Indian Savings Bank Accounts: How To Open A New One Or Can We Say – How To Open A New Savings Accoun

By Author: vijay K shetty
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Three types of Bank Accounts are widely in practice in Indian Banking system. These three types are Savings Account and Current Account Savings Accounts are used for individual banking purpose and are considered as personal banking account. At present there are multiple brands of banks and almost all banks offer Savings Account.

Savings Accounts are designed to hold money, which might be used at the discretion or as per the requirement of the user. In contrast to Current and Overdraft Account, Savings Account provides higher rate of interest on the savings amount.

One of the biggest benefits of acquiring a Savings Bank Account is easy access to cash anytime while the bank provides interest on the amount deposited in the account. Apart from using wire transfer, ATM Card, Debit card, Savings Bank Account can be operated by using cheques issued by bank against the said account. In the Indian market, most of the banks now provide net banking and hence banking from anywhere in the country which has fot internet access is possible. Hence making payment from Savings Account has become an easier process for the account ...
... holder.

Opening a Savings Account is easy and can be done almost instantly. It is now possible to open a Savings Account by online application process as well. However, even on an online account opening, the customer will need to sign on the physical form. Normally, opening a Savings Bank Account in India needs a few documents like-

Duly filled application form of the respective bank where the account is proposed to be opened.

Income Tax Permanent Account Number is now a mandatory factor for opening a new Savings Account in India.

In case the applicant has no PAN number, form 60/61 needs to be filled up and attached along with the application form.

A residential address proof is required for further communication from the Bank and postal correspondence for various banking related requirements. Residence proof includes any of the following - photocopy of passport, ration card, voter ID card, telephone bill, electricity bill, gas connection addressor salary slip with address.
A photo identity which works as identity proof of the applicant is required as part of the basic formalities for opening a Savings Account. Photocopy of passport, voter ID card, Defense ID card, PAN number, driving license, photo ID card issued by Post Office, office ID card provided by an employer are considered as valid identity proof documents for opening of a savings bank account.

Two current passport sized colored photograph is required; thee are several banks in India who will take the photo of the applicant by their own to be sure of the latest stature of the applicant at the time of opening a new Savings Account.

In case the new account is in the name of a minor, the mother or the father of the child needs to provide the address and other contact details of the applicant

The applicant who cannot read or write needs to put the left thumb impression on the application form in place of signature followed by verification and authentication by bank officials.

Vijay K Shetty,
Get more information on Savings Accounts, Fixed Deposit Rates in India