An Overview On Opening Savings Account Online

[Shashank Bhaskar]

The ideal place to secure your hard-earned money is Savings Account. From here, you can conveniently withdraw and deposit cash. This is the most popular financial product offered by banks. The account comes with a host of features and benefits which the owners can utilise, right from the Savings Account interest rates to daily withdrawal limits to ATM or Debit Cards, and more.

You could also sign up for Online Banking facilities and do transactions from anywhere. Most banks today enable you to do an online Saving Account opening. Here are some prerequisites for it.

Eligibility criteria

Many banks generally need you to fulfil some essential criteria for opening Savings Account offline or online:

• Must be an Indian resident
• Could be a foreign national presently residing in India
• Maybe a non-resident India with connections in India
• Should be at least 18 years old to qualify for opening an account online

You can now open an account for minors too, but they should be operated jointly, i.e., either a parent or guardian should serve as the second account holder.

Documents needed

The moment you wish to open an online Savings Account, ensure you submit the following documents:

Account application form: Download the form or fill it out on the bank's website. Make sure you do not leave any tab empty.

Passport size photographs: You need to furnish scanned copies of your recent passport size photographs.

ID and age proofs: Provide a scanned copy of any Government approved ID and age proofs featuring your photo and date of birth on it. Acceptable documents are PAN Card, Aadhaar, passport, driving license, and voter ID. Make sure you scan the originals.

Address proofs: Give the original scanned copy of any Government-approved address material such as Aadhaar, ration card, utility bills, Insurance papers, etc.

If you are a senior citizen, show a senior citizen's age proof card. Apply for this card from the Social Welfare Department.

Steps for opening an online account

The steps for online Bank Account opening are simple and hassle-free:

• Research different banks offering online accounts, the interest rates, and the personal banking facilities offered. Select the one that suits your needs.
• Visit the desired bank's website and check the Savings Account section. Choose the account type you want to open, for example, Regular, Women, Minor, Senior Citizen, etc.
• Fill out the application form thoroughly and upload the scanned copies of the relevant documents. If the bank requires hard copies, they send over a representative to collect them.
• The bank then verifies the documents post which the account number gets allotted, and you can access the account.

Thanks to Banking apps, you can now open an online Savings Account on the go. Indian banks and customers embrace Digital Banking today, which has made the entire process convenient.