What You Need To Know When Opening a Savings Bank Account
Blog By Chithra Prabhakaran | Aug 02 2018

Saving money is one of the most important financial decisions we all need to make in our life. Saving is a good idea because one may need to set aside some funds for the future in cases such as home improvement, kid’s education, medical expenses, family vacation, buying a house or apartment or any other emergencies that may unexpectedly arise.

Saving towards a goal tends to be a little easier, and therefore, it’s really a much better idea to make regular deposits into a savings account rather than spending your entire paycheck on things you absolutely don’t need.


Image credits cdh-mitte.d

Opening a savings account is quite easy. Simply follow the steps below and start saving:

  1. Choose a bank – Most banks have customer friendly services these days. You can choose a bank offering faster online services or those that have branches near your home or office, for easier accessibility.
  2. Type of account – Choosing the type of account should mainly depend upon the different interest rates, minimum balance to be maintained etc.
  3. Personal identification – You would need to provide them your valid ID such as a passport, driving license or a voter’s card for the account opening. Additionally, your passport size picture would be needed too.
  4. Enquiry – Next step would be to ask the bank employee about the various fees that would be deducted such as a monthly fee or the minimum amount to be maintained or any other relevant details as necessary. It is best to clear all your doubts.
  5. Checking account – It is better to have another checking account for making all your payments, so that you don’t touch the deposit in the savings account.

Saving for the future is easier said than done. Self control and a little bit of common sense is all it takes to make your future secure, including your loved ones. Happy saving!





Blog By Chithra Prabhakaran

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