signing release build apk files in android studio

The procedure to sign apk files - if you just click on Generate Signed Bundle / APK, the wizard prompts you to create a keystore (or use an existing one) and create the signed build. We have to save that keystore safely, since we will need it for signing any updates to the app on Google's Android Play store (app store). 

But that is not enough - the apk would not install. We've also got to set the signing configuration in the Project Structure, check both v1 and v2 signature versions, and also look for any of the issues which are listed at this page. Mainly, as in this link - 
Project Structure - Modules - Signing tab - add a configuration, and under Build types tab, release build, under signing config, choose the one which we have added.