A guide to opening a Savings Account

Savings Accounts are the simplest and most popular service banks offer. You can manage your wealth for future financial goals seamlessly. With the rise in digitalisation and emphasis on going cashless, every person must open an account.
A Savings Account is a basic account allowing you to deposit your surplus income while earning interest. The earned interest gets automatically credited to your account balance every year. Here is a guide to opening them online:
Options for account opening
There are two options available for account opening, either offline or online. You can either visit the bank branch, fill in the required information on the forms, and submit them to the bank personnel or download the app for instant submission. Attach your identity, address, and income proofs with the account opening form.
Factors to consider
The features and benefits of a Bank Account may vary across banks. As a result, not every account in the market may be proper for you. The factors you need to consider before opening the account include the minimum opening amount, additional services offered, withdrawal frequency, ATM facilities, and account-related fees.
Minimum opening amount
Some banks need a minimum deposit before opening an account. Banks usually charge it to cover the account opening and maintenance costs. However, if you wish to avoid paying the minimum deposit amount, you can opt for other accounts which do not charge them.
Account-related fees
Some Savings Accounts include numerous fees such as a branch deposit fee, cash deposit fee at a non-home branch, ATM withdrawal fee etc. The account-related fees are usually a part of the terms and conditions of the Banking app. Please read them carefully before proceeding.
Additional services offered
Bank Accounts should not only help you save money but also help you manage it with utmost convenience. You should ensure that you can avail of services like Debit Cards, Online Banking, chequebook facility, Credit Cards, Phone Banking etc. Since demonetisation, these value-added services have become more important than ever.
Withdrawal frequency
Most Savings Accounts cap the number of withdrawals you can make. Therefore, if you need to make frequent withdrawals, choose an account that allows you to do so without charging any fee or penalty. With the rise in digital payments, you need not worry about carrying cash everywhere.
ATM facilities
When it comes to online Saving Account opening, ATM facilities are of paramount importance. Ensure the bank lets you withdraw cash from the affiliated branch and has a robust ATM network internationally and locally, allowing you convenient access to money wherever you go.
Conclusion
You can compare the services of various banks on your smartphone from home, office, or even while travelling. These convenient facilities allow you to make instant payments online without missing the due dates.