If you have surplus capital or earn a regular income, you need a place for effective fund management. This is where a Bank Account comes into the picture. It is a primary financial product that lets you save systematically. Besides holding funds, it also offers interactive Digital Banking services. You get to handle your money better and regulate expenses using such facilities.
Despite the wide acceptance, many lack proper knowledge about Savings Accounts. Its evolution over the years is the reason for this. If you want to use it optimally, it is essential to address such upgradation. The main difference is the efficiency of using services digitally. Owing to this, you need not visit the bank to carry out tasks. Instead, banks offer easy accessibility online. Refer to this guide to learn about the same:
Opening process
The process gets completed quickly when you open a Bank Account online. You follow straightforward steps that require minimal documentation. Moreover, there is no delay due to travel or queuing up as everything is processed digitally. The only requirement is to gather documents proactively. The only task is to submit the required details on the bank’s website and proceed with account activation when you have the needed details.
Classification
Banks categorise a Savings Bank Account into different types to meet varied requirements. Depending on the account type, they include distinct features and benefits, enabling you to enjoy the value-added facilities. The standard classification includes Regular, Salary, Zero Balance, Women, Kids, Family, and Senior Citizens’ Accounts. The Savings Account interest rates vary for every category.
KYC formalities
Banks have minimal formalities involved in the online Savings Accounts opening. This is to facilitate convenient banking for everyone. They only ask for essential details like your name, birth date, address, etc. You attach the supporting documents for verification. Once done, your account gets activated within minutes.
Balance requirement
As the name suggests, the account’s primary purpose is to build your savings. It lets you do this by maintaining a minimum balance. Typically, Indian banks allow you park up to Rs. 10 lakh in a financial year. However, the balance requirement varies based on their policies. Commercialised banks require you to maintain up to Rs. 10,000, whereas regional banks allow up to Rs. 2,000. They let you track the same through Banking apps.
Knowing these aspects lets you get through the opening process smoothly. Also, ensure to use the account to its full potential by using the value-added services. This way, you transact efficiently and achieve your saving goals. Additionally, you may also link the account with other financial products.
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