Question

Visit any commercial bank in your city. Meet the staff and find out the procedure for opening a savings bank account. What facilities are available under such an account? How frequently can money be deposited and withdrawn from a savings account? What are the advantages of using a cheque for making payments?

Answer 1

Project Title: Study of Savings Bank Account and its Facilities

Objective: To understand the procedure for opening a savings bank account and the facilities provided under it.

Name of the Bank Visited: Bank of Baroda, Dadar Branch

Date of Visit: 15 July 2026

Person Interviewed: Ms. Priya Mehta, Customer Relationship Officer

Information Collected:

Procedure for Opening a Savings Bank Account:

• Fill out the account opening form.
• Submit identity proof and address proof.
• Submit PAN Card or Form 60.
• Provide recent passport-size photographs.
• Complete KYC formalities.
• Deposit the minimum required amount, if applicable.

Facilities Available:

• ATM/Debit Card
• Cheque Book
• Passbook
• Internet Banking
• Mobile Banking
• UPI and QR Payments
• SMS and E-mail Alerts
• Interest on Savings Balance

Deposit and Withdrawal: Money can be deposited and withdrawn as many times as required, subject to the bank’s rules and the available account balance.

Advantages of Using a Cheque:

• Safe mode of payment.
• Reduces the need to carry cash.
• Provides proof of payment.
• Convenient for making large payments.
• Easy to issue and encash.

Conclusion: The visit helped me understand the procedure for opening a savings bank account and the various facilities it offers. A savings account provides safety, convenience and easy access to banking services for customers.