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Banks offer a variety of accounts to their customers, with savings accounts being the most basic of these offerings. A savings account is meant for individuals, single or joint holders, to park their funds, offering both safety and liquidity. Though it varies from bank to bank, the interest rate on savings accounts is nominal.
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28% These accounts are generally used by people to manage their disposable income and monthly expenditures with ease. There are multiple types of savings accounts the customer can choose from depending on their needs. These savings accounts are designed to keep various types of depositors, the purpose of holding the account, and other needs.
How to Open a Savings Bank Account In India, opening a savings bank account has become simpler over the past decade. While the traditional method of physically visiting the bank to open a savings account still exists, the online route saves the customer a lot of hassle. The online procedure to open a savings account is more or less the same in most banks and only takes a few minutes to complete.
The online route, though, might not be completely remote as the customer is required to visit the bank branch if Video KYC is not possible. Documents and other essential requirements to open a savings account online: - Aadhaar card. - PAN card.
- Mobile linked to Aadhaar for OTP. - Scanned copy of a passport-size photograph of the applicant. - Scanned copy of proof of address (POA).
- Scanned copy of identity proof. - Scanned copy of signature. Steps to open a savings account online: Choose the bank you want to open your savings account with.
Visit the bank's site. Fill in all the mandatory details sought in the online application form. Upload the required documents.
Saving the application will generate a reference number and the applicant will receive an SMS to the mobile number provided by them in the form. Submit your application. Complete the Video-KYC process.
You will be notified by the bank through official channels when your savings account becomes operational. Note: The time taken to process the application may differ from bank to bank..
