Procedure: How to Open a Bank Savings Account

  1. Savings account lets you park money and pays small interest on it. With it comes facilities like cheques, net banking, mobile banking, ATM/debit cards which are usually offered free of charge.
  2. Choose a bank that offers the best of features most important to you. Check out the ones you'd most frequently use. Which of high savings bank interest, low minimum balance, great net banking service, less charges for cheque books, etc is more important to you?

  1. You can apply online in which case they will send a representative to your place. Or you can visit the branch and ask for an account opening form.
  2. Fill in the KYC form with contact details, address details, type of holding, nominee, etc and submit photocopies of relevant documents. Check the boxes for additional services like Debit card, Net banking, Mobile banking. Separate forms may have to be filled for these.
  3. For identity proof one of Passport, Voter's ID, Driving license, Government ID card, Defense ID card, Photo ration card, Photo PAN card or UID card will do. For address proof one of Passport, Telephone bill, Electricity bill, Ration card, Society outgoing bill, Life Insurance Policy can be submitted.
  4. Once the officer has verified your account you must deposit at least the minimum amount by cash. Minimum deposit for an account with cheque book can be higher than one without it. You will get a Pass Book and a Cheque Book once it is deposited.

  1. If your withdrawal exceeds the minimum balance a penalty fee will be charged.
  2. If an account is not used for a prolonged period of say 15 months or so it can be turned into a dormant account. The bank can discontinue services to such an account at its discretion.

  1. If your withdrawal exceeds the minimum balance a penalty fee will be charged.

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