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.