A savings account is a bank account that lets you store funds and earn interest on it. It is a great facility offered by banking institutes to its customers. Apart from earning interest on your saved money, you can easily withdraw cash from such accounts through ATMs or in person by visiting the bank, but only for a limited number of times. Due to the withdrawal limit that restricts the monthly transactions from such accounts. So, if you are planning to save in order to be able to purchase a new house, car or just save for future emergencies, then a savings account is an ideal option for you.
A savings account is also a great option to meet daily expenses as it offers safety, growth and is extremely easy to use. Other benefits of opening a savings accounts are that it provides discounts on locker charges, can be opened for everyone, even senior citizens and kids, and offers high-interest rates.
In today’s technologically advanced world, everything is available online, even banking services. With net banking emerging and being adopted by many, you can now also open a digital savings account. It is similar to a regular savings account, the only difference being that it can be opened from anywhere at any time in few simple steps digitally. To walk you through all the formalities and requirements and make it easier for you to open a savings account, we have enlisted everything you need to know about it.
- High-Interest Rates
For most banks, the interest rate on a savings account is calculated on a half-yearly basis. Therefore, they offer a minimal interest rate. However, you can opt for savings account options that offer higher interest in exchange for another financial commitment, like enrolling yourself in a health plan through the bank.
- Absence Of Age Restriction
Anyone and everyone can open a savings account. There is no eligible age limit to open a savings account. Even kids under eighteen can have a savings account with a parent/guardian operating their account. Or, if you are above the age of sixty, you can open up a savings account by presenting a senior citizen card or any authorized document to prove your age.
- Low Maintenance Charges
A savings account has a low maintenance fee, plus you can even avoid this cost by maintaining the minimum required balance in the account. Some banks also waive these charges for students under 18 or if you have a certain number of automatic transactions taking place every month.
Documents Required for Opening a Savings Account
For opening a savings account, you are supposed to submit the following documents:
- Identity and Age Proof
You need to present an identity proof authorized by the government with your full name, recent picture, and birth date. Documents that the banks accept are:
- PAN Card
- Voter ID
- Driving License
- Aadhaar Card
- Proof of Residence
A government authorized document with your full address and name will be considered as residence proof when opening a savings account in any bank. You can have any one of the following:
- Driving License
- Voter’s ID Card
- Utility bill in the name of the applicant
Opening A Digital Savings Account
A digital savings account is easy to open and maintain. Just own a system or a smart device and follow these few simple steps
- Browse through the website of the bank in which you are interested in opening a savings account.
- You will receive an online application that you need to fill. Then, upload and submit the digital copies of your address proof, identity proof, age proof, income/employment proof and photographs for verification.
- After all your details and documents are verified, you will be able to access your digital savings account online
Are you planning to open digital savings account for the first time? Then go for credible banks like Axis Bank that offer a smooth interface and years of trust and experience in banking services. Along with that, you can avail the benefits of a virtual debit card, cashback on online payments, and customer verification through Video KYC and more!