Know the process, documents required to open Savings Bank account

At a time when the whole world is reeling under the Covid-19 pandemic, its very important for all of us to be financially secure for the present and future. And what better way to do so, than to open a savings account in any of the private or public sector banks in the country.

A savings account is a low-risk and one of the simplest ways of saving for your future. Customers are entitled to the interest earned over the deposits year after year. When opening a savings account, customers are required to submit their KYC documents - address and identity proof for verification. Once the documents are verified by the bank, customers are eligible to open a savings account.

Some of the public banks such as SBI offers 2.7 per cent on savings accounts while private lender such as ICICI Bank offers up to 3 per cent and 3.5 per cent on balances more than Rs 50 lakh. On the other hand, IDFC Bank offers 7 per cent and RBL Bank offers 6 per cent interest on savings bank account.

As per data from BankBazaar, public sector banks such as IDBI Bank and Canara Bank offer interest rates of up to 3.5 per cent and 3.2 per cent, respectively on their savings accounts.

In order to open a savings account in a bank, you have to fulfil certain requirements which includes documentation. Some of the documents include Know Your Customer (KYC) documents - proof of identity and address for the verification. You can start start availing the benefits of a savings account only after the required documents are verified by the bank.

Here is a checklist of documents you need to open a savings bank account.

Proof of Address

In order to substantiate your proof of address you have to submit certain documents to the bank. Below is the list of documents that you can submit:

- Aadhaar card

- Voter ID

- Utility bill (electricity, gas, water, telephone)

- Passport

- Driving license

- Bank account statement or passbook of the bank

- Ration card

- A letter stamped/signed/recognised from a gazetted officer or public authority to verify the address details of the applicant

Proof of Identity

To verify your identity, you have to provide the following documents to the bank:

- PAN card

- Aadhaar card

- Voter ID

- Passport

- Driving license

- Employee ID

- Any photo ID card issued by the Central/State government

- NREGA job card

Apart from the documents listed above you have to submit latest passport size photographs and a duly filled account opening form. The form can be easily downloaded from the official website/portal of the bank or you can directly visit the nearest branch of your preferred bank to collect the form in-person.

After the documents are submitted, the concerned authority of the bank will verify the details and state whether you are eligible for the savings account or not. Make sure you read the eligibility criteria before submitting the application to avoid any rejection.