Many people have several savings account in different banks. The interest rates offered by the banks range from 3.5 to 7 per cent p.a. according to the tenure of your choice. You can save and keep your money in the best savings account. Many banks offer zero balance accounts, too, along with a salary-based savings account. You can take out this money as and when needed. The process of withdrawal is straightforward. You need to use your debit card and visit ATM to make unlimited transactions.
What are the Eligibility criteria for opening a Savings Account?
The Savings Account eligibility criteria can vary with the bank. However, some criteria remain the same. Some standard criteria to open a savings account are:
• You must be a resident individual
• You can be a foreign national, who is residing in India
• A non-resident Indian can also open a saving account in a bank
• You must be at least 18 years of age. However, the banks also allow minor accounts that a parent or guardian can open and jointly operate with your child.
Documents needed:
You need to submit certain documents for opening the saving account. The document list is:
• Age and identity proofs such as PAN card, Voter ID card, Passport, or Driving license
• At least two passport-sized photographs are needed
• Proof of address must be rendered, which can be one of the Driving licenses, Voter’s ID, Passport, and Utility bill.
• Senior Citizen Card, if applicable. A document that is proof of their age needs to be given. You can also get a card called the senior citizen card, which is issued by the Social Welfare Department. This document is the best and most preferred proof of age.
Best features and advantages of Savings Account
• It is a safe place to keep your funds.
• You can earn interest on the money in a savings account.
• The Savings Account Interest rates can be from 3.5% to 7% p.a.
• You can easily access the online savings account through internet banking and mobile banking
• You can avail of different discounts and schemes on the locker facilities, etc.
• Many banks also offer different insurance covers to the savings account holders like personal accidents and death.
• Using the ATM card, you can take pout money from all across India using your debit card.
Open your Savings Account
You can open Savings Accounts online or by visiting the bank. You need to ensure to visit the bank with all the needed KYC documents. You must carry your original documents along with you for the authentication of the copies of the same. Fill the account opening form and ensure to check if all the details are filled correctly. As you submit this form along with the necessary documents, you will have an account soon.
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