Savings accounts are considered to be one of the most common types of bank accounts that an individual can own. Today, you can open a savings account without stepping out of your house. Banks have made it very simple for their customers, who can simply go online and open bank accounts without any hassles. Here is a guide on how to open an online account in India:
How to open a bank account online?
Opening an online bank account is pretty simple. However, before signing up for an account, either online or offline, please make sure that you are eligible. While different banks would have differing criteria, some common ones are that individuals need to be above 18 years of age and Indian citizens.
If you meet the eligibility criteria, proceed to sign up for a savings bank account online. Here are the steps that you need to follow to open an online account:
- Fill out the application form
Firstly, you should take some time for researching the bank that provides the most suitable interest rates. For example, IDFC FIRST Bank’s savings account comes with a really attractive rate of interest. Once you have selected the bank, fill up the bank’s application form online. On this application form, you would be required to fill up details such as your name, number, and address. Then, proceed to the next step.
- Submit the required documents
After filling out the application form in the previous step, please upload the soft copies of the documents required. The list of documents may vary slightly from one bank to another, but here is a generic list of the documents that you will be required to submit to the bank:
- Aadhaar card
- PAN card
- Any other proof of identity e.g., driving license, passport – it is always good to keep it handy
- Proof of Address (voter ID, passport, or license)
- Form 16 (in case you don’t have a PAN card)
- Recent passport-size photographs
There are some banks where you may be required to self-attest your documents before you go ahead and submit them online.
- Finish the KYC process
KYC (Know Your Customer) nowadays is a mandatory process that you need to finish before banks approve your application to open an online account. Basically, in this process, the bank needs to verify your identity. There are also some banks that also may have a video KYC requirement as part of the account opening process.
- Accessing the bank account features
After completing the previous step of opening an online account, the bank will send you the credentials for logging into your online bank account. Then, you can proceed to use the login credentials for logging into your account and start accessing the different features offered by the bank’s net banking service.
Following the four steps above should help you open your online account. This process is quick and paperless and can be completed in no time. Please get in touch with a bank of your choice if you have any queries.
