5 Simple Steps to Follow While Opening a Savings Account Online
Online banking offers access to your bank account from the comfort of your home or office. With this, financial transactions are only a few clicks away and you can access your funds even while you are on the go. No more hassle of travelling to the bank and standing in a queue to wait your turn. Now, you can open an instant bank account online. Here are some simple steps for opening a savings account online:
1. Review the Eligibility Criteria
Before opening an online saving account, it is recommended to review the eligibility criteria. In India, the following factors are necessary to open an account:
- You should be an Indian citizen.
- Your age should be 18 years or more. Minors can get their accounts opened by their parents/guardians.
- You should possess valid documents and necessary identity proof.
- You need to make the necessary deposit to your account which meets the minimum balance criteria.
2. Gather the Required Documents
Document submission is necessary to meet the bank’s KYC (Know Your Customer) requirements. These documents are mandatory for any bank account opening, whether online or offline. The following documents may be required for opening of your account:
- Identity Proof (Passport, Driving License, Voter ID, etc.)
- Address Proof (Aadhaar Card, Passport Driving License, Voter ID, etc.)
- PAN Card (If you don’t have a PAN Card, Form 16 can substitute for it.)
- Passport Size Photographs
3. Apply Online
For online saving account opening, use the following steps:
- Visit your bank’s website.
- Browse to the savings account section, and click on ‘Apply’.
- An application form will open. You’ll be required to enter your mobile number, your Aadhaar Card number and your PAN number.
- You’ll receive an OTP on your phone. Verify the OTP.
- Once the OTP is verified, you’ll be asked to fill in some more details.
- Once you submit, your account will be opened, and you’ll receive your account number and IFSC code via email and SMS.
4. Choose Your Nomination
It is a good idea to nominate a trusted person for every account or investment in your name. The nominee can access and use the account after the event of the accountholder’s death. Keep track of the following points while appointing a nominee:
- A nominee can only be appointed if the account is being opened by an individual. In case of a business, there’s no nomination facility.
- Nominees can be changed by the accountholder at any time.
- If the nominee is a minor, they’ll only gain the rights to the account after they cross 18 years of age.
5. Visit the Bank to Complete Your Account Opening
For the safety of your account, it is recommended to visit the bank, provide copies of your KYC documents and use biometrics to authenticate your identity with the bank. You’ll also need to deposit the minimum balance to open your savings account.
Online banking is a great tool for managing finances. It saves time and is hassle-free. Be sure to open an online savings account to reap the benefits of net banking.