Which Are The Frequently Asked Questions About Online Savings Account?

[Shashank Bhaskar]

Standing in queues outside banks for small transactions involves time, patience, and effort. You need to arrange all your priorities and fulfil them before going to the bank. Years ago, there was no shortcut available, whether you wanted to deposit cash, withdraw money, or check account statements.

But now, you can access all these facilities at your fingertips, thanks to an online Saving Account opening. These initiatives from banks aim to provide convenient banking services to customers 24x7. Although it is gaining the confidence of millions of customers, there are some common questions that they have regarding digital accounts.

How to open a Bank Account online?

If you want to open an online Bank Account, you need to download the Banking app. Register for the service by giving your Aadhaar card, PAN card, and other essential details in the online form.

What is the eligibility?

You must be an Indian citizen above 18 years with a valid PAN and Aadhaar card for an online Savings Account. The Aadhaar card should link to your registered mobile number for successful verification.

What is the minimum balance?

It is a rule to maintain a minimum balance in your account, depending on the type. You pay the penalty for failing to do so. It is a rule applicable to all Bank Accounts, except for Zero Balance Accounts.

Do banks give an acknowledgement for digital accounts?

After opening a digital account, you receive a welcome email and SMS on your registered email address and mobile number. Additionally, some banks issue a virtual Debit Card as a complementary offer to customers. You receive the bank kit with the passbook, Debit Card, and other essential documents. Visit the bank branch for the chequebook and complete your entire KYC process.

How to transfer funds?

There are various methods to transfer funds to your family and friends in an emergency. You need to register their names and account details in the beneficiary section and send money through IMPS, NEFT, or RTGS from the app while earning Savings Account interest on the balance amount.

What are the account types?

There are different types of Bank Accounts online, including Savings Accounts, Zero Balance Accounts, Current Accounts, Fixed Deposit Accounts, and Recurring Deposit Accounts.

What are the security measures?

Upon opening an online account, you receive the Customer ID, Debit Card PIN, and login password. Other security measures include fingerprint recognition and secure access codes. Keep your login details private and immediately inform the bank of unauthorised access.

How to invest?

Banks offer several financial products like Fixed and Recurring Deposits, Insurance, Loans, etc. Enjoy the benefits by crediting part of your income to them. For instance, you can activate the auto-debit feature on the app for depositing a fixed amount in the RD according to the tenure.