How much money do you need to open a savings bank account in India?

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.

Tagged With: savings accountprivate sector bankpublic sector bankbank depositcentral bankknow your customer
Categories: Finance
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