Savings Accounts are the ideal place to park your hard-earned money. You can withdraw and deposit sums conveniently here. This is the most popular product offered by banks and it comes with a host of features and benefits that owners can use. This includes interest rates on the sum parked, daily withdrawal limits, ATM or Debit Cards, and so on. You can also sign up for Online Banking and conduct transactions from anywhere.
Most banks allow you to open Savings Account online nowadays. Here are the eligibility criteria, documentation, and steps for that purpose:
Eligibility criteria for savings account
Most banks require you to fulfil the following conditions, which are the basic Savings Account criteria:
- You can be a resident Indian Individual
- You can be a foreign national currently residing in India
- You can be a non-resident Indian (with ties in India)
- You should be at least 18 years old to qualify for an online Saving Account opening
You can also open an account for your minor, but these accounts should be jointly operated i.e., a parent or guardian of the minor should be the second account holder.
Documents required for savings account
The moment you open the account online, you should ensure to submit or upload the following documents:
Application form
You can download the form from any Online Banking medium. Download and duly fill it up. Make sure you do not leave any tabs empty.
Recent passport-size photographs
You should also provide scanned copies of your recent passport-size photographs.
Identity and age proofs
You need to provide a scanned copy of any government-approved ID and age proof document featuring your photograph and your date of birth on it. Acceptable documents are PAN Card, Aadhaar, Passport, Driving License, and Voter ID among other things. Ensure you scan the original documents.
Address proofs
Upload or submit the original scanned copy of any government-approved document featuring your address on it. Acceptable documents are Aadhaar, Passport, Ration Card, or utility bills. If you are a senior citizen opting for such a facility, you should have a card for it as an age proof. You can apply for them from the Social Welfare Department.
Steps to open the savings account account online
- Research different banks offering online accounts, Savings Account interest rates and personal banking services. Accordingly, select one that suits your needs.
- Visit your chosen bank portal or Banking app and check the account opening section. Choose the account type you wish to open, like regular, women, senior citizen, etc.
- Download and fill out the form and submit scanned copies of the necessary documents as mentioned. If your bank requires hard copies of the documents, they send a representative to collect them.
- The bank checks your documents post which your account number gets allotted, and you can use the account.
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