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The ideal place to secure your hard-earned money is Savings Account. From here, you can conveniently withdraw and deposit cash. This is the most popular financial product offered by banks. The account comes with a host of features and benefits which the owners can utilise, right from the Savings Account interest rates to daily withdrawal limits to ATM or Debit Cards, and more.
You could also sign up for Online Banking facilities and do transactions from anywhere. Most banks today enable you to do an online Saving Account opening. Here are some prerequisites for it.
Eligibility criteria
Many banks generally need you to fulfil some essential criteria for opening Savings Account offline or online:
You can now open an account for minors too, but they should be operated jointly, i.e., either a parent or guardian should serve as the second account holder.
Documents needed
The moment you wish to open an online Savings Account, ensure you submit the following documents:
Account application form: Download the form or fill it out on the bank's website. Make sure you do not leave any tab empty.
Passport size photographs: You need to furnish scanned copies of your recent passport size photographs.
ID and age proofs: Provide a scanned copy of any Government approved ID and age proofs featuring your photo and date of birth on it. Acceptable documents are PAN Card, Aadhaar, passport, driving license, and voter ID. Make sure you scan the originals.
Address proofs: Give the original scanned copy of any Government-approved address material such as Aadhaar, ration card, utility bills, Insurance papers, etc.
If you are a senior citizen, show a senior citizen's age proof card. Apply for this card from the Social Welfare Department.
Steps for opening an online account
The steps for online Bank Account opening are simple and hassle-free:
Thanks to Banking apps, you can now open an online Savings Account on the go. Indian banks and customers embrace Digital Banking today, which has made the entire process convenient.
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