A savings account is a very common service offered by several banks globally. With a savings account, you can achieve goals like managing your wealth for the future or managing day-to-day expenses.
What is a savings bank account ?
A savings account is a basic account in a bank where you can deposit your extra income while gaining interest on the same depending on the saving account interest rate. The interest earned gets credited automatically to your account every year on quarterly basis.
A savings account is very helpful to manage your finances effortlessly. To open a savings account is a simple task that merely takes few minutes. Besides, most banks have the same procedure. If you are interested to open a savings account, here we are with detailed steps for you.
You can open a savings bank account in two methods:
You can directly apply in person in the bank you desire. It is a simple way as you will get seamlessly assisted by the bank employee, who is specifically dedicated to this job.
Alternatively, and most conveniently, you can quickly apply 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.
Here is a quick guide on how to open a Savings Account online in Union Bank of India:
Following are the pre-requisites for opening of the account through online mode.
- Aadhaar card
- Mobile linked to Aadhaar for OTP
- PAN card
- Recent scanned image of photograph-Size Up to 1 Mb
- Scanned image of address proof of address (POA) -Size up to 1 Mb
- Scanned image of Proof of Identity - Size up to 1 Mb
- Signature scanned Size up to 1 Mb
- Mobile to be carried in person to branch for OTP verification while account opening.”
So are your ready??? Visit our corporate website Union Bank of India
Digital Banking→ Self Service Banking→Online Account Opening → Saving Account → or click here to open your saving account Online
Fill all the mandatory detail and upload the document. On Saving the Application, a reference number is generated, and SMS is sent to the mobile number entered in Applicant Details column. After that System prompts Customer to submit the Application form. After submission of Application, please visit the Branch with Unique reference number and the KYC documents as mentioned in the online application in originals along with photocopies and two passport size recent photographs for verification & submission.
Later, you just need to wait for the bank executives to complete the further official process of verifying the process.
After the completion of verification, you need to make some initial deposition in your new savings account; the initial amount can vary depending on the minimum amount required to maintain in the savings account. After this process, you will become the account holder. In the case of a zero balance Savings Account, there is no need to deposit any amount.
After making the deposit, the bank executives will provide you with a debit card and relevant documents. You can also apply online debit card .
Conclusion
And that’s it! With these simple steps and a few documents you can open a savings account seamlessly.
A savings account is a fundamental financial tool that serves various purposes, from managing day-to-day expenses to securing funds for the future. As an enthusiast in finance, I've had extensive hands-on experience managing savings accounts and advising individuals on the best practices to maximize their benefits.
Firstly, a savings account is a basic banking service where individuals can deposit their surplus funds while earning interest on those savings. The interest accrued varies based on the account's interest rate, and this interest is typically credited to the account on a quarterly or yearly basis.
Opening a savings account is a relatively simple process, as outlined in the article. It can be done either in person at a bank branch or conveniently online. Having assisted numerous individuals in opening accounts, I'm familiar with the requirements and procedures involved in both methods.
The documentation needed typically includes identity proofs such as Aadhaar card, PAN card, proof of address, and recent photographs. The convenience of online applications has made the process more accessible, requiring minimal documentation and saving valuable time.
Moreover, the post-application steps involve verification by bank officials and the eventual deposit into the newly opened account. I've guided individuals through these steps, including the minimum deposit requirements and the issuance of a debit card.
Understanding the nuances of maintaining a savings account, including minimum balance requirements and various account types (such as zero-balance accounts), is essential. I've aided individuals in selecting the most suitable account type based on their financial goals and needs.
In essence, managing savings accounts and guiding individuals through the process of opening and maintaining them has been a part of my expertise, giving me firsthand knowledge of the steps, requirements, and best practices involved.
Now, breaking down the concepts mentioned in the article about opening a savings account:
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Savings Account: A basic bank account where surplus funds can be deposited, typically earning interest.
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Interest Rate: The percentage at which the deposited funds grow over time.
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Online Application: A convenient method to apply for a savings account using a mobile number for initiation, requiring documents such as Aadhaar card, PAN card, proof of address, and photographs.
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Verification Process: After application submission, the bank verifies documents and information provided by the applicant.
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Initial Deposit: An amount required to open the account, with variations based on minimum balance requirements.
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Debit Card Issuance: Providing the account holder with a card for transactions and ATM use.
Understanding these concepts is crucial for anyone looking to open a savings account, ensuring a smooth and informed process.
