What Is The Procedure Of Opening A Savings Bank Account?

What are 4 types of bank accounts?

And then from there, you can branch out into different types of bank accounts where your money can really start to add up.Checking Account.

The most basic type of bank account is the checking account.

Savings Account.

Money Market Deposit Account.

Certificate of Deposit (CD) …

4 Most Common Types of Bank Accounts..

Which bank has zero balance?

Latest Interest Rate for Zero Balance Savings AccountBankName of zero-balance savings accountInterest rateStandard Chartered BankBasic Banking Account0.5% to 4.90%HDFC BankBasic Savings Bank Deposit Account3.50% to 4%Axis BankBasic Savings Account3.50% to 4%ICICI BankBasic Savings Account3.50% to 4%5 more rows

Is PAN mandatory for bank account?

The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts. The updated circular said Aadhaar and PAN numbers must be quoted for new bank accounts. …

What are the documents required to open a savings bank account?

Documents Required for Savings Bank AccountAadhaar card.Voter ID.Utility bill (electricity, gas, water, telephone)Passport.Driving license.Bank account statement or passbook of the bank.Ration card.More items…•

What are the 7 steps to open a bank account?

How to Open Bank Account ? 7 Steps To Open Bank AccountDecide the Type of Bank Account you want to Open. … Approach any Bank of choice & meet its Bank Officer. … Fill up Bank Account Opening Form – Proposal Form. … Give References for Opening your Bank Account. … Submit Bank Account Opening Form and Documents.More items…•

Which bank is best for savings account?

8 Best Zero Balance Savings Account In IndiaIDFC First Bank Pratham Savings Account. … YES Bank Smart Salary Advantage. … IndusInd Bank-Indus Online Savings Account. … DBS-DigiSavings. … Kotak Mahindra Bank-811 Digital Bank Account. … HDFC Bank – Basic Savings Bank Deposit Account. … SBI – Basic Savings Bank Deposit Account. … Standard Chartered Basic Savings Bank Deposit Account.

What are the 3 types of bank accounts?

Three Types of Bank AccountsCentralized accounts (formerly known as “Banking Module” accounts)Branch accounts.Local bank accounts.

What is a basic banking account?

Basic Banking Account (BBA) is conceptualized to facilitate and provide basic banking facilities to customers across Pakistan without the requirement of maintaining a minimum balance and can be opened at any UBL branch.

How do you set up a bank account?

How to Open a Bank AccountChoose a Bank or Credit Union.Visit the Bank Branch or Website.Pick the Product You Want.Provide Your Information.Your Financial History.Consent to the Terms.Print, Sign, and Mail (If Required)Fund Your Account.More items…

How long does it take to open a savings account?

Your account information and ATM or debit card will then be mailed to you, which usually takes between five to 10 days. If you decide to go into a branch or office to open a bank account, it may take about half an hour. Make sure you bring your identification documents with you.

What is required for bank account?

Some banks may require two forms of identification. … These forms can be a state ID, Social Security card, passport or birth certificate. You will need to provide personal information like your date of birth, physical address and phone number.

Is it hard to open a bank account?

Opening a checking account doesn’t have to be difficult. With a few documents, some basic personal information and a way to fund your account, you can complete the application process in just a few minutes.

Which bank has lowest minimum balance?

List of All Banks Savings Account Interest Rates and Minimum Balance 2020List of Savings Account BanksMinimum Balance Required(INR)Andhra Bank0/5//100/1000Axis Bank0/10000/25000/100000Bank of Baroda0/5/1000Bank of India500/5000/10000/20000/10000033 more rows