Open Account in Karur Vysya Bank Account: Banks give a facility to open a savings account as a sole holder or in joint holding with more individuals. Joint accounts may have different modes of holdings such as 'Anyone or Survivor', 'Joint', etc. In case of joint holding, all the applicants must furnish KYC formalities.
For choosing the right bank for opening savings account, you must consider following factors from various options available.
In order to open a savings bank account in Karur Vysya Bank, you need to follow below mentioned steps:
(1) Personally Visit Karur Vysya Bank Branch
You need to visit the bank branch in which you want to open your account.
(2) Fill up Account Opening Form (AOF) for Savings Account
Obtain the Savings Bank Account Opening Form and fill up all the necessary details of the customer's information and other details in the different sections given in the prescribed form like name, address, contact number, email id, PAN, type of account to be opened, nominee's name, etc.
(3) Attach Required (Mandatory) Documents with the Account Opening Form (AOF)
After completing filling up the account opening form, you need to attach KYC documents like PAN, Proof of Address & Proof of Identity.
Some banks make it mandatory to provide Permanent address and telephone number.
(4) Verification of Account Opening Form (AOF) & Other Documents by the Banker
Banker will verify Account Opening Form (AOF) and other attached documents. If he is satisfied with these requirements, he will proceed further.
(5) Deposit Minimum Balance Amount in your Savings Account as per your Savings Account requirement
After verification of Account Opening Form (AOF) & Other Documents by the Banker, you will be allotted an account number and you will then be required to deposit the minimum required balance in your account as per your savings bank account type.
(6) Obtain Cheque Book, Passbook, Debit Card & Other Documents from the Bank
Once your account is successfully opened, the banker will hand over Cheque Book, Passbook, Debit Card & Other Documents to you and then you will be allowed to make transactions from your account.
In order to open a savings bank account in Karur Vysya Bank online, you need to first check whether your bank gives you an option to open savings account online and if yes, then follow below mentioned steps:
(1) Go Online and Visit Bank's Official Portal
You need to visit the bank's Official Portal in which you want to open your account.
(2) Fill up Account Opening Form (AOF) for Savings Account
Initiate the process of account opening through filling up the Savings Bank Account Opening Form. You need to fill up all the necessary details such as customer's information and other details in the different sections given in the prescribed form like name, address, contact number, email id, PAN, type of account to be opened, nominee's name, etc.
(3) Upload Required Documents
After completing filling up the account opening form, you need to attach KYC documents like PAN, Proof of Address & Proof of Identity.
(4) Video KYC
In order to get verified, you can submit your KYC documents through a video call. For this purpose, you are required to provide access to your location, camera and microphone on your smartphone.
(5) Opening of Savings Account
After getting yourself verified through video call via step 4 mentioned above, your account will be opened and you will be allotted a Customer ID and account number by the bank
(6) Obtain Cheque Book, Passbook, Debit Card & Other Documents from the Bank
Once your account is successfully opened, the banker will send Cheque Book, Passbook, Debit Card & Other Documents to your communication address and then you will be allowed to make transactions from your account.
Savings Account serves as a place to deposit money. The customer needs to first open a Savings Account with a bank of his choice. The bank then allows him to deposit his money in his account. The bank provides a certain rate of interest on the deposited amount. The customer can deposit or withdraw the amount in the account as per his wish. He can issue cheques, carry out fund transfers, use ATM/ debit card, perform any financial transaction after opening of the account. Savings account also offers the advantage of managing your account conveniently using net banking or mobile banking through a computer or mobile phone any time from anywhere.
The main objective of a savings account is to encourage individuals to save money over a period of time and at the same time earn an interest on it. Another point with the savings account is that this fund is easily accessible by the depositor.