Step-By-Step Guidance for Opening a Savings Account

The best savings bank account could be the first step to financial wellness. It gives you the option to save money and earn interest. So, knowing how to open a saves account and learning to use it expertly can make a significant difference to your finances. Plus, investors can receive special value-added services like a voucher worth ₹250on successful opening. One can also get ₹500 on fund transfer and similar amounts on registering with WhatsApp, spending with a debit card, and making your first UPI payment. In fact, benefits are also available on opening a digital account.

So, visit the best bank to open a savings account that offers these attractive deals. Officials are present to help you out. However, is it a smart idea to know the process beforehand to make it quick and be able to make an informed decision. Have a look.

Step 1: Know the Eligibility

The first step is to understand how the best savings bank account works. You need to be an Indian citizen residing in the country. The total balance should not exceed ₹50,000 ever. In case it does, credit transactions will be restricted. Also, the total transaction amount should not be more than ₹10,000 in a month. Lastly, know that foreign remittances are not allowed in a basic savings account. Do plan your finances accordingly for a successful operation.

Step 2: Gather the Documents
One must have the basic papers like identity and address proof. Further, you need Aadhaar Number and PAN number/Form 60 in case of online opening.  For opening the account physically, submit any of the following:

  • Aadhaar card
  • Passport-sized photograph
  • Voter’s ID card
  • Valid driving license with photograph
  • Letter issued by the National Population Register containing details of name and address
  • PAN card

However, make sure to submit these documents only to the bank which offers the highest interest on a savings account, which is 6% per annum, to meet your financial milestone.

Step 3: Know the Rates and Charges
You should be aware of the best savings account interest rates and charges beforehand. This will help avoid surprises down the line. For example:

  • Interest earned on a small account is credited on a quarterly basis. Further, you can also receive 4% per annum at the end of day balances.
  • The top bank might charge a nominal amount on the issue of a duplicate/ad-hoc statement. However, it does not have charges applicable on non-maintenance of balance, demand drafts, balance enquiry or issuing a chequebook.

These are extremely important to make the process as affordable and hassle-free as possible.

Opening a savings account can be completed with a few simple steps. Make sure to research well about which one you would require according to your requirements. For example, the best banks offer multiple choices like Senior Citizens Savings Account, Pratham Savings Account, Vishesh Savings Account, Health FIRST Savings Account or Minor’s Savings Account. Read the terms and conditions of each one to pick the best one suited for you.