Saving Bank Account – Most familiar name, almost known to everybody, it is a way to save money for the future without any risk. A Saving Bank Account is the most common type of bank account that allows you to earn interest on the balance maintained in your account. You can deposit money in this account and use the same whenever required while earning interest on it. saving account deposits are liquid funds means it can be withdrawn at any time. Managing your everyday expenses, saving for an emergency or future; a Saving Account is an excellent option. Nowadays, banks are offering different types of Saving Bank Accounts along with lots of features to meet the financial needs of customers.
Why A Saving Bank Account Is Important?
Saving money is always tough, but yes it can be possible by a Saving Bank Account which is a deposit account and you can open at any retail bank. Your hard-earned money kept in your saving an Account is not only safe but also earns you the interest on that amount. Interest on a savings account is calculated quarterly and credited to the account. Nowadays there are several types of Savings Account that can be used for different requirements depends on individual needs. so here are some reasons why Saving Bank Account is important:-
Secure route for money - Saving bank account is a secure option for keeping the money in a bank instead of keeping it at home.
Building well-being credit - Saving bank account is not only keep the money safe but also provide the interest benefits on the amount deposited.
Savings for a child’s future - Being a parent everybody wants a bright future for their children therefore Saving Bank Account comes out to be a very good saving option for all their investment needs.
Savings for a happy retirement – After retirement, all earnings stopped so it's better to save money in saving bank account before you retire. This small saving can give you maximum monetary benefits.
Savings for an Occasion - Life is incomplete without occasions and occasion means celebration/party/fun/gathering etc. Small savings regularly will give you the best feeling on that day.
Savings to fulfill your dreams - Every human being has their own life and dreams. Saving Bank Account is a good option to do saving for dreams etc...
How To Open A Saving Bank Account?
Savings Bank Account is very simple and easy to open and it can be open without any trouble. Now, you can open the saving bank account online meaning that you do not need to step out from your door. You can directly visit the bank website and complete the process to open an account. Here are some important steps to open a Saving Bank Account:-
Choose the right bank as per your needs
Follow the procedure given on the bank website or go to the bank directly.
Select the Saving Bank Account type
Read the terms and conditions carefully
Verify KYC documents
Fill the Saving Account Opening form
Deposit Initial Funding in your Account
By following these tips you can start saving for your future today. Click here to know the detailed information.
Choose the right bank suiting your needs - Choosing the right bank is personal and completely based on individual needs. You can check all the details from bank websites which will help you in choosing your right bank but while choosing the bank you must consider your financial situation and your future needs, it will help you in choosing your right bank according to your needs.
Follow the Bank website or go to the Bank - Websites are the best and convenient place to bring in more information about their facilities, products, and services. Follow/visit the bank’s website to know more about the bank in which you want to have an account. Likewise, you can also choose to visit in nearby bank branch physically during the business hours to get the information. Most of the commercial banks are open from 10 AM to 4 PM on weekdays which includes 1st, 3rd, and 5th Saturdays of every month as long as it’s not a gazetted holiday and remain closed on 2nd and 4th Saturday, Sunday’s and public holidays. Few banks nowadays providing 365 days of banking services also.
Select the Saving Bank Account type - A simple and easy way to choose a saving bank account type is keeping your financial needs in your mind. Banks nowadays providing a number of saving account types, each with its own benefits, fees, and charges. Depending on whether you want to operate it single or jointly. Select a type of Saving Bank Account that serves your needs.
Study the terms and conditions warily - We always suggest before go for the final process for account opening you must go through the terms and conditions carefully and then move ahead with it. This will not only help you to understand but also help you to use/operate your account well.
Submit KYC documents - KYC means ‘Know Your Customer, Once you have applied to open a savings bank account, you will be asked to present certain documents:
- Identity Proof (Driving license, passport, voter card, aadhar card etc.)
- Address Proof (Driving license, passport, voter card, aadhar card etc.)
- PAN Card
- Two passport-sized photographs.
If you don’t have documents to authenticate your identity, then you will not be able to open the account.
l Fill the Saving Account Opening form - Once the verification will be completed you have to fill up the Saving Account opening form properly. Put your signature on the form and photocopies of KYC documents. The signature you put there will be saved in the bank’s record. You will have to use the same signature to operate the account, or whenever you sign a cheque.
Deposit Initial Funding in your Account - After the submission of the application form you will be requested to deposit some amount in the account depends on the selected account type. Once the account has been opened, the bank will send the welcome kit at your mailing address. When the account will get opened, you need to maintain a certain amount in your account as a minimum balance or monthly average balance or quarterly average balance. When you don’t meet the recommended minimum balance, the bank levies a penalty for the non-maintaining of your account.
How to open Saving Bank Account online?
During this digital world, it’s very convenient to open a Saving Bank Account online without even visiting the bank branch. To open a Saving Bank Account follow the below procedure-
Choose the right bank.
Visit the bank’s website.
Go to the personal banking option and select the Apply Online tab.
Select the specific saving bank account type.
Fill the form online and upload relevant documents.
Provide details and verify them.
After the submission of the application form, the bank will verify the information from you. It may call you up to verify the details. Once the bank process the application, it will send a welcome kit on your mailing address.
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