How much money do you need to open a savings bank account in India?
- Asked By
- Updated On:27-Sep-2021
- Replies:1
Short Answer
To open a savings bank account in a private bank, you will have to make an initial deposit of around Rs 5,000 to Rs 10,000. However, there are some public-sector banks and other online banks where you can open your account without any deposit and get all the banking facilities.
Detailed Answer
What to do in order to open a savings bank account?
A savings bank account facilitates all your digital transactions as well as gives you the freedom to withdraw cash from any ATM. A bank account is considerably easy to open as you need only a couple of necessary documents like proof of identity, proof of address, a recent photograph, and the bank’s mandatory KYC (Know Your Customer) process.
How much money do you require to open a bank account?
Now the question might linger in your head, how much money do you need to open a bank account? Essentially, it depends on the bank you want to open your account, and also the type of account you want to open.
There are several types of savings bank accounts available out there. Most of the private sector banks like ICICI Bank, Axis Bank, HDFC Bank, etc, have minimum balance maintenance of Rs 10,000 in their regular savings account. These accounts also need an initial deposit of the same amount into them whether through cheque or cash.
Therefore, to open a basic savings account in a private-sector bank, you will require to provide initial funding of approximately Rs 10,000. Private or state-owned banks like SBI, have lower balance maintenance and even do not require any initial deposit.
Conclusion
To conclude, if you have an initial funding amount of Rs 10,000 you should be able to open a savings account in most of the banks, provided you have that bank’s branch around your location. There are certain online banks that offer a ‘Zero Balance' facility where you set up an account without any initial funding and still enjoy all the facilities of a regular savings account. Therefore, it largely depends on your choice of the bank to how much amount will be needed.
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
Public Provident Fund Scheme is a saving scheme that comes with tax benefits. Ministry of Finance introduced this scheme in the year 1968. The main objective of PPF is to encourage general people to mobilize their small savings. The interest offered on these schemes are not taxable. Precisely, PPF is an investment with non-taxable returns.
You can choose any bank in India to open an account in, be it a private-sector bank or a public-sector bank. By the market share SBI, HDFC, and ICICI Bank are the three top banks that can be considered when looking at the largest banks in India.
To open a savings bank account in your chosen bank, you will need identity proof, address proof, and a recent photograph. Documents like PAN Card, Aadhaar Card, Passport among others will be needed in the account opening process.
Savings bank account is one of the most popular banking services. There is no maximum amount of money that needs to be maintained. A person is liable to keep any amount of money in the savings bank account.
Yes, an Overseas Citizen of India (OCI) can invest in Indian stock market. Let's know ways how an OCI can start investing in Indian stocks from another country.
cKYC is known as Central KYC, is a centralized registry for maintaining the KYC records of an individual digitally. The cKYC registry was launched July 2016, with an aim to reduce the level of documentation and KYC verification process involved in a financial transaction with different financial institutions including Banks, Insurance, NBFCs and Mutual Funds.
Saving Rs. 5000 in 6 months does not need a lot of effort. Creating proper budget along with a few simple daily practices, reducing your debt and investing wisely is the key here.
Looking into the interest rates, minimum savings required in the account, easy online facilities are few of the many options you should consider while choosing a savings account with any respective bank.
There are mainly 5 types of bank accounts in India. These include Savings account, Current account ,Fixed deposit account, Recurring deposit account and NRI accounts.
A fixed deposit is one such financial instrument which will help you deposit a sum with a bank for a predetermined period of time and the bank pays an interest on that sum. In essence, it’s a way of lending money to a bank, the opposite of taking a loan. These are sometimes even referred to as bonds or term deposits.