How much money to start a bank account

A Savings Account is the most basic type of bank account you can have, and as the name suggests, its primary purpose is to help you save money. With this account, you can safely deposit or withdraw funds at any time and earn interest on the money in the account. You can also use it as an emergency fund during medical or personal emergencies, or you can utilise it to cover your short-term needs.

The best part is that opening a Savings Account is a simple task that takes just 10 minutes, and most banks usually have similar procedures to open a Savings Account.

Step 1: Get online:Open a Savings Account online with HDFC Bank through your mobile phone or laptop through InstaAccount. You can initiate the process with just your mobile number, documents, and by filling out a form. It can all be done conveniently via our online portal, allowing you to avoid having to go to the bank physically.

You can read more on the different types of Savings Accounts here.

Step 2: Keep the documents required for opening a Savings Account handyRegardless of which method you choose, you need to provide certain documents to open your Savings Account. These are:

  • Aadhaar Card – You don’t need any other identity or address proof if you have Aadhaar Card 

Or  

  • Identity Proof (driver’s license, passport etc.) 

  • Address Proof (driver’s license, passport etc.) 

  • PAN card 

  • Or, Form 16, which is a certificate issued by the applicant’s employer, asserting that TDS has been deducted from your salary. This is required if the applicant does not have a PAN card. 

  • Two of the latest passport-sized photographs

Step 3: Experience better banking with video KYCYou can now submit your KYC documents and verify yourself online! It can all be done on a video call with an HDFC Bank official. Just provide access to your location, camera and microphone on your smartphone, and you are all set to operate your new Savings Account!

Step 4: Explore the HDFC Bank Savings Account – to access banking services almost instantlyWhat happens if you don’t want to wait for your Debit Card and bank account details to arrive at your home? How can the bank issue you an account if it cannot verify your documents and details? If you have already verified and done step 3, then the Debit Card will reach your address in 15-25 days. Otherwise, head to the nearest branch for KYC and verify yourself physically.

Step 5: Login via NetBanking or MobileBanking to start transactingOnce you receive your customer ID and account number you will be able to to start using your account and even transfer. Get started by logging into NetBanking and MobileBanking and creating a password.

HDFC Bank strives to enhance its customer experience by offering safe and convenient digital services, and InstaAccount is yet another offering to live up to this promise. With HDFC Bank InstaAccount open a Savings Account instantly in a few simple steps. It comes pre-enabled with HDFC Bank NetBanking and MobileBanking and you can enjoy Cardless Cash withdrawals.

With HDFC Bank InstaAccount, open a Savings Account instantly in a few simple steps.

Click here to get started on opening your very own Saving Account!

​​​​​​​*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.

Has your piggy bank filled up? Maybe you need a safer place to keep the money you’ve saved from the lemonade stand in your driveway — or maybe it would be handy to have a credit or debit card in your wallet.

Whatever you’re looking to do with your money, it might be time to open a bank account. There are many potential benefits to having a bank account, including convenience, security and even access to credit. 

According to Balancing Everything, over 94% of American households had bank accounts in 2019. Now, banking continues to be an important part of the average American’s finances.

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What you need to open a bank account

You should prepare the following items, according to Chase.

  1. The most basic information you will need is your contact information, including name, address and phone number.
  2. Chase suggests you also have at least two forms of government-issued photo ID, like a valid driver’s license or a passport. The Consumer Finance Protection Bureau, though, says some banks accept foreign passports and consular IDs if you don’t have United States identification.
  3. You will need your social security number or individual taxpayer ID number, according to Chase.
  4. You’ll likely need proof of your address, like a utility bill with your current address on it.
  5. Depending on the financial institution you’re applying to, you may need additional documentation. For a student checking account, you may need proof of enrollment in an eligible school like a student ID or an acceptance letter to the institution in question.
  6. You may also need to provide a deposit at the time of applying, especially if your state has a minimum deposit requirement.

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How much money to start a bank account

How to open a bank account

According to Chase, you’ll have to take the following steps to open an account at most banks:

  1. Choose a bank based on benefits (account management, withdrawal limits and more) and convenience (ATM locations and access to bank locations).
  2. Confirm you are eligible. Many banks have age requirements or require parental involvement.
  3. Start the application process. Call the bank or go in-person to get your questions answered.
  4. Choose the accounts you want. Do you want a checking account, a savings account or both?
  5. Make sure you understand your new account after you’re approved.

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

Some states have minimum deposit requirements for opening a bank account.

According to the Consumer Finance Protection Bureau, you will typically need an initial deposit between $25 and $100 for a checking or a savings account.

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