Saving money in your cabinet or vault is not a good practice: there is a better place for your money. Through saving, you can have enough money when tough times come. Without enough saving, we will be going to overwhelming debt so it is very important to save regularly.
If you don’t have a savings account, you can apply for one. The application is easy and requires only few requirements and low initial deposit.
One bank in India you can choose to open a savings account is Allahabad Bank. It was founded on April 24, 1865 and the oldest stock bank in India.
How to Apply for a New Allahabad Savings Account
If you don’t have any bank account, you can choose Allahabad Bank to open a new one. The link below shows the requirements in opening a new savings account in almost all banks in India.
Upon preparing the documents needed for bank account application, you may go to the branch nearest your place to apply for a new account. Furnish all necessary application forms and then submit it to the bank employee after completion with the initial deposit of your account and requirements.
Initial deposit of your savings account can vary depending on the type of savings account you will open normally the initial deposit is Rs.25,000 or more in multiples of Rs.5,000 for Flexi-fix deposit scheme.
You can wait for processing and checking of your application. Once there’s no problem about your documents, your new account will be approved easily.
Types of Allahabad Bank Savings Account
There are different types of savings account that you can apply in Allahabad Bank and each one has unique benefits for its customers. The following facts give you some important information about each kind of account.
1. Rs. 5 Banking
This type of account is a No-frills savings account that can be opened with a minimum initial deposit and maintaining balance of Rs. 5.
2. All Bank Premium SB Account
The required maintaining balance for this account is Rs. 5,000 for rural branches and Rs. 20,000 for branches located in other areas.
3. AllBank Mahila Sanchay Account
This type of account is offered exclusively for women with just a Rs. 1 as minimum maintaining balance.
4. AllBank Vikash SB Account
Vikash savings account is intended for different local organizations and non-government agencies giving services to the community. It has low maintaining balance of Rs. 50.
5. Sishu Mangal Deposit Scheme
This kind of account can be opened only by kids who are age 1 to years old. The maintaining balance will be calculated depending on the initial deposit. Interest rate for this account is at 4% per year.
Allahabad Bank is one of the nationalized banks in India which you can choose to apply for a savings account. It is simple to open an account once you have the complete requirements which were listed above. Before going to the bank, prepare first and bring the requirements so your application will be smooth and quick.