Savings account: Documents Rrequired and hHow to open?

Savings accounts are also known as deposit accounts held at the bank and the account holder earns the interest on the amount maintained in the savings account. The interest rate provided on its balance may differ from bank to bank.

This article gives you information on the documents required for the savings account. Also, we tell you the way to open a savings account online. Let us move into all the facts of the article

Documents required to open the savings account

To apply for a savings account, you must know which documents are required for this process. Let us tell you the documents you must submit to open your savings account.

1. Proof of identity and Age

A registered and authorized document issued by the Indian government is considered identity and age proof. This document must consist of the applicant’s full name and a photograph.

The essential documents that the banks accept as identity and age proof are Voter ID, PAN card, driving license, Passport and Aadhaar card.

2. Photographs 

Banks and financial institutions accept recent passport-size photographs.

3. Residence proof

Any registered and authentic document issued by the government authority that the applicant has monitored is considered the address proof by the bank. The documents that are considered residence proof are Passport, driving license, Voter ID card and utility bill in the applicant’s name.

4. Senior citizen card

The senior citizen-type savings account is provided by many banks to their clients. Those who want to open their senior citizen card must submit their age proof to the bank.

How to open the savings account online

The process of opening a savings account online is simple. Follow the given steps if you want to open a savings account online. The following process will make your process easier.

Step 1:

Explore the different banks and their interest rate on a savings account that are suitable to your requirements. Then, choose the type of savings account that you want to open in the bank of your choice.  

Step 2: 

Visit the official website of the particular bank in which you want to open your savings account.

Step 3:

Fill out the application form for the savings account with your correct personal information. Along with the application form, you should attach a digital copy of the identity proof, address proof, age proof, employment and income proof, along with photographs.

Some banks also ask you to submit physical copies of all the required documents for which they are sent to the executive for approval.

Step 4:

As soon as all your details are verified by the bank team, you can start to use this savings account for deposits, withdrawals and any transactions through ATMs, debit cards, etc.  

Conclusion

This article consists of all the information on savings accounts, the documents required and the way to open savings account online. Hope you get a complete understanding of the given facts in this article.