Regular Savings Account Eligibility Requirement

All you need to know about eligibility criteria for Regular Savings Account

Individuals meeting the following criteria are eligible to open a Regular Savings Account:

  • Resident individuals, whether opening a sole or joint account.

  • Hindu Undivided Families (HUFs).

  • Minors above the age of 10 years who wish to open a self-operated minor account, with the option to receive an ATM/Debit card.

  • Foreign nationals residing in India, provided they have been living in the country for over 180 days and possess the necessary documents, including a valid passport, visa, FRRO (Foreign Region Registration Office) Certificate, and Residential Permit.
     

Minimum balance requirements

To open a Savings Bank Account, a 

  • A minimum initial deposit of ₹10,000 is required for urban branches for account opening. 

  • ₹5,000 for Semi-urban branches and ₹2,500 for rural branches.
     

Note: 

  • It is mandatory to maintain a minimum average monthly balance of ₹10,000 or Fixed Deposit of ₹1 Lakh for minimum 1 year 1 day period, effective July 1, 2022, for urban branches.

  • Average monthly balance ₹5000 or Fixed Deposit of ₹50,000 for minimum 1year 1 day period effective July 1, 2022, for semi-urban branches.

  • Average quarterly balance of ₹2500 or a Fixed Deposit of ₹25,000 for a minimum tenure of 1 year 1-day effective July 1, 2022, for rural branches.
     

TERMS AND CONDITIONS

Frequently Asked Questions

The minimum age requirement to open a regular savings account is above 10 years for minors.

To be eligible for a Regular Savings Account, various categories of individuals can apply. This includes resident individuals who may opt for either a sole or joint account, as well as Hindu Undivided Families (HUFs). Also, minors aged 10 years and above can open a self-operated minor account, with the possibility of obtaining an ATM/Debit card. Moreover, foreign nationals residing in India are also eligible, provided they have resided in the country for more than 180 days (about 6 months) and possess essential documents, including a valid passport, visa, FRRO (Foreign Region Registration Office) Certificate, and Residential Permit.

To be eligible to open a Regular Savings Account, individuals must meet specific criteria. This includes resident individuals who may opt for either sole or joint accounts, as well as Hindu Undivided Families (HUFs). Additionally, minors aged 10 years and above can open a self-operated minor account, with the option of acquiring an ATM/Debit card. Furthermore, foreign nationals residing in India are eligible, provided they have lived in the country for more than 180 days and possess essential documents such as a valid passport, visa, FRRO (Foreign Region Registration Office) Certificate, and Residential Permit.