Saving account these days is a necessity for each individual.With the economic digitalization, the Saving account become the mean of digital transactions and individual requirements. To perform any online financial transaction Saving account are the basic need.
To open a savings account in the bank there is some basic requirement. In this post, I will share with you all the details there required to open a savings account in the bank.
APPLICATION FORM
The saving Account opening’s first step is the application form. An application form is an agreement between the customer and bank that the Customer is allowing a bank to utilize the saving account fund as per their own requirement. On the other hand, Bank promises that whenever a customer orders to return the amount the bank will pay it back to the customer. In the application form, you need to fill in details like
- Name
- Gender
- DOB
- Occupation
- Current Address
- account operation instruction
- Citizenship
IDENTITY PROOF
To open the account you need to submit your identity and residential proof to a bank such as
Identity and Address Proof
- Passport
- Driving Licence issued by the Regional Transport Authority
- Voter ID
- ob card issued by the National Rural Employment Guarantee Act (NREGA), signed by a State Government Officer
- Letter from the National Population Register
- Proof of possession of complete Aadhaar number.
PAN Card issued in India is no longer considered as a valid identity proof
Communication Address Proof
If the above address proof does not contain a communication address, then the following documents can be considered as proof of address. In such cases, the customer will have to update the Officially Valid Documents (OVD) with a communication address and submit it to the Bank within 3 months of opening the account.
- Utility Bill, which is not older than 2 months (electricity, telephone, post-paid mobile phone, piped gas, water bill).
- Property Tax Bill or Municipal Tax receipt, which is not older than one year.
- Letter of Allotment for accommodation from an employer, issued by the State Government or Central Government Departments, statutory or regulatory bodies, Public Sector undertakings, Scheduled Commercial Banks, financial institutions, and listed companies.
- Leave and Licence Agreement with any of the above employers. The agreement must contain the customer’s name as the employee.
- Pension or family pension payment orders issued to retired employees by Government departments or Public Sector undertakings, if they contain the address.
Interest Rate
Saving Account gives interest to the customer against the amount deposited by them with the bank. At present, the interest rate is very low around 3 percent. The rate of interest is calculated on the daily end balance of the account but it credits to the account on at the Quater end.
FACILITIES GIVEN WITH SAVING ACCOUNT
These days banks give lots of transaction facilities to the account holder to use their account balance at any instant of time. Now banking can be done anytime and anywhere with the help of digital mode of transaction. Few such transaction mediums are
Internet banking
Mobile Banking
ATM
third party vendors
BANK Physical Branches
DIFFERENT ONLINE TRANSACTION TERMS
REAL-TIME GROSS SETTLEMENT
REAL-TIME GROSS SETTLEMENT also called RTGS is the instant FUND transfer facility that is used to transfer funds of more than Rs 2 lakh to any other bank account instantly
NATIONAL ELECTRONIC FUND TRANSFER
National Electronic Fund Transfer also called NEFT is similar to RTGS but it is used to transfer funds lesser than 2 Lakh . In NEFT fund transfers happen in batches that run after every half an hour. The fund transfer is not instant but it is safe and completed in 60 to 90 minuted duration as usual.
IMMEDIATE PAYMENT SERVICE
IMMEDIATE PAYMENT SERVICE is also called imps this is instant interbank fund transfer system that is used for very small amount transfer that is up to Rs 50000 at a time.
ADDITIONAL FACILITIES GIVEN BY THE BANK
With a saving account, the bank gives some additional facilities as well such as
- DEBIT card facility
- Cheque book facility
- NET BANKING Facility
- MOBILE BANKING Facility
- on doorstep facilities
FINAL WORDS
Saving accounts become the necessity of each of us. Saving an account not only saves our money but also helps it to grow. Our present is changing very rapidly. Day by day lakh of people are joining the bank through digital mode and this number is continuously growing. I am quite sure that in nearby future all our cash transactions will be stopped by the government and the only online transaction will be left . This is not only good and safe for us but for our country and society’s growth as well.
Now account can be open online to know more about it visit the site Digital Savings Account – Open Savings Account Online with Video KYC (axisbank.com)
To read more about the Saving account read my other post here.
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