Complete guide on how to open a Savings Account in 5 easy steps
3 min read
Dec 21, 2023
Opening a Savings Account can be straightforward and hassle-free with the right guidance, especially with institutions like Axis Bank leading the way in simplifying banking procedures. This comprehensive guide will walk you through how to open a Savings Bank Account and how to create a bank account.
Steps on how to open a bank account
Step 1: Get online
The first step in learning how to open a savings account online is to get connected to the internet. Most banks, including Axis Bank, offer the convenience of opening an account from the comfort of your home.
Visit the bank's website or download their mobile banking app. This digital shift has made the process of how to create a savings account easier and more accessible.
Step 2: Collect documents required for opening a Savings Account
Before proceeding, ensure you have all the necessary documents. These documents are essential in understanding how to open a savings bank account as they verify your identity and address.
Banks require a set of standard documents, which will be discussed in detail later in this guide.
Also Read : Savings Account uses you might not know about
Step 3: Get KYC done
Know Your Customer (KYC) is a mandatory process for all banks. For those wondering how to open a bank account online, you’ll be pleased to know that KYC can often be completed digitally.
Axis Bank offers an easy video KYC process, which is a crucial step in learning how to create a bank account.
Step 4: Explore the Axis Bank Savings Account options
When learning how to open a Savings Account, it is vital to explore the various options available. Axis Bank provides a wide range of Savings Accounts tailored to different customer needs:
1. Easy Access Savings Account: If you are looking for a basic account with standard features, this account offers services like a free passbook, chequebook, and easy access to digital banking platforms.
2. Prime Savings Account: If you are seeking premium services, this account has higher withdrawal limits, lower balance requirements, and additional perks like special discounts and offers.
3. Women's Savings Account: Specifically created for women, this account offers benefits like special loan rates, discounts on lockers, and custom investment advice.
4. Senior Citizen Savings Account: Tailored for senior citizens, this account provides higher FD interest rates, special healthcare and investment advisory services, and priority treatment at bank branches.
5. Future Stars Savings Account: A special account to plan for your child's future, it offers features like standing instructions for fee payments, attractive interest rates, and a piggy bank feature for savings.
Each of these accounts is designed with specific features to cater to the unique banking needs of different customer segments. It’s important to evaluate your personal banking needs, financial goals, and the benefits each type of account offers to decide which one aligns best with your requirements.
Also Read :10 benefits of opening an Axis Bank Digital Savings Account
Step 5: Login via NetBanking or mobile banking to start transacting
Once your account is set up, the final step in opening a Savings Account online is to start transacting. Axis Bank’s NetBanking and mobile banking platforms are user-friendly, making it easy to manage your account, transfer funds, pay bills, and more.
Documents required to open a bank account
1. Proof of identity
Proof of identity is crucial in how to open a Savings Account. Accepted documents typically include a passport, driving license, voter ID or Aadhaar card.
2. Proof of address
Documents such as utility bills, rent agreements or passports can serve as proof of address.
3. PAN card
A PAN card is an essential document required to open a bank account. It’s used for financial transactions and is crucial in the account opening process.
Conclusion
With digital advancements, understanding how to open a bank account, especially online, has become more straightforward.
Also Read :6 things to consider before opening a Savings Account
The convenience of online banking, coupled with the assurance of Axis Bank, makes opening a Savings Account accessible and reliable. Remember, the right Savings Account is not just a repository for your funds; it's a gateway to a world of financial possibilities and security. By taking this important step today, you are laying the foundation for a more secure and prosperous tomorrow. Embrace the ease and efficiency of digital banking with Axis Bank, and take control of your financial future.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
