How to open a basic savings account
What's the story
Opening a basic savings account in India has become a lot easier, thanks to the government's efforts to push financial inclusion. These accounts are meant for those who might not have the access to regular banking services. By following a few simple tips, you can ensure a hassle-free and quick registration process. Here's how you can easily open a basic savings account, using government guidelines and resources.
Eligibility
Understand eligibility criteria
Before you open a basic savings account, you should know the eligibility criteria that banks have set under government directives. Usually, these accounts are for those who don't have any bank accounts. The applicant should be an Indian resident with valid identification documents like Aadhaar or PAN card. Knowing these criteria helps you prepare the documents in advance.
Documentation
Gather required documents
To speed up the process of opening a basic savings account, keep all the required documents ready beforehand. The basic documents are proof of identity and address such as Aadhaar card or voter ID card, and passport-sized photographs. Some banks may even ask for additional forms or declarations according to their policy. Keeping these documents readily available ensures that there are no delays in the application.
Online services
Utilize online banking services
Most banks provide online facilities for opening basic savings accounts, thus cutting processing time by a great deal. By visiting the bank's official website or mobile app, applicants can fill out forms and upload required documents online. This not only saves time but also helps applicants track their application status from the comfort of home.
Bank visit
Visit nearest bank branch if needed
While online services are convenient, you may need to drop by a nearby bank branch for certain verifications or if you're facing issues online. At the branch, bank officials can guide you in filling out forms correctly and address any queries you may have regarding the account's features or terms and conditions. A personal visit ensures that all aspects of your application are thoroughly addressed.
Follow up
Follow up on application status
After submitting your application either online or at a branch, ensure that you follow up on its status regularly until it has been approved. Most banks keep you updated via SMS or email notifications about your application's progress and any additional steps required from your side before your new account is activated successfully.