Steps to Follow When Opening a New Savings Bank Account

If you’re planning to open a new bank account, whether online or offline, it is a good idea to be prepared. This makes the process even simpler and completely hassle free. So, here is a look at the things you need to do to prepare for opening this highly useful account.

Have All Your Questions Answered

You may have chosen the best bank to open your savings account. But, if you have any questions, do get these answered before proceeding. Whether you wish to confirm how often the high interest will be transferred to your savings account or what charges are applicable, don’t hesitate from emailing your queries or calling the bank.

Prepare Your Documents

The first step to open a savings account online or offline is to prepare your documents. The following documents will be required:

  • Identity Proof – For this, you can use any one of these documents – Aadhaar Card, Passport, Driving License, or Voter ID
  • Address Proof – For this, you can use any one of these documents – Passport, Aadhaar card, or Voter ID
  • PAN card
  • 2 passport-size photographs

There are a few things to take care of when arranging for these important documents. To open a savings account online, ensure that:

  • Check the documents for accuracy. Sometimes, there may be a spelling error that you may not have noticed earlier. If so, get the correction made in the document before applying for a savings account.
  • The details are up to date. For instance, your address may have changed from the time you got Aadhaar Card made. You can easily get the address updated.
  • If you wish to use your passport for identity or address proof, ensure that it is not expired. In fact, make sure that the expiration date is more than six months away. Else, it may not clear the verification process.
  • The photographs are recent. Also, it is recommended that your photo is taken against a white background, so that your face stands out and is easily visible.
  • If you’re planning to visit the bank to open the account, ensure that you carry at least two photocopies of each of your documents. Make sure the photocopies are of good quality because these will be submitted at the bank. In case you’re opening the account online, ensure that you have good quality scans of your documents.

Preparation Just Before Applying

  • If you wish to open your savings account online, make sure you have a reliable internet connection and device. You wouldn’t want to lose connectivity while filling up the details and uploading the documents.
  • In case of offline account opening, contact the bank to ensure they are open on the day you wish to visit. Ask about the safety guidelines being followed amid COVID-19, so you’re prepared for this too.
  • Before submitting your application, do read the terms and conditions. In case there is something you do not understand, feel free to ask the bank’s representative.
  • Ensure that you have the money that needs to be deposited to open the account.

These should prepare you well to open a new savings account. Happy banking!

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