All the Public and Private Banks of India offer two kind of Bank accounts, Savings and Current Bank Account.
Who can open a Saving Bank account in India
- Any Indian Citizen.
- The person should be above 18 years old to open a saving bank account. If you are below 18, it has to be a joint bank account with one of the parent.
Features of Savings Bank Account
- Higher Interest Rate as compared to current bank account
- Ideal for salaried employees and people who don't withdraw money very frequently
List of Bank to Open Savings Bank Accounthere is the list of the banks which needs minimum amount of initial deposit to open the account -
- State bank Of India and its subsidiaries
- Corporation Bank
- Syndicate Bank
- Indian Post Office
Private sector banks like ICICI, Axis, HDFC etc also offers Savings Bank account with added features but the initial deposit of the saving bank account is around Rs 5000-10,000.
Documents needed to open a Savings Bank Account
- If the Applicant is Minor, one of the parent need to become a joint account holder.
- Identity proof (Voter ID card, passport, ration card, driving license, PAN Card)
- Address proof (Passport, voter id card, ration card, telephone bill, electricity bill)
- Two passport size photographs.
- Most of the banks asks to open the account with initial amount of Rs 10,000
How to open a Savings Bank Account
You can open a saving account by filling the online application form. Some of the website ids to access the saving bank account application form are
- SBI - https://www.onlinesbi.com/osbi_newuser_regfrm.html
- ICICI - http://www.icicibank.com/Personal-Banking/account-online/savings-account/savings-account.html
- Corporate Bank - http://www.corpbank.com/asp/0100text.asp?presentID=1355&headID=34
From above links you can download the application form for opening savings bank account, after filling the application form,submit it to the close by branch of the concerned bank.
The same Savings Bank Account application can also be filled by visiting nearby branch of the bank. Your account will be activated within 3 to 4 working days and after the activation of account you will get a passbook and a check book as well as ATM Card (depending on whether you opted for it). There is a yearly fees for ATM cards as well as initial fees for it which gets deducted from the applicants initial deposit.
Interest Rate on Saving Bank Account Deposit
Normally every bank gives a very low interest rate on the saving bank account. This is due to the provision given to you, to make transaction via your account any number of times. A standard bank’s rate of interest on the saving bank account is max of 3.5% per annum.
Maintaining your Savings Bank Account
- Always maintain a minimum of balance on your saving bank account. Do not keep it null by withdrawing money through ATM Card. Some amount of money will be deducted once your account is credited as a penalty.
- Every bank has a fixed limit to be maintained in a saving account. The amount would start from 500 (SBI) to 10,000 (ICICI)
- If your balance goes below the limit, you will not be allowed to withdraw money physically by going to the bank. But this is allowed via ATM card but a certainly fine will be applicable.