How to Open Your First Bank Account: A Step-by-Step Guide
May 01, 2025

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.
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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