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5 Key Things to Consider Before Opening a Bank Account

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Planning to open a new savings bank account? Well, then first check whether the bank offers certain important features. Once you’re happy, go for the account opening. For that, here are 5 essential things to consider in the beginning.

Check the Eligibility Criteria

To open a new savings bank account, first, make sure that you meet the eligibility criteria specified by the particular bank. For example, the criteria that the following people can apply:

  • Residents of India
  • Indian citizens
  • Foreign nationals who reside in India and meet GOI criteria

If you meet the criteria, that means you can go ahead to open a savings account.

See if You Can Open the Savings Account Online

Now you want to check whether the particular bank allows you to open a new savings account online. You can easily get the information on the bank’s website. Some banks offer paperless digital account opening supported by video KYC. Choose this option if you want to open the account from the safety of your home and just within a few minutes.

Do You Have All the Documents?

Time to learn what documents you must submit to the bank for opening a new account successfully. Some banks simplify the documentation procedure even when you go for a digital account opening. For instance, you may just need to upload:

  • Form 60/ PAN number
  • Aadhaar number

If you want to visit the bank physically and open your account, you may need to carry one of the following documents:

  • Aadhaar Card
  • Passport-size photograph
  • Valid permanent driving licence with your photograph
  • PAN card
  • Passport
  • Election card (voter’s identity card)
  • Job Card issued by NREGA and duly signed by a State Government officer
  • Letter issued by the National Population Register that shows the details of your name and address

See if You can Enjoy the Best Interest Rates

This is a major feature you want to check whether the bank offers before you open a new savings account in it. The best banks offer highly competitive interest rates to maximise your savings. Not only that, but they also even offer monthly interest credit on savings. It means that whatever interest you earn monthly will be automatically credited to your bank account. Again, that saves a lot of time!

Check for Other Benefits

Before you open a new bank account, also look for any other beneficial features of the savings account. For instance, the following benefits may be available:

  • Free unlimited ATM transactions anywhere in India
  • High limits for daily ATM withdrawals and purchases using the savings account
  • Zero fees on most transactions and services and minimal charges for others
  • A voucher on successfully opening the savings account
  • Lost debit card liability coverage
  • Cashbacks and various rewards on transactions made using the savings account
  • Personal and air accident insurance coverage
  • Various offers on shopping, entertainment, movies and more

Once you see whether the bank offers all these features and are satisfied, you can open a savings account right away. To do it online, just visit the bank’s website and follow the instructions.

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