A Savings Account is generally how an individual is introduced to banking in India. Read on to know further details of a Savings Account.
As customers' banking needs continue to evolve, top banks in the country now offer various accounts to meet their needs and expectations. One of the most basic type of bank account is a Savings Account.
Here is a detailed overview of the Savings Account, how to open and manage it.
What is Savings Account?
A Savings Account is a type of interest-bearing deposit account. As the name suggests, it is used to deposit your savings, which can be accessed anytime by visiting the bank, ATM card, Net/Mobile Banking.
Apart from ensuring liquidity, the account also comes with reliability and safety, making it a go-to option for depositing funds that you need for your day-to-day expenses. Since it is an interest-bearing account, the balance maintained also earns interest.
Features of Savings Account
Some of the most popular features of Savings Account are:
- Easy Transactions: A Savings Account is a simple way to send and receive payments online and offline with easy access anywhere and anytime through multiple methods.
- Security: Carrying large sum of money with you or keeping it at home is always risky. A Savings Account is a safe and reliable way to park your savings.
- Interest Income: One can earn interest from the bank which is deposited into the Savings Account monthly/quarterly.
- Net/Mobile Banking: With the Net/Mobile Banking facility, account holders can access a wide range of services on the go.
- ATM: You will receive an ATM/Debit Card which can be used for withdrawing money from ATMs.
Also Read: - Benefits of Savings Account
How to Open Savings Account?
In the past, the only way to open a new Savings Account was at the nearest bank branch. However, at AU Bank, we now offer an online account opening facility.
Steps to open a Savings Account online
- 1. Visit the official website and look for the "Apply for Savings Account" option
- 2. Fill the account opening form online
- 3. Upload the required documents
- 4. Complete video KYC
Your new bank account should be ready to use if everything is in order within 2-3 working days.
Documents Required for Savings Account
Here are the documents required for opening a new Savings Account:
- ID Proof
- Address Proof
- PAN Card
- Aadhar Card
- Bank Account Statement (3 months)
How to Open Savings Account through AU 0101 App?
At AU Bank, we have recently launched the AU 0101 App
- a one-stop solution for all your banking needs. Non-AU Bank customers can use the App to open a new Savings Account and access a wide range of banking services.
To open a Savings Account through AU 0101 App,
- Download the AU 0101 App on your Android/iOS device
- Open the app and click "Savings Account"
- Enter your Aadhar and PAN details
- Confirm personal and income details
- Submit FATCA declaration
- Choose the nearest AU Bank branch where the account will be opened
- Complete video KYC with a bank executive
Steps to Manage Savings Account Online
Once you complete the application process, we will send a welcome kit with your cheque book, ATM card and other account details. To access your Savings Account online, visit AU Bank NetBanking and register.
To register, you'll need to provide your account and personal details. Upon submission, you will get an email with the username and password for accessing your Savings Account online.
How to Earn Interest on Savings Account?
Earn interest from your Savings Account by simply depositing funds into your account. The balance you maintain in the account will earn interest daily as per the interest rate offered.
Also Read: - Ways to earn more interest through savings account
Open your Savings Account Today!
With AU Bank, open an Instant Savings Account from the comfort of your home. Download the AU 0101 App and follow the steps to apply for a new Savings Account with your phone.
We offer a feature-packed Savings Accounts with competitive interest rates to help you grow your hard-earned money and get closer to your financial objectives.