How to Open Your First Bank Account: A Step-by-Step Guide

July 21, 2025

how-to-open-a-bank-account

Opening your first bank account is a major step in your financial journey. It's not just about storing your money, but also about managing your finances effectively. Whether you're starting your first job, managing household expenses, or saving for future goals, having a bank account is essential.

 

In this guide, we'll walk through the steps to open a bank account, highlight the documents required, and provide practical tips to make the process hassle-free. By understanding these essentials, you can confidently navigate your way to successfully opening your first bank account.

 

How to Open a Digital Savings Account

We have considered Ujjivan Bank's Digital Savings Account opening process for your ease of understanding.

  • Step 1: Visit ujjivansfb.in
  • Step 2: Go to Savings Account, you will find it in the menu bar. Select 'Digital Savings Account from the dropdown menu.
  • Step 3: Enter your PAN and Aadhaar details
  • Step 4: Provide personal details
  • Step 5: Complete Video KYC
  • Step 6: Make the minimum payment.
     

Your first bank account is ready to work for you. 

 

Why Open a Bank Account?

1. Safe and Secure Place for Your Money

A savings account offers a secure environment for your funds, safeguarded by regulatory bodies like the RBI in India. It eliminates the risks of keeping large amounts of cash at home.

 

2. Earn Interest on Your Deposits

Savings accounts offer interest on your balance, helping your money grow over time. While interest rates are generally modest, it’s a reliable, low-risk way to earn returns.

 

3. Liquidity and Easy Access

You can withdraw funds anytime without penalty, making savings accounts ideal for emergency funds or short-term goals. Many banks also offer ATM and internet banking services for easy access.

 

4. Encourages Savings Habit

Opening a savings account promotes disciplined financial habits. Setting aside a portion of your income regularly into the account can help build a cushion for future expenses or goals.

 

5. Facilitates Transactions and Payments

A savings account enables convenient bill payments, money transfers, and access to various banking services like loans and fixed deposits. It’s often a prerequisite for digital transactions like UPI payments and mobile banking.

 

6. Financial Cushion for Emergencies

With quick access to funds and zero risk, a savings account provides a reliable backup for unforeseen emergencies, ensuring you're financially prepared.

Final Thoughts

Now that you're equipped with knowledge on how to open bank account—from choosing the right type of account & bank to understanding the application steps—you’re ready to take control of your finances!


If you're just starting out in your savings journey, opening a Savings Account with Ujjivan Small Finance Bank can be a good start. We have a wide variety of Savings Accounts catering to different financial needs - sign up for the one that meets your financial goals. Alternatively, you can browse through Ujjivan SFB product suite - our wide range of financial products are designed to make your financial life better.

 

Disclaimer:

The contents herein are only for informational purposes and generic in nature. The content does not amount to an offer, invitation or solicitation of any kind to buy or sell, and are not intended to create any legal rights or obligations. This information is subject to updation, completion, amendment and verification without notice. The contents herein are also subject to other product-specific terms and conditions, as well as any applicable third-party terms and conditions, for which Ujjivan Small Finance Bank assumes no responsibility or liability.

 

Nothing contained herein is intended to constitute financial, investment, legal, tax, or any other professional advice or opinion. Please obtain professional advice before making investment or any other decisions. Any investment decisions that may be made by the you shall be at your own sole discretion, independent analysis and evaluation of the risks involved. The use of any information set out in this document is entirely at the user’s own risk.  Ujjivan Small Finance Bank Limited makes no representation or warranty, express or implied, as to the accuracy and completeness for any information herein. The Bank disclaims any and all liability for any loss or damage (direct, indirect, consequential, or otherwise) incurred by you due to use of or due to investment, product application decisions made by you on the basis of the contents herein. While the information is prepared in good faith from sources deemed reliable (including public sources), the Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the contents herein, in any manner whatsoever.

 

To know more about Ujjivan Small Finance Bank Products Visit:"https://www.ujjivansfb.in"

 

All intellectual property rights, including copyrights, trademarks, and other proprietary rights, pertaining to the content and materials displayed herein, belong

to Ujjivan Small Finance Bank Limited or its licensors. Unauthorised use or misuse of any intellectual property, or other content displayed herein is strictly prohibited and the same is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person’s nationality, residence or otherwise) be contrary to law or registration or would subject Ujjivan Small Finance Bank Limited or its affiliates to any licensing or registration requirements.

   

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FAQs

1. What is a savings account and how does it work?

A savings account is a bank account where you can deposit money and earn interest on their balance. Banks or financial institutions hold the deposited funds, and interest is calculated on the daily or monthly balance, depending on the account type. It allows easy access to money, making it a popular option for short-term savings and emergency funds.

2. What are the benefits of opening a savings account?

The benefits of opening a savings account include earning interest on deposits, ensuring the safety of funds, easy access through ATMs or online banking, and providing a foundation for financial planning. It’s a convenient tool for managing daily expenses, paying bills, and accumulating savings for short-term goals.

3. How much interest can I earn on a savings account?

Interest rates for savings accounts vary by bank and type of account. Ujjivan SFB offers high-interest savings account where you can earn more than 7% as interest.

4. Is there a minimum balance required to maintain a savings account?

Many banks require a minimum balance to avoid fees, which can start from ₹1,000/ However, some banks offer zero-balance accounts, especially for salary accounts or special savings schemes.

5. Can I withdraw money anytime from my savings account?

Yes, savings accounts offer high liquidity, meaning you can withdraw money anytime without penalty. Funds can be accessed through ATMs, online transfers, or bank branches, making it ideal for managing day-to-day expenses and emergencies.

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