How to Open a Savings Account?

Get Kotak League Platinum Credit Card & earn 8X reward Points on your every spends of Rs.150 across all categories.
Know More
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
At your request, you are being re-directed to a third party site - https://www.billdesk.com/pgmerc/kotakcard/ wherein you can make your payment from a different bank account. Kotak Cards does not guarantee or warrant the accuracy or completeness of the information, materials, services or the reliability of any service, advice, opinion statement or other information displayed or distributed on the third party site. You shall access this site solely for purposes of payment of your bills and you understand and acknowledge that availing of any services offered on the site or any reliance on any opinion, advice, statement, memorandum, or information available on the site shall be at your sole risk. Kotak Cards and its affiliates, subsidiaries, employees, officers, directors and agents, expressly disclaim any liability for any deficiency in the services offered by BilIDesk whose site you are about to access. Neither Kotak Cards nor any of its affiliates nor their directors, officers and employees will be liable to or have any responsibility of any kind for any loss that you incur in the event of any deficiency in the services of BiIIDesk to whom the site belongs, failure or disruption of the site of BilIDesk, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials.
Note: Available in select banks only. Kotak Cards reserves the right to add/delete banks without prior notice. © Kotak Mahindra Bank. All rights reserved
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
A Savings Account is the most widely recognized kind of financial balance that permits you to procure interest on the equilibrium kept up with. Banks in India offer a wide range of sorts of accounts to meet the assorted requirements of the clients. When opening another account, it is crucial first to comprehend your requirements to choose the right kind of savings account and we will help you understand how to open a savings account.
Quite possibly the common types of bank accounts in the country are Savings Account which permits you to acquire interest on the equilibrium you keep up with in the account owned by you.
What is a Savings Account?
A Savings Account can also be called a deposit account that you can open at any bank be it public or private. You can store your surplus funds in this account and utilize them as and when required while additionally acquiring interest on the equilibrium amount kept up with. Be it dealing with your ordinary costs or putting something aside for a crisis; a Savings Account is an incredible choice that one can opt.
Banks presently offer different types of Savings Account with a large group of components to meet the savings needs of its clients. There are presently accounts for women, kids, senior residents, and more with advantages, for example, good interest rate, zero maintenance fees, markdown on storage charges and limitless withdrawal through ATMs anywhere in the country.
What Are the Documents Required to Open a Savings Account?
If you are looking to apply for an account in a bank and thinking, what do I need to open a savings account then here is the list of documents that will be required to open a savings bank account:
A Proof of Age and Identity:
An authorized document that must be issued by the government of India can be considered as proof of age and identity for opening a savings bank account. The presented document must contain the full name of the applicant and a recent photograph for identification purposes.
Some of the documents that are accepted by the banks as proof of age and identity are as mentioned below:
Photograph:
A recent passport size photograph is required by banks or financial institutions to start with the process.
A Proof of Residence/ Citizenship:
Any registered document that is issued by a government of India having the applicant's address mentioned on it can be considered as the proof of address by the bank. Below mentioned are the documents that are considered as the proof of address for opening a savings bank account:
Identification Card for Senior Citizen:
Senior citizen savings accounts are offered by many banks to their clients in the current times. The people who wish to open a senior citizen savings bank account must present their proof of age to the bank. The Social Welfare Department gives the senior citizen card to the senior citizens, and that is the most favored proof helping them with the answers of what is the procedure of opening a savings bank account.
How Can You Open a Savings Account Offline?
If opening a savings bank account offline is your option, then below mentioned are the steps that you can follow to open a savings account offline at the nearest branch:
Go to your nearest bank branch
Present the signed form to the branch of the bank and your savings bank account will be active within a few days or as suggested by the bank.
Also Read: Retired or Approaching Retirement? X Reasons to Open a Kotak Grand Savings Account for Senior Citizens
How Can You Open a Savings Account Online?
Opening an online savings account is an easy process and takes just a few minutes. You can opt for video KYC process and open a full-fledged savings account within a few hours in most of the banks these days! Here are the steps to follow for a hassle-free account opening experience.
How to Manage Your Savings Account?
A Savings Account is one of the most reliable ways to deposit your money and have secure access to the same 24x7 while also gaining interest.
As soon as your new Savings Account opening is initiated, you will then receive a kit with your account number, cheque book, passbook, and ATM card. You can then commence using your account for offline transactions and withdrawing money from ATMs. You will also be able to enroll for your bank’s online banking convenience with your new Savings Account. For this, you will have to enroll for online banking from the official website of the bank you have a savings account with.
Enrolling in online banking is easy and you only need to fill a form with your account number and personal details. Once enrolled with the bank it will then create a username and password for your account which you can use for online banking.
You have already rated this article
OK