How To Open A Savings Account

17 Oct 2022

Back to all Articles


A savings account is perhaps the first interaction a person has with a bank. It is the most basic of bank accounts. It offers the safety that a depositor looks for, plus interest rates and the flexibility of withdrawing money anytime and anywhere.

Before looking at the features of opening a bank account let’s first look at how to open one.

How To Open A Savings Account

There is two main ways to open a savings bank account:

Walking to a branch

You can go to your nearest Bank of Baroda branch and ask the bank officials how to open an account. You are asked to fill out a form. The bank official will ask for details required as per the ‘Know Your Customer’ (KYC) format that includes address proof, identity proof, statutory government registrations like a PAN card will be required along with your photographs. You will also be asked if you want to open a joint account with anyone else. In the case of a child, a minor savings account is opened that is operated by the parent.

Online

If you want to open your savings bank account online, you can do so either through a computer or a mobile way of opening a form. Most details are captured online in this case with a minimum physical interface with the bank.

Who Can Open A Savings Bank Account?

Each bank has its own Terms and Conditions which needs to be satisfied before an account is opened. Most of these conditions are common and set by the central bank – Reserve Bank of India.

At the time of opening an account, you will be made to sign a number of documents which include that he has understood all the Terms and Conditions of the bank. It is thus necessary to read through the document before signing. Only illiterate depositors can use their thumb impression.

Signature and KYC Documentation

Bank signature is the key to operate the account. Signature mismatch not only leads to heartburns but also other problems which can result in blocking of the account. You will need to be careful while signing the form and maintain this signature throughout life.

KYC Documentations have increased over the year. The main documentation needed is for the identity of the customer and identifying his address.

In identity proof the documents that are generally valid are – passport, driving licence with photograph, Permanent Account Number (PAN Number), Voters identity card, Job card issued by NREGA (National Rural Employment Guarantee Act, 2005) – attested by a government official and an Aadhar card or any other document issued by the Unique Identification Authority of India.

For address proof, you can submit any of the above documents apart from the PAN card.

Pass Book

Banks can offer Pass Book facility for a savings account holder for free or for a small fee. You, however, can access the statement of your account online using internet banking.

Safety of Savings Accounts

Savings account in a bank is generally insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). This insurance facility offers an assurance that your money is safe.

Popular Articles

Related Articles

Leave a Comment

Thanks for submitting your details.

Features & Benefits of Savings Account

A savings account is the most basic bank account available. It is an account that allows you to pool in your finances and manage them. The funds are available to be withdrawn at any time. With the different needs and requirements of the customers, banks have begun offering different types of savings accounts to meet these different needs.

Difference Between Current Account and Savings Account

A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.

Add this website to home screen

Are you Bank of Baroda Customer?

This is to inform you that by clicking on continue, you will be leaving our website and entering the website/Microsite operated by Insurance tie up partner. This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner.


The use of any of the Insurance’s tie up partners website is subject to the terms of use and other terms and guidelines, if any, contained within tie up partners website.


Proceed to the website


Thank you for visiting www.bankofbaroda.in

X
We use cookies (and similar tools) to enhance your experience on our website. To learn more on our cookie policy, Privacy Policy and Terms & Conditions please click here. By continuing to browse this website, you consent to our use of cookies and agree to the Privacy Policy and Terms & Conditions.