What are the various items you receive upon Savings Account opening?

 Earlier, most individuals saw Bank Accounts simply as an instrument to secure their money. However, today is considered the core of every banking activity. You need it to make and receive fund transfers. Bank Accounts are of various types. Savings Account is an account that everyone should consider opening.  It is an interest-bearing account. It takes care of various banking requirements hassle-free.

You can opt for an online Saving Account opening with any leading bank. Typically, it is best to open an account with the bank offering the highest interest rate, while having a low minimum balance requirement, and charges. You receive various details on account opening and following is a list of them:

Account number

Your Savings Account number is the most important information piece you receive on account opening. It is the primary identifier of your account. Every account holder receives a different account number, no two account holders share the same number. Depending on the bank you have opened an account with you will receive either a 12-digit or 14-digit account number. The account number is mentioned in bold in your welcome letter. It is also printed on all cheques.

Bank branch details

You also receive information about your bank branch. You learn about the branch’s official name and identification code. Knowing your bank branch details is necessary. You need these details when making an International Money Transfer. Hence, make note of it. Furthermore, if you need to make major changes to your account, like closing it, you need to reach out to your bank branch for the same.

Debit Card number and PIN

Almost all leading banks offer a Debit Card upon opening the account. You can use the Debit Card to make both offline and online transactions. You receive your Debit Card with the welcome letter. You can find the Debit Card number printed on the welcome and on the card too. The Debit Card PIN is mentioned. Since this PIN is generated by the bank, you need to set a new one for further usage.

Memorise your Debit Card number and PIN as you need to enter them at various checkpoints to make a transaction.

Online Banking login credentials

Online banking has become a preferred way of banking for all. It is simple and time-saving. Whether you wish to make a fund transfer, pay utility bills, make repayments, invest, or apply for credit you can do it all online. Typically, every bank has two Online Banking platforms, one the net banking portal and the other is the Banking App. You need login credentials to access both platforms.

Generally, most banks offer the credentials like user IDs and passwords with welcome letter. Note, the login password is only for one-time use. Once you have successfully logged in, you should set a new password for yourself.