a few business days. It depends on the queue, application time, and document processing. However, online account opening process is simple and quick. It involves a short process if you have all the relevant documents and e-KYC handy. Follow these steps while opening the account:

Visit the bank website

Most banks provide competitive interest rates, varying facilities, and have minimum balance requirements. It is best to research and compare them based on your needs. Later, visit the finalised bank’s portal to open the account. The website mentions the terms and conditions, offers for different customers, etc. So, make sure to check them before proceeding.

Application process

Once satisfied, you can fill out the account opening form. It requires full name, age, address, guardian details, etc. You can also provide your contact details such as email address, mobile number, and other means. These credentials are used for every banking service. Make sure to provide correct information to avoid any errors.

Documentation process

You need to submit supporting documents, including your passport-sized photos, identity proofs like your PAN card, address proofs, etc. Keep them ready to finish the process quickly. Banks check your application to accept your account opening request. This gets done instantly online.

Minimum balance requirements

Once your account is active, you can unlock all the services to access them. You get a Debit Card, passbook, chequebook, Online Banking credentials, etc. You need to select these facilities in your open Savings Account online form. They let you carry out banking conveniently. You can use them for withdrawals, deposits, shopping, payments, etc. Make sure to use the account to avoid penalties or account closure.

The mentioned process is simple. You require a stable internet connection to avoid time-outs. Use a protected network for security. Also, remember your login details for swift operations.

Initial deposit amount

If your application form and documents are satisfactory, you are directed to the payment section. Here, you make the first fund transfer to your Savings Account. This includes the minimum balance you cannot withdraw until the account is terminated. This amount varies between banks, which you can compare online. This also means your account is ready to use.