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All You Need To Know
Regular Savings Account Eligibility Criteria
The following people are eligible to open a Regular Savings Account:
- Resident Individuals (sole or joint account)
- Hindu Undivided Families
- Foreign Nationals Residing in India*
- Minor above the age of 10 years are eligible to open self operated minor account and an ATM/Debit card can be issued to the Minor
*Foreign Nationals should be residing in India for a period greater than 180 days and must possess: A valid passport, a valid visa, FRRO (Foreign Region Registration Office) Certificate, and a Residential Permit
Savings Account is the most basic kind of banking product/instrument commonly used by the individuals to deposit cash in a safer and secured way. Savings accounts are opened by banks of both government and private nature and financial institutions. It is treated as the safest way to save the hard-earned money and earn interest over that money. The interest earned is calculated quarterly in almost all kinds of Savings Account. Anyone can deposit his/her money through cash deposit/ cheque, online transfers like IMPS, NEFT, RTGS or UPI.
You can access your savings account online as well and do monetary transactions there only. You can also withdraw the money through directly visiting the bank, cheque encashing, ATM withdrawal via debit card of the same savings account. Opening a savings account is easy but maintaining it requires patient. You need to maintain the minimum amount limit in that account to avoid any penalty or fee.
Benefits of Saving Account
Savings Account itself says that ‘save-in-account’. With this, your habit of saving hard earned money is cultivated. There is a list of benefits that come alongside opening a savings account:
- Good interest rates varying from bank to bank on an average of 3.5%-7%
- Facilities of online transfers and transactions through RTGS, NEFT, IMPS etc.
- Hassle free cash withdrawal through ATMs of particular banks via entitles/authorized debit cards
- Authorized cheque books issued on your name for safeguarding money security
- Secured Account Number
- Unlimited liberty of cash deposits (changes as per new government rules)
- Direct linkage of EMI/RD/Loan transfers
Documents Required to open Saving Account
Although you can open a savings account without any obstacle but there are certain important details you should know at the time of filling online application for savings account opening. Enumerated are the most vital documents:
To open a savings account, you need the following:
- ID Proof: It can be your Voter’s ID Card, Passport, Driving License, PAN, AADHAAR etc.
- Local Address Proof: This means the address proof of where you live and where you want to open the saving account should match. These can be your Bank Statement, Telephone/Electricity/Water bills, Rent Agreement etc.