The banking and financial sector is one of the largest and strongest sectors in India and worldwide. Almost every Indian citizen is a customer of the banking system. Have you ever wondered why? The banking and financial sector regulates all financial transactions, ensuring no one loses their hard-earned money due to loss, theft, and, of course, foul play. While banking is for all, you need a Bank Account to avail yourself of all its facilities.
A Savings Account is the most basic type of Bank Account you can consider opening. It does it all: it secures and grows your money and allows you to carry out a wide range of banking activities. You can choose to open a Savings Account with any leading bank of your choice. You must fill out the Savings Account form and a set of documents to open an account. Here are the steps of filling the Savings Account form.
Obtain the account opening form
There are different variants of Savings Accounts, each with unique features. Consider your banking requirements to choose a suitable Savings Account variant. Obtain its corresponding form by visiting the nearest bank branch or download it from the bank’s website.
Fill out personal details
The first part of the Bank Account opening form requires you to fill out your personal details. Following is a general mention of the personal information you will need to fill out:
- Full name as mentioned on the official government documents.
- Tick whether you are an individual or a Hindu Undivided Family.
- The bank will require you to mention if you are an existing customer of the bank. You need to mention your Customer ID if you are an existing customer.
- You need to mention Date of Birth.
- If you are opening an account for your child, you need to tick on the minor check box.
- You need to mention your gender—male (M), Female (F), or Transgender(T).
- You need to write down your marital status.
- You must provide the PAN Card number of Form 60 details.
- You need to mention your father’s name and your mother’s maiden name.
Provide communication details
You need to mention the following details for official communication purposes:
- Current Address
- Permanent address
- Email address
- Mobile number
- Telephone number
Mandatory customer information
The bank requests for the following information to provide more customer-oriented Savings Account services:
- You must select from – Normal, Illiterate, physically challenged, specially-abled, Blind, Pardanashin.
- You need to mention your annual income.
- You must also mention the constitution code.
Mode of operation
You need to choose between self and joint account operation modes. In the case of a joint account, you need to mention the type of holding and provide the necessary information about the joint holders.
Nomination
Assigning a nominee to the Savings Account is optional. But it is better if you assign one as it would ensure your money goes into the right hands on your demise.
