How to Open a Savings Account?

The procedure to open a savings account is given below:

Based on your needs, you must first pick the right bank. Some points to keep in mind while doing this:

After you pick a bank, follow these steps:

Step 1: Find an introducer
Step 2: Go to a bank branch closest to your house
Step 3: Tell the reception desk you want to open a savings account
Step 4: You will be given a form to fill
Step 5: Fill the form carefully, with correct information
Step 7: Complete the KYC verification form
Step 8: Use the same signature everywhere. Signatures in all the places should match.

Identity proof (any of these):

Address proof (any of the following):

Photographs:

Always make use of the Nomination facility.

A Nominee is a person who can receive the proceeds of your account or your investment in case of your death.

The nominee can be your parents, spouse, kids, siblings etc.

In order to open a savings account online, follow these steps:

Step 1: Type- “Open Savings Account Bank name” on Google.

E.g. Open Savings Account State Bank of India
Step 2: Find the Link which takes you to the bank’s website. It will generally be the first few links shown in the results.
Step 3: Read and understand the Terms and Conditions on the website.
Step 4: Click on “Apply”
Step 5: Complete KYC verification. It is best to complete the KYC verification with an agent before applying for a bank account.
Step 6: Complete the bank form. Be careful to fill in the correct information. Don’t forget to fill in Nominee details.

Jump in to next chapter to know about how to close a bank account