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Exit Guide

How to Open a Women’s Savings Account?

Here is the procedure to open a women’s savings account:

A women’s savings account can be opened in two ways.

Pick a bank based on your needs. Some points to keep in mind while doing this:

 

  • What is the minimum opening balance requirement?

 

  • How much monthly average balance should be maintained?

 

  • How many withdrawals are allowed?

 

  • Does it offer mobile banking and net banking?

 

  • Will I get SMS alerts?

 

  • How many cheque book is given for free?

 

Now follow the steps of opening a regular Savings Account. Remember to ask for a Women’s Savings Account form.

Read how to open a Savings Account here.

Documents you will need to open a bank a/c:

Identity proof (any of these):

  • Voter ID card
  • PAN Card
  • ID cards of reputed employers
  • Driving License

Address proof (any of the following):

  • Salary slip
  • Electricity Bill
  • Telephone Bill
  • Letter from reputed employer
  • Letter from any recognized public authority (gazetted officer)
  • Ration Card

Photographs:

  • Take at least 5 passport-size photographs

Pro Tip

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.

Well done! You’ve learnt so much about Women’s Savings Accounts.

Keep learning more about banking to avail facilities as well as make more informed financial decisions.

In the next chapter, learn about how to close a Women’s Savings Account.

Next Chapter