{"id":3029,"date":"2018-04-16T18:49:05","date_gmt":"2018-04-16T13:19:05","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=3029"},"modified":"2018-07-26T18:04:50","modified_gmt":"2018-07-26T12:34:50","slug":"open-savings-account-online","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/open-savings-account-online\/","title":{"rendered":"How To Open Savings Bank Account Online"},"content":{"rendered":"<p>When an individual approaches a bank with some money and requires the bank to provide a secure place to store that money, the bank will offer the individual its most basic product \u2013 a\u00a0<a href=\"https:\/\/www.antworksmoney.com\/blog\/savings-account-highest-interest-rates\/\">savings bank account<\/a>.<\/p>\n<h2>Why Open a Savings Account?<\/h2>\n<p>These are some characteristics of savings bank accounts that differentiate them from other types of bank accounts:<\/p>\n<ul>\n<li>Most savings bank accounts in India require the account holder to maintain a\u00a0<strong>minimum account balance<\/strong>\u00a0of a certain amount, failing which, the bank reserves the right to charge maintenance fees.<\/li>\n<li>Savings bank accounts generally offer an\u00a0<strong>interest rate<\/strong>\u00a0slightly higher than the rate of inflation, in order to keep the real value of money stable throughout the years.<\/li>\n<li>Modern savings accounts are feature packed and offer quick links to\u00a0<strong>pay bills, make quick transactions,<\/strong>\u00a0etc. to the account holder as soon as he\/she logs in to the account.<\/li>\n<li>Savings accounts have\u00a0<strong>daily withdrawal limits<\/strong>\u00a0so that they aren\u2019t used as current accounts.<\/li>\n<li>Savings accounts are generally\u00a0<strong>not zero-balance accounts<\/strong>.<\/li>\n<li>Savings accounts offer an excellent amount (if not as much as current accounts) of\u00a0<strong>liquidity of funds.<\/strong><\/li>\n<li>Savings accounts are usually opened by salaried individuals, as business people usually prefer to maintain\u00a0<strong>current accounts<\/strong>\u00a0that offer less interest but more liquidity and generally have no minimum balance requirements<strong>.<\/strong><\/li>\n<li><strong>Banks customize<\/strong>\u00a0savings accounts depending on the general type of usage the account witnesses in its lifetime.<\/li>\n<\/ul>\n<h2>Eligibility Criteria to Open a Savings Bank Account<\/h2>\n<p>In order to set up and operate a savings bank account from any of the major banks in India, applicants must meet the following eligibility criteria. Please note that this is a list of general requirements and criteria followed by most banks, but your specific bank may ask you for a more authentication or have different parameters:<\/p>\n<ol>\n<li><strong>Savings bank accounts<\/strong>\u00a0can be opened by\u00a0<strong>resident Indians, non-resident Indians (NRIs), and foreign nationals.<\/strong><\/li>\n<li><strong>Age:<\/strong>\u00a0Generally, banks allow only those who are 18+ to open an account on their own. However, savings accounts can be opened for minors by their parents\/guardians.<\/li>\n<li><strong>Restrictions:<\/strong>\u00a0Unlike other banking or financial products, there are almost no restrictions on who can open a savings bank account.<\/li>\n<\/ol>\n<h2>Documents Required to Open a Savings Bank Account<\/h2>\n<p>Given below is a list of the documents that the customer needs to submit along with his \/ her application in order to have a savings bank account opened:<\/p>\n<ul>\n<li><strong>Proof of age and identity:<\/strong>\u00a0Any authentic, registered, and recognized document issued by a competent authority, that contains the full name and a recent photograph of the applicant can be used. Customers should keep either a <a href=\"https:\/\/www.antworksmoney.com\/blog\/apply-pan-card-india\/\"><strong>PAN Card<\/strong><\/a>, Passport, Driving license, Voter\u2019s ID, etc. on hand.<\/li>\n<li><strong>Photographs:<\/strong> Usually, banks require that you submit at least 2 passport sized photographs along with the application.<\/li>\n<li><strong>Proof of address:<\/strong>\u00a0Any authentic, registered, and recognized issued by a competent authority, which contains the address of the applicant can be used. Customers should keep either a Driving license, Voter\u2019s ID, Passport, Utility bill, etc. on hand.<\/li>\n<li><strong>Senior Citizen Card:<\/strong> Applicants who wish to open a senior citizen\u2019s account are required to submit proof of their age. A senior citizen card works best for this.<\/li>\n<li><strong>Proof of income:<\/strong> Depending on the type of account the applicant wishes to open, he\/she may or may not be asked to submit proof of income and employment.<\/li>\n<\/ul>\n<p>Depending on the applicant and the type of account being opened, the bank could ask for a few more proofs of identification, age, address, employment, etc. as required.<\/p>\n<h2>How to Open a Savings Account Offline?<\/h2>\n<p>While most bank related work happens online these days, some trips to the bank are absolutely unavoidable. In case you\u2019re stuck without a portal through which to create a bank account online, you can follow these steps to open a savings bank account offline:<\/p>\n<p><strong>Step 1:<\/strong>\u00a0Research different banks and their interest rates, find the one that best matches your specific requirements if any, and the type of bank account you wish to open.<\/p>\n<p><strong>Step 2:<\/strong>\u00a0Take a copy of your identity proof, two photographs, address proof, income\/employment proof (if necessary), and age proof and head to the nearest branch of the bank in which you wish to create an account.<\/p>\n<p><strong>Step 3:<\/strong>\u00a0Once at the bank, tell the clerk you wish to open a savings bank account, and he or she will hand you an account opening form.<\/p>\n<p><strong>Step 4:<\/strong>\u00a0Fill out the form as required, and submit the same along with the copies of your identity proof, photographs, address proof, income\/employment proof (if required), and age proof to the clerk.<\/p>\n<p><strong>Step 5:<\/strong>\u00a0The clerk will then submit the application for processing and, depending on which bank you\u2019ve chosen, your account will be opened and functional in any time between 1 and 12 working days.<\/p>\n<h2>How to Open a Savings Bank Account Online?<\/h2>\n<p>The simplest way to conduct banking operations is online, and opening a savings bank account is a very simple procedure:<\/p>\n<p><strong>Step 1:<\/strong>\u00a0Research different banks and their interest rates, find the one that best matches your specific requirements if any, and the type of bank account you wish to open.<\/p>\n<p><strong>Step 2:<\/strong>\u00a0Log on to the website of the bank in which you wish to open your account. Note that not all banks have online account creation facilities.<\/p>\n<p><strong>Step 3:<\/strong>\u00a0Fill out the online application form for the savings account that meets your needs and submit it along with a digital copy of identity proof, photographs, address proof, income\/employment proof (if required), and age proof. Some banks may require you to submit physical copies of your documents for which they will send over an executive.<\/p>\n<p><strong>Step 4:<\/strong>\u00a0Your details will be verified by the bank\u2019s back-end team, and you will be able to start using your account almost instantly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When an individual approaches a bank with some money and requires the bank to provide a secure place to store that money, the bank will offer the individual its most basic product \u2013 a\u00a0savings bank account. Why Open a Savings Account? These are some characteristics of savings bank accounts that differentiate them from other types &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/open-savings-account-online\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How To Open Savings Bank Account Online&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3029","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>How To Open Savings Bank Account Online and Eligibility Criteria<\/title>\r\n<meta name=\"description\" content=\"Read some characteristics of savings bank account that differentiate them from other types of bank accounts...\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/open-savings-account-online\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"How To Open Savings Bank Account Online and Eligibility Criteria\" \/>\r\n<meta property=\"og:description\" content=\"Read some characteristics of savings bank account that differentiate them from other types of bank accounts...\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.antworksmoney.com\/blog\/open-savings-account-online\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Antworks Money - 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