How to open a saving bank account in India

Saving bank account will allow you to keep your money in a safe place with periodical low interest income in comparison to a term deposit. Interest will be calculated on the money deposited in it.

Private and nationalized banks like HDFC, ICICI, SBI, Axis, Kotak, DCB, RBL and Indusland have are offering lots of features that you can choose based on your requirements.

Wherever you open your saving bank account, procedures will be same with the only difference in additional features that you want to avail like minimum balance to be kept, cash deposit limits outside local area, ATM charges, interest rates, fees and number of ATM withdrawal that you get.

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

To open a saving bank account, you are required to provide certain documents like passport size photo, address proof, Adhara card 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

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

In addition to these documents, you will also be asked for a PAN card copy. If you have it then give 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. For instance, deposit of more than Rs 50, 000 in your saving account require customer’s PAN.

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

If you do not have a PAN card then we suggest you to open your saving bank account by signing form 60/61. In order to avoid higher TDS and other restrictions, submit your PAN card copies after getting it issued from income tax department.

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

Do you need Reference Before opening a saving account?

Most of these nationalized banks will ask you reference of a existing customer. These existing customers can introduce you to the bank based on which your saving account will be opened. Private Banks like HDFC, ICICI, Axis, Kotak, DCB, YES and Indusland does not require any reference.

If you have selected a nationalized bank like SBI, PNB and BOB to open a saving A/c, then look for someone who is already a customer to them. 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.

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

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.