A saving account is a virtual vault or deposit account that holds your cash, enables you to pull back a specific sum from it at specific intervals, and adds to itself a little sum (as interest) every year. This is one of the basic account types that offer specific facility. Saving account offers facility to secure your valuable money as per your need. Saving account facility is offered by all reputed bank of public and private sector banks. Handling this account is quite easy and transaction is quite easy. Every bank follows their policy, different interest rate, different account opening procedure and other specific details to offer best and secure services without any complication. To open saving account customers need to visit their nearest branch of bank and fill up the application form and get the information about further processing. After account opening you can deposit your money and withdraw it from ATM or by visiting your branch. Generally bank offers interest rate between 3-6%. T o keep your account credit healthy maintain minimum account balance criteria.
To open saving account individual need to follow proper guideline and fulfill the eligibility criteria. Always submit valid document to avoid any complication.
1. Any Indian resident or NRI can operate their saving account.
2. Applicant must 18+ years old.
3. There is no specific restriction in account opening.
1. Valid Document to prove address and age.
2. Two passport size photograph.
3. Valid Document proof of income.
4. Senior citizen card in case you are senior citizen.
1. Explore the top and reputed banks; check their offers, interest rates as per your budget.
2. Then. Open official website of that bank and complete the registration (signup) process.
3. Submit all valid documents online to complete the procedure.
4. Now, Respective bank will validate your information and after authentication your account will be activated.
1. First of all collect Information about all the banks offers and interest rate then go to nearest branch of the bank of your choice.
2. Carry your original identity proof, address proof and other requited document along with Xerox of your document and two passport size photographs.
3. At bank ask for saving account opening form and fill the form.
4. Then submit application form along with Xerox of your valid document and photograph.
5. After successful submission, your account will be activated within 10-12 days as per respective bank policy.
Competitive interest rates – The foremost advantage of opening a savings account is that you can earn interest over your savings. An account not just keeps your funds deposited, but, also pays an interest on the principal amount, which is computed by multiplying rate of interest with the principal amount maintained in your account.
Solves saving purpose – Urgent finance needs can occur anytime to anyone and what if you don’t have enough funds to cope with the financial crisis? Of course, you will apply for several loans that will ultimately raise your liabilities in long run. Thus, it is best to keep your extra funds deposited at bank savings account and withdraw the funds at the time of urgent needs.
No risk involved – A savings account is probably one of the safest ways to make an investment without any risk involved. The savings account also provides the convenience to put your funds into another investment whenever the opportunity presents.
Liquidity – Savings account helps to use our funds much easier when compared to taking money out of stock, bonds, and certificates of deposits, which results in penalties.