Indian banks provide many options for opening an account, like savings and current accounts. But, generally, the basic savings account is preferred by people. It has the lowest risk among other accounts and is one of the simplest ways to save for your future.
savings and current accounts. But, generally, the basic savings account is preferred by people. It has the lowest risk among other accounts and is one of the simplest ways to save for your future.
Over the years, you are entitled to the interest generated from having a savings account. But even though a savings account has various benefits, certain documents are needed to open such an account. As a result, you would need to submit your KYC documents for verification, once verified, you would be eligible to open a savings account.
Documents required to open a savings account
When opening a savings account, you require two kinds of documentation- identity proof and address proof. Below is the list of government-approved documents that you need to submit –
- PAN card
- Driving License
- Employee ID
- Voter’s ID
- Ration Card
- Bank passbook.
You would also need some government-approved documents to evidence your permanent address. The following documents are considered as address proof –
- Utility bill (electricity, water, telephone, gas)
- Bank passbook
- Ration Card
- Voter’s ID
- Letter from a recognised public authority, a gazetted office verifying your permanent address
- LIC receipt/policy
Additionally, applicants must submit two passport-size photographs and the account application from the bank, which is available both on the bank branch and the bank’s website. Although, if you are an existing customer, you may open a savings account with the bank through the net banking option or the mobile application. Once the documents are submitted, they get verified by the bank, which states whether you may be eligible to open a bank account.
Benefits of opening a bank account
A bank account aims to ascertain the safety of money while earning a steady interest on the balance in the account. Indian banks provide you with quick customer service and various other products which cover all your needs with having a fantastic trustful banking experience. The typical bank savings interest rate is 6.50%* p.a., whereas, for fixed deposits, the interest rate is 7.25%* p.a.
Open a bank account with a bank that provides instant banking processes while providing various unique benefits and services. For example, even under the category of savings account, banks give you the choice of selecting between the different kinds of savings accounts such as digital savings account, advantage savings account, prime edge savings account, woman’s first savings account, seniors first savings account, prime savings account, executive salary account, and basic savings account.
The savings account of most banks has been formulated in such a way that it would meet every need of yours. To solidify this commitment, the bank provides several offers, such as –
- High bank savings interest rate
- Open a bank account anywhere and anytime
- Transfer of funds within 24 hours
- Virtual debit card
- No deduction of charge in non-maintenance of balance.
Digital Savings Account
The digital expansion has revolutionized banking systems too. Having a digital savings account would dramatically improve your banking experience while making opening a bank account much simpler. Through its digital savings account, Indian banks meet their customers’ needs, including a high-interest rate for both account and fixed deposit, making transactions from anywhere, and becoming completely cashless.
You can open a bank account online if you so desire. This new-age way is a perfect solution for individuals who do not have the time to go to the bank due to their busy schedules, so the bank reaches them instead.
RBL Bank is a new-age bank that has implemented the processes needed to give you the smoothest banking experience possible. This begins with providing the option of opening a bank account from the comfort of your home. The bank also provides a high-interest rate for its savings accounts and fixed deposits.