How to open a saving account in a Bank

Saving account in a bank will allow you to keep your money in a safe place with periodical low interest income in comparison to deposits. Interest will be calculated on the invested money that you kept in your saving A/C.

Private and nationalized banks like HDFC, ICICI, SBI, Axis and Indusland have their own detail steps on their website to know exactly how to open a saving account with them. You will find lots of schemes and can choose one as per your requirements.

Where ever you open your saving bank account, procedures will be the same with the only difference in additional features like minimum balance, cash deposit limits outside local area, ATM charges and number of ATM withdrawal that you get along with standard basic banking operation applicable to normal A/c holders.

Also Read: 5 things to check before opening your bank A/c

To open a saving a/c, you are required to provide certain documents like passport size photo, address proof, aadhar copies and identity proof.

In this article we will show you steps to open a saving account in any private or nationalized banks and the document required for it.How to open saving account in a bank

Arrange all Documents required before opening a Saving Bank Account

To open a saving bank account, you will be asked to submit 2 recent passport size photos, one address proof and aadhar copies.

In addition to these documents, you will also be asked for a PAN card copy. If you have it then given it to the bank or else you need to sign form 60 or 61.

If you do not provide a pan card copy to your banker then as per income tax act, bank will not allow you to do high value financial transactions in your saving account like; deposit of more than Rs 50, 000.

In case your interest is liable for tax deduction then in absence of PAN card, bank will be forced to deduct tax at the rate of 20%.

If you do not have a PAN card right now then we suggest you to open your saving account without pan card by signing form 60/61 and then after getting your PAN card, submit it to your bank.

Also Read: Form 60/61 – Income tax for to be submitted in absence of PAN card

Get Reference Before opening a saving bank account

How to open saving account in a bankMost of these nationalized banks will ask you to have some existing customer’s reference to introduce you to the bank for opening a saving bank account.

Private Banks like HDFC, ICICI, Axis and Indusland do not require this.

If you have selected a nationalized bank like SBI, PNB and BOB to open a saving A/c, then look for someone who has already having a A/c in that bank to introduce you. You can also request the manager in case you do not have a reference.

Arrange opening amount

Where ever you open your saving account, as per policy you will be required to deposit the minimum amount that is required to open the A/c.

For example; if you have selected a basic saving account scheme of a nationalized bank then minimum requirement to open it will be between Rs 500 to Rs 1, 000.

You need to deposit this amount at the time of opening your saving account. You can deposit it by cash or cheque. However, in case you are approached by a representative to open your A/c then we suggest you to deposit your opening amount by cheque.

Approach the bank to open saving account

After having all these details, you can now approach your selected bank for opening your saving account. Firstly, you have to cross verify your findings with the bank’s representative and extra facilities that they can offer.

Bank will give you an application form to fill up. Private Banks will ask you just to sign the form and they will fill it up later with the documents that you have submitted to them.

We suggest you to fill up the application form on your own as there are so many important fields which these representatives will be filling up as per their wish to get higher incentive for opening your account.

After singing the application form, you need to hand over self attested documents for address proof, identity proof, Pan card, photograph and opening amount to the bank along with the application form.

Also read: 5 things to check while opening your bank account

After all these formalities, bank will process your documents to their saving account opening team.

After opening your account they will send you opening kit to your given communication address mentioned on your application form. If you are below 18 years of age then you will be required your parent’s help in opening a a/c in a bank.

Banks like Axis and ICICI have started online application service to open a saving account with them.