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HOW TO OPEN AN ONLINE BANK ACCOUNT – A STEP-BY-STEP GUIDE

January 15, 2023 by sathwik Saahoo

Table of Contents

  • Online Bank Account :
  • Choose your banking partner
  • Visit the bank’s website or use their app :
  • Fill out the application form :
  • Submit the necessary paperwork :
  • Complete the KYC process :
  • Start banking !
  • Types of Savings Account :
  • Eligibility Requirements for Opening a Savings Account :
  • Features and Benefits of Savings Account :
  • Comparison of different banks to select your best savings account online

Online Bank Account :

Before diving straight into the topic, let us know what an online bank account means.

A savings account that you can open and manage online is called an online bank account. Let’s explore the history to know about how this online banking works.

If you are in your 30s or 40s, you may recall when you had to pay a visit to your local bank branch to manually fill out a form and open your savings account. Or, if you’re younger, maybe ask your parents about it. They will tell us about how you had to fill out a deposit slip to deposit funds into your account. And even for the withdrawal, we need to fill out a slip. But this can be eliminated by online banking.

We can open our bank account online nowadays from our homes itself. Not only that but also many things can be done using this such as transferring funds, paying our bills, starting at a fixed deposit, and many more. All you need is a safe network connection and a smart device to operate online. And by now you might have those to read this article on our moneybabai website. So, are you set to ready to start opening your bank account online?

In India, there are mainly 12 public sector banks, 20 private banks, and a numerous growing number of Neo banks too. So, this process might slightly vary from one bank to other but the major steps followed would be the same as we move on. So, let’s move on!

Choose your banking partner

As we discussed before, we can choose any bank for opening an online bank account and the priority must be given based on the following factors.

1. The interest rate on your account:

If you are planning to open a savings account online, you’ll want to maximize the interest earned on your account balance. And the higher the rate of interest, the more interest you earn. So, look at the interest rate your preferred banks offer before shortlisting your options. 

2. The minimum balance requirement:

Nowadays most bank accounts offer zero balance requirements but on the other hand, some banks may require you to maintain a minimum bank balance in your accounts. This range of balance may vary from 1,000 to 1,00,000. That’s a huge range, right?

What if we fail to maintain the minimum balance as per the terms and conditions? The answer is quite simple. The banks will leave a penalty on your accounts. So, whenever you deposit again, the amount will be deducted. So, you can choose your bank account based on the balance you can maintain to the minimum.

3. Level of accessibility and support:

It doesn’t matter the rate of interest or the less fee or penalties until we got to know about the customer helpline services. We need to make sure that the bank you select provides you with good-quality customer service. 

4. The bank’s charges or fees:

There are various fees that bank levy on the customers such as overdraft fees, ATM fees, and regular service charges. The charges or fees may vary from bank to bank. So, make to select a bank that provides you with services with fewer charges.

Visit the bank’s website or use their app :

After considering all the above factors to select your bank account, try to visit their official websites or download their application from the play store. For instance, SBI (State Bank of India) has a YONO SBI app to meet customers online. You’ll generally find the option for a new online bank account opening under the ‘Products’ section in the app or the website. Navigate to the relevant section and click on the option to open an account.

Fill out the application form :

Once you navigate to the application form on their website, you will find an application to fill out your details in it. The details will be very basic like your name, date of birth, email ID, phone number, and some other information. The order of this information may change from one bank to another other. But you can find that those websites are very user-friendly we can easily understand where to fill out and what to fill out. You can complete this step with ease and without any confusion.

Submit the necessary paperwork :

Once you have duly filled out the application form, you will need to attach soft copies of the documents required. The documents required may vary from bank to bank. So, be careful to attach the essential document to the given upload section.  This list may vary slightly from one bank to the next, but broadly speaking, here is what the required paperwork may include —

 1. Aadhaar card 

 2. Proof of identity (like your PAN card, driver’s licence or passport)

 3. Latest passport-size photographs

 4. Proof of address (like your voter ID, driver’s licence or passport)

 5. Form 16 (may be required if you do not have a PAN)

Some banks may ask to self-attest your documents before submitting them online. So, please check whether the submitted documents are valid or correct. Be alert even for finer details of the online bank account opening process. Please follow them accurately. 

Complete the KYC process :

Know your customer popularly known as KYC is a mandatory process that banks need to follow before allowing you to open a bank account in online mode. Most of the banks have video KYC process to ensure that the candidate is who they claim to be. Basically, they need to verify your identity and ensure that you are who you claim to be.  

If your chosen banking partner has this requirement, a bank official will connect with you over a video call. All you need to do is attend the call and give them the details they ask for, so they can verify your identity. Don’t worry about it too much. It’s a perfectly safe and common practice.

Start banking !

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Hurrah! We have completed the process of creating a bank account in online mode. Digital banking has many benefits that you don’t want to miss. 

Once your KYC process has completed, the credentials to login into your bank account will be sent to you. This may take few hours or few days depending on the bank. And finally, now, you can start using your online bank account after you receive your credentials to login. 

Types of Savings Account :

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

1. Regular Savings Account:

It offers high limit of financial transactions, and deposit limit. Know Your Customer (KYC) done on such accounts is mandatory. Maintenance of minimum balance is mandatory in such accounts which vary between Rs 500-1000 in public sector bank. In Private sector banks it varies from Rs 5000-Rs 25,000 depending on the account.

2. Salary-based Savings Account:

These accounts are opened by banks at the request of companies that require a platform for payment disbursal. Banks offer preferential rates and terms for these kinds of accounts. When the date of payment disbursal arrives, the bank withdraws money from the company account and disburses the money. One must note that almost most salary accounts will not have a minimum balance requirement. If salary is not credited for 3 consecutive months, the accounts will be converted into a regular savings account.

3. Senior Citizens Savings Accounts:

The accounts function in the very same way as regular savings accounts, but it offers much higher rates of interest and banking privileges for senior citizens. These accounts will be linked to other senior citizen savings schemes for remitting the funds from their retirement accounts or pension funds, and consolidating all the funds under one single bank account.

4. Zero balance Savings Account:

This account merges the features of a savings account and a current account. While there are limits on withdrawal amounts, you will not charge penalties if the balance falls below the prescribed minimum.

5. Women’s Savings Account:

These kinds of accounts come with special features to benefit the account holder. These benefits include discounts on certain purchases, low interest rates on loans, and a waiver on demat account charges.

6. Minor’s Savings Account:

These accounts do not have a minimum balance requirement. A minor’s saving account has been curated for educating children about banking facilities and savings accounts. This kind of account can be opened and operated under the supervision of the legal guardian until the child reaches 10 years old. After turning 10 years old, the child is allowed to operate the account on their own. Once the child turns 18 years old, the account will be converted into a regular savings account.

Eligibility Requirements for Opening a Savings Account :

A Savings Account can be opened both singly and jointly by Indian residents above the age of 18 years.

Foreign nationals and Hindu Undivided Family are eligible to open a Savings Account.

Minors can open a Savings Account with their parents/guardian.

Documents to be Submitted for Opening a Savings Account :

 

Proof of age and identity PAN, Voter ID, Passport, and Driving license

Photographs At least 2 passport-sized photographs

Proof of address Driving license, Voter’s ID, Passport, Utility bill

Senior Citizen Card Document with proof of their age. A senior citizen card is issued by the Social Welfare Department and is the document that is most preferred as proof.

Features and Benefits of Savings Account :

 1. A savings bank account is a safe place to store surplus funds.

 2. The balance in a savings account earns interest.

 3. Savings Account Interest rates on savings account can range from 3.5% to 7% p.a.

 4. Easy access to internet banking and mobile banking

 5. Banks usually offer discounts on the locker rental facilities for customers who maintain the minimum quarterly balance.

 6. Most banks also provide savings account holders with various insurance covers including personal accidents and death.

 7. You can use ATMs all across India with your debit card.

Comparison of different banks to select your best savings account online

State Bank of India Savings Account 2.70% p.a. Nil

Yes Bank Savings Account 4.00% to 5.00% p.a. Rs. 10,000

Kotak Bank Savings Account 3.50% p.a. Zero Balance Savings Account

DBS Digi bank Saving Account 3.00 to 4.00 % p.a. Zero Balance Savings Account

Axis Bank Savings Account 3.00% p.a. onwards Zero Balance Savings Account

IDFC Bank Savings Account 3.00% p.a. to 5.00% p.a. Rs. 10,000

IndusInd Bank Savings Account 4.00% p.a. onwards Rs. 1,00,000

 

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