A surprising number of students tell us they have never been inside a bank. Not because they were refused, but because nobody explained what happens in there and it seemed like a place you needed a reason to enter.
Here is roughly what to expect.
What to take with you
- Aadhaar card, for identity and address.
- PAN card if you have one. If you do not, banks accept a signed Form 60 instead, which they will give you at the counter.
- Two passport size photographs.
- If you are under eighteen, a parent or guardian and their documents as well.
If your address on Aadhaar is out of date, say so at the start rather than at the end. It is fixable, but it is much easier to sort out before the form is filled in.
Ask for a zero balance account
This is the part worth knowing before you go. Many savings accounts require you to keep a minimum balance, and if your balance falls below it the bank charges a penalty. For someone whose balance moves between a few hundred rupees and nearly nothing, those penalties can quietly eat more than the account ever earns.
There is another kind of account. A Basic Savings Bank Deposit Account has no minimum balance requirement, and every bank is required to offer one. Jan Dhan accounts work on the same principle. They come with limits on the number of withdrawals and some services, which for a first account rarely matters.
If you ask for a savings account you will usually be handed the standard one. Say the words zero balance account, or basic savings account, and ask directly whether there is a minimum balance and what the penalty is if you fall below it.
If you are under eighteen
You can still have an account. Under about ten years old it is opened and operated by a parent or guardian on your behalf. Above ten, most banks will let you operate a savings account yourself, within limits they set. Rules vary between banks, so ask.
Before you leave the counter
- Confirm there is no minimum balance, or find out exactly what it is.
- Ask what the account costs you in a year. Debit card fees, SMS charges and annual fees are all normal and all worth knowing about in advance.
- Get your account number and IFSC code written down somewhere you will not lose them.
- Set up a nominee. It takes one line on the form and it saves your family a great deal of difficulty later.
One thing nobody should have to say
Bank staff are doing a job and you are entitled to be there. If you do not understand something on the form, ask them to explain it. If the explanation does not make sense, ask again. Signing something you have not understood is how people end up with products they never wanted.