Steps to Successfully Open a Savings Account

A savings account has become a priority and necessity for most people once they reach 18 years. This is when the plans for income and savings truly take root in their minds. Almost all banks offer zero-balance savings account openings these days. This can be done online or offline as per the individual’s preference. To open a new bank account, you can visit the bank’s website or the nearest bank branch with all the necessary documentation. 

But how does it work? Read on to understand how the online and offline processes work. 

The Process of Opening a Savings Account Online

You can follow the steps below if you prefer the online method for opening a new bank account.

1. Decide which bank is best for you to open your savings account.
2. Visit the official website of the bank you have chosen to open a new bank account.
3. Find the tab, link, or page with details about the savings account.
4. Click “Open Now” on the page to begin the process.
5. If there is an option to choose the account type, select “Savings Bank Account.”
6. You will see a form, and you need to fill it in with personal details such as name, address, date of birth, photograph, and more details as given.
7. After submitting the details above, the process of address verification through KYC will be initiated. This verification can be done by visiting the branch for the submission of documents. 
8. After the submission process for all documents is done, the verification process is underway.
9. After a certain number of working days, the bank will issue a notice of successful bank account opening with the account number. The account kit will be delivered to the registered address. 

The Process of Opening a Savings Account Offline

If you are unsure about the online process or consider the offline method better, follow the steps below.

1. Visit the bank branch where you wish to open a new bank account.
2. You can request a savings account opening form from the customer service executive.
3. Provide all the required information, such as name, address, date of birth, photograph, signature, Aadhar, and PAN details. 
4. Cross-check all the spelling and information before submission. The details entered must be the same as that in KYC verification documents. 
5. Some banks will demand a basic fee to be deposited during form submission and documentation handover.
6. Once the verification is done, the account number, passbook, and chequebook are handed over to you.

Eligibility Criteria for Opening a New Account 

There are certain criteria that every bank outlines regarding the eligibility of the individual looking to open a new bank account. These criteria are listed below.

1. The account holder must be an Indian citizen.
2. The individual must be exactly or over the age of 18 years.
3. If you are opening a savings account for minors, the first account holders would be the parents or guardians only. 
4. You must have a valid name and address proof issued by the Government of India
5. Depending on the bank’s minimum or zero balance criterion, you might have to deposit a certain amount. 

Wrapping Up

There are key points to remember when you open a new bank account.

1. Choosing the right bank is important for better prospects.
2. Checking the eligibility criteria will help you understand your eligibility status.
3. You must have clarity about the documents required to be submitted with the form for verification. These include:
   1. Identity Proof (Aadhaar, Passport, Driving License, Voter’s Id)
   2. Address Proof (Passport, Driving License, Voter’s Id, Aadhaar)
   3. PAN Card
   4. Form 16 (optional for those with no PAN number)
   5. Two latest passport-size photographs 
4. You must discuss the savings account nomination facility before finalizing.
5. Keep a note of the bank’s savings account helpline number.
6. Keep the new bank savings account kit material in a safe place.

Hope this article will help you easily steer towards the successful new bank account open status. Keep the guide handy when you’re ready to open an account and get high interest on savings.