Banks offer Savings Accounts to help you effectively handle finances. These services promote savings by letting you earn interest while practising the same. They guarantee the security of your funds and ensure easy accessibility whenever you need it. Moreover, now it has become relatively easy to open a Savings Account online.
You can also opt for the offline method by visiting the bank physically. However, consider opening the online mode to dodge long queues and the commute hassle. Follow these steps to get started:
Check the available options
Many banks offer Savings Account facilities online. You can research and compare banks to choose what suits your needs. To make an informed decision, you can also compare factors like minimum required balance, interest rates, monthly fees deducted, banking provisions, availability of Online Banking facilities, etc.
Select the right account
When opening a Savings Account, you can choose the right account you want. You can select Senior Citizen, Women, or online Savings Account for kids, depending on your needs. You can open them individually or jointly. The latter lets you share ownership and access to the funds with your co-owner. An Individual Savings Account does not provide such access to anyone except you.
Fulfils goals
Then, submit documents like government-certified identity proofs, address proofs, PAN Cards, and two to three passport-sized photographs. It is best if you have these documents handy while applying online as there are chances of session time out in case of delay. To avoid errors, make sure the documents are correct. Also, see that the photographs you submit are recent.
Submit online
The open Savings Account online process gets done within 10 minutes if all the documents are ready. You can go to the chosen bank’s website. Fill out details like your name, date of birth, address, and other personal details and attach the documents. Once done, the bank will get back to you with further instructions.
Ensure to follow the steps as asked. If you have any questions, contact customer support for further assistance.
Deposit funds
Lastly, make the initial deposit in your account. You can do this with your Debit Card or link to your existing Bank Account through a routing number. If you wish to pay in cash, you can visit the branch. Once done, your bank sends you the relevant information, and you get the new Debit Card details within 10-15 business days.
Conclusion
A Savings Account is a beneficial tool that fosters a culture of saving. Consequently, it is prudent to initiate the opening process by adhering to the steps mentioned.