How To Open A Saving Account?

Finance and funds are some of the essential requirements for living a comfortable and luxurious life. Not only do they provide mental satisfaction, but they also provide people with the ability to meet all their desires. Most importantly, families must learn how to use money sustainably so that they can start saving for the future. Nobody can predict emergencies and problems; hence it is safer to start saving from the current moment.

With the help of banks and financial institutions, people can start depositing and investing capital in various assets for higher returns in the future. They offer the facility of a saving account which enables customers to use their wealth wisely and calculatingly so that they do not exhaust their savings. Money can help people avoid so many problems like debts, poverty, dependability, and so on.

With the rise in people opting for employment, companies approach banks to help them with a zero-balance account opening online to deposit the salaries of all their employees at the end of each month. They can use it to their convenience and withdraw money whenever they desire. All account holders get a debit card, a cheque book, a passbook, and other documents necessary for tracking the finance from the respective bank.

Following is the eligibility criteria to open the account:

• The applicant should be a citizen of India
• The age should be 18 years and above
• Minors require their parents or a legal guardian to open an account for them
• The address and identity proof should be valid and approved by the Government

Documents required to open the account

With the invention and progress in technology, banks have started providing digital banking services for access to customers. The digital banking app helps them access services on mobiles and other gadgets anytime and anywhere. Whether opening a zero-balance saving account online or by visiting the bank’s branch, every applicant should submit some documents as proof. Following is the list of documents required to open this account:

• Proof of Identity – Passport, Driving Licence, Voter’s ID card, etc.
• Proof of Address – Passport, Driving Licence, Voter’s ID card, Utility Bills, etc.
• PAN card
• Form 16 (in the absence of the PAN card)
• Two latest passport size photographs of the applicant

The procedure to open the account

For accessing the benefits of online saving account opening, individuals must follow some guidelines to open the account. Following is the procedure:

• Download the application form from the bank’s website and fill it with the information in all the required fields to avoid rejection. Contact the executive of the bank for queries.
• Keep the documents mentioned above ready with the duly filled application form to upload on the bank’s website
• The bank’s executive will verify the information and provide the debit card and bank documents with details of the saving account