Opening a Saving Account

A savings account is an interest-bearing deposit account held at a bank or other

financial institution. Though these accounts typically pay a modest interest rate,
their safety and reliability make them a great option for parking cash you want
available for short-term needs.

The sequential steps of opening the account

1. Choose how to apply. Depending on the institution, you could apply online, by
phone or in person. If you apply online, the process will probably take 10 to 20 minutes.
2. Gather your identification. For the application, you will likely need to provide
your Social Security number and information from a government-issued ID, such as a driver’s
license or passport number.
3. Provide contact details. Along with your ID number, expect to enter your
contact information, including your first and last name, address — typically, you must be based
in the United States — and phone number. You may also be asked for information including
your email address and date of birth.
4. Select a single or joint account. Let the institution know if you will be opening
the account by yourself or with someone else. You’ll need the information from the previous
steps for anyone else whose name will be on the account.
5. Accept the terms and conditions. This is where the bank asks you to confirm
that you read disclosure documentation describing fees, liabilities and how interest is calculated.
Ideally, you have selected an account that earns high rates and has no or low monthly service
charges. This is your chance to double-check. (You can see NerdWallet’s list of accounts with
the best savings rates to compare).
6. Choose your deposit amount. If you’re opening an account online or on the
phone, you can transfer funds by providing the routing and account number from an existing
bank account. If you’re opening an account in person, you can present a check to the bank teller.
Some institutions will also let you mail a check or schedule a wire transfer. Many banks require a
minimum initial deposit, often from $25 to $100, but others have no minimum deposit
requirement. Even if you don’t have to fund your account when you first open it, you’re better
off depositing money sooner rather than later. That way, you’ll be able to start earning interest
sooner.
7. Submit your application. You’ll likely get an acknowledgment within minutes
when you apply online, but it may take between two and five business days for the bank to verify
your information and officially open the account. Once your account is open, you can set up
direct deposit and schedule automatic transfers from checking to savings. Making regular
savings deposits can help you build your bank balance with little extra effort.

Papers & documents required for opening the account:

 Duly filled Account Opening Form (to be signed by the Applicant in front of Bank’s
Official)
 Two copies of recent Passport Size Photograph of the Account holder(s) attested by the
introducer
 Copy of the Photo Identification Document (original to be presented for verification)
 Proof of Address document (original to be presented for verification): Electricity Bill /
WASA Bill / Gas Bill / Telephone Bill / Current Rent or lease Agreement / Certificate of
Employer / Holding Tax receipt from City Corporation or Municipality / TIN or BIN Certificate