Eligibility and Document required for Savings Bank Account

Eligibility and Document required for Savings Bank Account

Normally, a minimum balance of RS 500 is required in an ordinary savings bank account but it varies a lot from bank to bank. It is bit lower in governmental banks and higher in private banks. However, in
some foreign or private banks one needs to maintain 10,000 as minimum balance. One cheque book is issued by bank at one time. The Documents which are required to open Savings Bank Account are as
follows:

 * Passport-size photographs
 * Identity Proof i.e. Voting Card, Passport or driving license.
 * Residence Proof
 * Copy of PAN Card

Benefits of Saving Bank Account

1) It is secure way of keeping money as all the banks in India are governed by RBI.
2) Saving Bank Accounts are not for fixed period of time. You can withdraw cash anytime.
3) Saving Bank Account offers ATM cum Debit card by which you can withdraw money from any ATM centers which are opening 24 hours. You can even use your ATM for shopping. Now, you don’t need to carry cash with you.
4) Almost all of the banks offers internet banking facility by you can do transactions within your account, withdraw, deposit, statement of account, transfer the money, or can even deposit your telephone or
electricity bills.

Savings Bank Account

Savings Bank Account

Saving Bank Accounts are solely for the purpose of developing the habit of savings among the individuals and further use this fund in emergency or whenever required. Saving Bank Account also a source of
keeping your money safe and secure as all of the nationalized or foreign banks in India is governed by Reserve Bank of India (RBI) in regard to their policies and operations. Another benefit of opening a
Savings Bank account is that you can earn suitable amount of interest as well. Although, the rate of interest is periodically changed and reviewed by Reserve Bank of India, currently  the rate of interest in
India is 3.5% calculated on half yearly basis.

Types of Savings Bank Account

A Savings bank account can be opened individually or jointly i.e. two individuals can operate one account. Although, In joint account signature of either one of the individual is required to write a
cheque, but in case of closing an account signature of both account holders required.