Everything you need to know about the Saving Account Opening Procedure

 


 



Banks provide savings accounts for people who wish to build their savings. Using such accounts, people can start being financially stable and can grow their wealth. When people keep investing in their savings accounts, they receive interest from the banks on the money in their accounts. Today, almost every one of us has a savings account. However, there are some who face complications with the saving account opening procedure. If you have a problem with this too, this article will help you out:

 

1.   Eligibility conditions to open the account

Many banks set forth some eligibility conditions for people who are interested in opening an account with them. They understand that the less complicated the eligibility conditions are, the better it is for their prospective account holders to open a savings account. Hence, banks keep those eligibility conditions simple. The two eligibility conditions that banks mostly set are that the prospective account holder should be an Indian citizen or if he/she is a foreign national residing in India then they must submit legal proof of it.

 

2.  Fees levied

Wouldn’t it be better if banks charged nil fees on most of their services? Some banks do. They offer people the choice to transact money through electronic transaction channels like NEFT, RTGS, net banking, for free. They also give services like free ATM cash withdrawal. Banks do charge fees for cheque books, services like cash withdrawal at ATMs of international banks, doorstep cash deposit, and withdrawal, and so on. They also charge annual fees for debit card service and fees to replace your debit card in case you lose it. Please check the details of their services and the fees they charge for those services before you begin the saving account opening procedure.

 

3.  Documents required to open a savings account

You would need to submit documents to a bank to open a savings account. So, submit identity proof like driving license, passport, voter’s ID, and ADHAAR card. Apart from that, submit address proof like electricity or another utility bill, and your existing and updated bank account passbook.

Also, submit a couple of your latest passport-sized photographs and proof of your signature.

 

4. Features of the account

A classic savings account gives you some amazing features. For instance, you get to earn up to 4% interest on your bank balance. You also get a platinum international chip debit card and a facility to issue up to 3 free demand drafts.

If you cannot visit the bank’s office for any reason, you can just give a call to the bank. They will send one of their employees to your doorstep to deposit or withdraw cash. So, complete a saving account opening procedure to get a bank account and start enjoying the services mentioned above.

 

 

So, this is what you need to know about the saving account opening procedure. Remember to compare banks in your region thoroughly before beginning the bank account opening procedure. Have a nice day!

 

 

Read More:- 4 ways to choose the Best Net Banking app


 

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