Menu
Online Banking Solution India
A bank account that is predominantly used for storing sums of money is called a savings account. A saving account is a financial instrument offered by all banks in India. These accounts hold amounts of money safely and assist individuals in earning interest on these sums of money. However, the interest rates earned on the account gets determined based on the minimum average balance maintained by the account holder. Any individual owning such an account can also make withdrawals at any time they want. These accounts have made the feature of storing money securely easy and convenient for their customers.
With the sudden rise of technological development and the revolutionary growth of the banking industry, the process of opening the account has become effortless nowadays. You can get an online saving account opening done in a jiffy. If you have access to data and computer, you can visit the bank website and with just a few clicks, they can open their saving account. A lot of banks have also provided mobile banking apps as a way to conduct banking anytime anywhere. The documents required for opening a savings account are listed below: 1. Photographs: All banks require at least two passport-sized photos along with the application. Identity and age proof: Any authentic, registered and recognised document which is issued by a legal entity and a competent authority, inclusive of recent photograph and the real full name of the individual, can be used as an ID proof. PAN card, voter ID, passport, Aadhaar, and driving license are the documents that can be used as ID proofs while applying for a saving account. Address proof: An authentic, registered and recognised proof of address which is issued by a legal entity that includes the address of the applicant can be used. A customer can provide driving license, voter’s ID, utility bills, passport as some of the documents for residence proof. Senior citizen proof: Several banks provide a senior citizen saving account to their customers. Any applicant who is elderly and wishes to open the account can go ahead with this. They must give proof of their age to the financial institution. The welfare department provides a senior citizen card and this document is the most preferred one as proof. A saving account comes handy during the time of an emergency when they require immediate funding. They are always accessible, making it convenient for individuals to handle their finances or withdraw funds from time to time. A saving account also offers an interest rate to keep the real value of money stable throughout the years. Holding a saving account improves an individual’s financial stability, as well as these funds in the account, generally hold a limit on the number of withdrawals that can be done.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
October 2020
Categories |