Aapka Consultant: HOW TO OPEN A SAVING ACCOUNT IN INDIA?

WHAT IS A SAVINGS BANK ACCOUNT?

In today’s world keeping hard cash at home is not the safest and smartest way to manage your finances. A savings account is a place where bank assures you that you can safely hand-over your cash to them.

WHY OPEN A SAVINGS ACCOUNT?

There are few characteristics of savings account:

Most savings account in India require account holder name and a minimum amount in the account to continue the savings, or else they charge fine for the breach.
Savings bank account in India usually charges higher interest rates then the rate of inflation to keep the real value of money stable throughout the year.
Nowadays, savings account is feature packed, they offer bills payment, quick transactions etc.

DIFFERENT TYPES OF SAVINGS ACCOUNT AVAILABLE TODAY

Below is a list of few kinds of savings account present today:

REGULAR SAVINGS ACCOUNT– these are opened on the banks having most basic terms and conditions.
SALARY BASED SAVINGS ACCOUNT– These are often opened by banks on the request of large companies.
SAVINGS ACCOUNT FOR SENIOR CITIZENS– These accounts are opened for senior citizens with specific functionality and benefits.
SAVINGS ACCOUNT FOR CHILDREN AND MINORS– These accounts don’t generally have a minimum balance requirement and function in the same way.
EXCLUSIVE BENEFITS ACCOUNTS FOR WOMEN– This is the new offering from many banks to promote women empowerment.
ZERO BALANCE SAVINGS ACCOUNT– This type is a merging of savings account and current account.

HOW TO OPEN AN ACCOUNT

Research about different banks who offer savings account and their interests rates, and find the one that matches your requirement.
Take a copy of your identity proof, address proof, photographs, employment proof, age proof and move straight to the nearest branch of that bank.
Once, reached the bank, tell the clerk that you wish to open a savings account, and he/she will give you the required form.
Fill that form as required and submit that form with all the documents to the clerk.
Then your form will be submitted for the application of process and your account will be opened and functional in between 1- 12 days.

FEW BEST SAVINGS ACCOUNT IN INDIA