5 Easy Steps to Open a Savings Account in India

5 Easy Steps to Open a Savings Account in India

Opening a bank account comes with several benefits, like investing a minimum amount, earning interest on it, minimum balance requirements and accessing your money quickly and easily with sufficient liquidity. Here’s everything about how to open a new savings account.

1. Visit/Apply to the bank with the best savings account

2. Submit the necessary documents

The RBI has mandated that Indian banks should allow new account opening only with document proof of identity for KYC. So, you will need to submit your PAN Card, Aadhaar Card, two recent photos and other documents, as required by the specific bank.

3. Wait for your documents’ assessment

Your bank may need 1-2 days to approve new accounts. Meanwhile, it will reach out to you to clarify any errors regarding your document submissions and verify the details.

4. Collect all the details for your account

After your documents are assessed and verified, your bank will sanction the new account opening. You will receive your bank account number and your customer ID for online banking.

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You will also receive an ATM/debit card to access your savings account and carry out monetary transactions. The bank will also issue you a cheque book.

After opening your savings account, your bank will usually recommend that you visit one of its ATMs and change the ATM pin provided by the bank to prevent others from accessing your money through it. You should also select a fresh pin for your debit card.

Josephine