A Savings Account is the most widely recognized kind of financial balance that permits you to procure interest on the equilibrium kept up with. Banks in India offer a wide range of sorts of accounts to meet the assorted requirements of the clients. When opening another account, it is crucial first to comprehend your requirements to choose the right kind of savings account and we will help you understand how to open a savings account.

Quite possibly the common types of bank accounts in the country are Savings Account which permits you to acquire interest on the equilibrium you keep up with in the account owned by you.

What is a Savings Account?

A Savings Account can also be called a deposit account that you can open at any bank be it public or private. You can store your surplus funds in this account and utilize them as and when required while additionally acquiring interest on the equilibrium amount kept up with. Be it dealing with your ordinary costs or putting something aside for a crisis; a Savings Account is an incredible choice that one can opt.

Banks presently offer many kinds of Savings Account with a large group of components to meet the savings needs of its clients. There are presently accounts for women, kids, senior residents, and more with advantages, for example, good interest rate, zero maintenance fees, markdown on storage charges and limitless withdrawal through ATMs anywhere in the country.

What are the documents required to open a Savings Account?

If you are looking to apply for an account in a bank and thinking, what do I need to open a savings account then here is the list of documents that will be required to open a savings bank account:

A Proof of age and identity:

An authorized document that must be issued by the government of India can be considered as proof of age and identity for opening a savings bank account. The presented document must contain the full name of the applicant and a recent photograph for identification purposes.

Some of the documents that are accepted by the banks as proof of age and identity are as mentioned below:

  • PAN card
  • Voter ID
  • Passport
  • Driving license
  • Aadhaar card

Photograph: 

A recent passport size photograph is required by banks or financial institutions to start with the process.

A Proof of residence/ citizenship:

Any registered document that is issued by a government of India having the applicant's address mentioned on it can be considered as the proof of address by the bank. Below mentioned are the documents that are considered as the proof of address for opening a savings bank account:

  • Driving license
  • Voter's ID card
  • Passport
  • Utility bills under the name of applicant

Identification card for Senior Citizen:

Senior citizen savings accounts are offered by many banks to their clients in the current times. The people who wish to open a senior citizen savings bank account must present their proof of age to the bank. The Social Welfare Department gives the senior citizen card to the senior citizens, and that is the most favored proof helping them with the answers of what is the procedure of opening a savings bank account.

How can you open a Savings Account offline?

If opening a savings bank account offline is your option, then below mentioned are the steps that you can follow to open a savings account offline at the nearest branch:

Go to your nearest bank branch

  • Fill up the savings account opening form given by the bank
  • Submit KYC documents (ID and Address proof, or as asked by the bank)
  • Fix your passport size photos on the given form
  • Submit a signed cheque if it is required by the bank

Present the signed form to the branch of the bank and your savings bank account will be active within a few days or as suggested by the bank.

How can you open a Savings Account online?

Opening an online savings account is an easy process and takes just a few minutes. You can opt for video KYC process and open a full-fledged savings account within a few hours in most of the banks these days! Here are the steps to follow for a hassle-free account opening experience.

  • Go to the website for the bank you want to open an account and opt for the online savings account option.
  • Fill up the form that demands your name, mobile number, and email ID.
  • You will receive an OTP on your mobile number. Enter the OTP.
  • Enter your PAN, Aadhaar number for identifying your Aadhaar details and biometric information for verification.
  • Add the OTP that you have received on your Aadhaar registered mobile number.
  • Review the details that you have added before proceeding with the Video KYC verification process.
  • Accept the terms and conditions.
  • Provide location access and you will be connected to a bank agent who will carry out the video KYC process. After the video-based KYC is completed, your account will be opened within a few hours upon successful verification.

How to manage your Savings Account?

A Savings Account is one of the most reliable ways to deposit your money and have secure access to the same 24x7 while also gaining interest.

As soon as your new Savings Account opening is initiated, you will then receive a kit with your account number, cheque book, passbook, and ATM card. You can then commence using your account for offline transactions and withdrawing money from ATMs. You will also be able to enroll for your bank’s online banking convenience with your new Savings Account. For this, you will have to enroll for online banking from the official website of the bank you have a savings account with.

Enrolling in online banking is easy and you only need to fill a form with your account number and personal details. Once enrolled with the bank it will then create a username and password for your account which you can use for online banking.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.