The Indian banking system is yet to include the entire population under the financial structure. There is still a large number of unbanked adult population, who don’t have a bank account.
Though there are various accounts available to meet different requirements, a savings bank account is the most common and convenient to park your money. Just deposit your earnings in the savings account, and in return the bank will pay interest on the saved amount. The interest rate is calculated on a daily basis & credited to your account at the end of the quarter.
To open an account in India you need to own couple of documents for KYC verification.
PAN – Permanent Account Number is a 10 digits alphanumeric number issued by the Income Tax department to quantify and identify all your transactions.
Aadhaar Card – is a 12 digits verification number issued by the Unique Identification Authority of India. Aadhaar Card holds your biometric and demographic data, and may be used while opening a savings account.
First you have to apply for an account. This can be done by visiting a branch or by applying for an online savings account. Online account opening has become more convenient after the massive digitization drive. You just need to download the bank’s app or visit their website, next you have to share some information and upload supporting documents.
The bank will check and verify your documents and information. Post validation you will receive an account number to perform transaction and financial activities.
Savings interest rate: banks offer interest on the money deposited in your savings account. The rate of interest typically range from 2.5% to 7%.
Fast transaction facility: you can pay and receive money via your savings account. Use products like debit card, cheque leaf, RTGS, NEFT, UPI, etc.
NetBanking / Mobile App: you can access your savings account anytime from anywhere using the the mobile banking app or via web login.
Debit Card: usually you get a debit card with your savings account. This card can be used to buy products and services, both online and offline. You can also use the debit card EMI option while shopping through ecommerce sites.
Bill Payment: a savings account can be used to pay your regular bills like water, electricity and others. Schedule your bills, and don’t miss a due date.
In today’s world it is essential to open a bank account to keep our money safe and also enjoy all the advantages of the financial system.
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