Opening a Savings Account is a simple task that may take, at best, an hour, sometimes even 15 minutes. Most banks usually have similar procedures, so it is fairly easy to open a Savings Account.
You can do this in two ways:
- Apply in person, at the bank. This way, you can get assistance from the bank’s employees, who are designated for this purpose.
- Apply online. Yes, it is true, you can open aSavings AccountAll you really need is your mobile number, to initiate the process.In fact, the procedure does not vary much. You simply upload your form and documents online, instead of going to the bank yourself. Also, some banks offer to send their executives to collect your documents, at the address you provide them with.
Whichever of the two you pick the procedure is pretty much the same. There will be minor differences here and there, but documents required to be submitted to complete this process are going to be the same.
Here is a quick run-down on how to open a Savings Account:
- Once you have applied to open a Savings Account, you will be asked to present certain documents:
- Identity Proof (driver’s license, passport etc.)
- Address Proof (driver’s license, passport etc.)
- PAN card
- Or, Form 16, which is a certificate issued by the applicant’s employer, asserting that TDS has been deducted from your salary. This is needed here if the applicant does not have a PAN card.
- Two of the latest passport-sized photographs
- You must then fill out the application form. A bank executive can be contacted for assistance in this matter. Applicants are urged to fill out all fields in the form, in order to avoid rejection. This can be done either at the bank’s branch of choice, or even online.
- Once this is done, you must submit the form as well as the required documents at the branch of choice.
- Now, you simply have to allow the bank executives some time to verify your documents and your form.
- Get Online Saving Account Opening in secure and simple Video Kyc process of an HDFC Bank.
- Once, the verification is complete, you will be required to make an initial deposit, depending upon the minimum amount requirement for the account. In doing so, you become an account holder. In case of zero balance Savings Account however, there is no deposit required.
- After the deposit has been made, the bank executives will hand over the debit card and relevant documents regarding the account, to you, the new account holder.
There you go, a simple and easy method on how to open aSavings Bank Account. To get started, clickhereto apply now.
FAQs
Open a Savings Account Online
Applying for a savings account online is quick, easy and secure–it takes about 10 minutes. To apply, you'll need your social security number and a U.S. government or state-issued ID, like a passport or a driver's license.
Can I open savings bank account online? ›
Yes, this step is also very easy and saves a lot of time. For opening Savings Account online, all you need is a mobile number for initiating the process. One just needs to submit the application and attach documents online instead of going to the bank yourself.
Is it safe to open a savings account with an online bank? ›
Short answer: Yes. Online banks are some of the safest places to store your money. In many ways, they're similar to traditional brick-and-mortar banks. But it's important to follow standard web best practices when banking online.
Is it better to open a savings account online? ›
The bottom line on online banks: You'll likely get the most savings bang for your buck with an online bank, as they tend to offer higher interest rates than brick-and-mortar banks or credit unions.
Which bank gives 7% interest on savings accounts? ›
As of June 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Which bank is best to open a savings account? ›
Top Savings Bank Accounts of 2024
| Bank Name | Interest Rate of Savings Bank Account | Minimum Balance |
|---|
| IDFC First Bank | Balance of Rs.200 Crore and above | 3.50% per annum |
| Bank of India | Balance up to Rs.1 Lakh | 2.75% per annum |
| Balance above Rs.1 Lakh | 2.90% per annum |
| Kotak Mahindra Bank | Balance up to Rs.50 Lakh | 3.50% per annum |
43 more rowsBest High-Yield Savings Account Rates for June 2024
- My Banking Direct – 5.55% APY.
- Poppy Bank – 5.50% APY.
- Forbright Bank – 5.30% APY.
- Vio Bank – 5.30% APY.
- North American Savings Bank – 5.30% APY*
- BrioDirect – 5.30% APY.
- Ivy Bank – 5.30% APY.
- TAB Bank – 5.27% APY.
Summary: Easiest Bank Accounts To Open in 2024
| Account | Approximate time to complete application | Minimum opening deposit |
|---|
| SoFi Checking and Savings Account: Best for Member Perks | 1 to 3 minutes | $0 |
| Varo Bank Account: Best for Cash Advances | 2 to 3 minutes | $0 |
| Wise: Best for Non-Residents | 1 to 3 minutes | |
Jun 7, 2024
Accounts that have a minimum opening deposit often require an amount between $25 and $100. You can usually fund the account with cash or a check, if you're opening the account in person. To deposit money electronically, you can often make a mobile check deposit or transfer funds from a linked account.
What is the downside to online savings account? ›
Limited ATM network.
Some online banks have a small ATM network, which means you could owe third-party ATM charges for using another bank's machine. If access to cash is a priority, look for an online bank that has a good network of fee-free ATMs — or one that reimburses you for third-party ATM fees.
Among the disadvantages of savings accounts:
- Interest rates are variable, not fixed.
- Inflation might erode the value of your savings.
- Some financial institutions require a minimum balance to earn the highest interest rate.
- Some accounts might charge fees.
Our top three picks for the best online banks are SoFi Bank, Discover Bank and Ally Bank. To help you choose, we at the MarketWatch Guides team reviewed 154 banks and credit unions, 43 of which are online financial institutions.
What documents do I need to open a savings account? ›
A government-issued ID, such as a driver's license, passport, or state ID. While you may have a school or work ID handy, those won't suffice at a bank. Social Security number or an individual taxpayer identification number.
What are two reasons to not use online banking? ›
Cons of online banks
- Customer service can be virtual and impersonal.
- You are more likely to incur ATM fees if the online bank has no ATM network or is part of a small network.
- You can't deposit cash unless the bank is linked to ATMs that accept cash.
- The number of products tends to be more limited at online banks.
Yes, just about all online banks provide FDIC insurance of $250,000 per depositor, per FDIC-insured bank, per ownership category.
Can I open a bank account online without going to the bank? ›
Generally, yes. You can open a checking account online in just a few minutes with an online bank or credit union or with traditional banks and credit unions that offer online banking and checking accounts. The funds in your new account may take a few days to process, though.
What are the requirements to open a savings account? ›
2. Gather required documents
- Government-issued identification, such as a driver's license or passport.
- Social Security number.
- Date of birth.
- Address (and a proof of address, if your ID lists a previous address)
- Contact information.
- Bank account information to fund your new account, if applicable.
Best savings accounts of June 2024: Compare rates, fees, and more
- SoFi.
- UFB Direct.
- LendingClub.
- Varo.
- Laurel Road.
- Credit Karma Money Save.
- Newtek Bank.
- TAB Bank.
Yes, just about all online banks provide FDIC insurance of $250,000 per depositor, per FDIC-insured bank, per ownership category.
