A savings bank account has the potential to generate a minimum of 3 to 4 percent of interest earnings for the account holder. The reasons for opening and maintaining a savings account are numerous, according to individual preferences. Accounts are opened digitally with easy online application, submission and verification procedures.

Modern technology and the increasing use of mobile banking have ensured minimal efforts related to banking and financial services. Banks can ensure safety and transparency while customers conduct their banking activities hassle-free with a few clicks. Here it is discussed how to open a savings account online with a few easy steps.

Required Documents

When one wants an online bank account opening with zero balance in India, one must ensure they hold the required documents per the RBI (Reserve Bank of India) regulations. No hard copy documents are needed since it is opted with an online account apply option. Most banks offer an online account apply facility, which is availed by visiting the official website or the mobile phone application. Below are the mandatory documents for online bank account opening for zero balance in India.

National Identity Proofs

The identity proofs that banks accept are Pan Cards, Aadhar Cards, Driving Licenses, and Passport copies. The name of the applicant must match the name mentioned in all the other documents.

Address Proofs

Documents needed to prove residential address include Aadhar Card, Passport, Electricity bills, Government Utility bills, and previous bank account statement (if any).

Apart from these documents, a digital signature, contact details, date of birth and an introducer signature is also required in the process of online bank account opening with zero balance in India. When a joint account is initiated, details of both account holders are necessary.

Steps to Open an Online Savings Account

The digital revolution has eased the tedious offline application process and availed instant services with complete transparency. Below are some important steps to consider while opening an online savings account:

Choose from Available Options

There are numerous banks and financial institutions which offer saving deposit facilities, and almost all offer instant digital services for their customers. Various interest rates are applicable, and the terms and conditions of the account defer based on the institutions. Some might want the nearest bank branch, while others opt for digital services. Individuals must ensure they compare the options and select the correct banking partner as per their preferences and expectations.

Application Process

Once the institution is selected, an online application has to be submitted with an account opening request. One must visit the bank’s official website and click the open online account option to fill in the required details. Applicants need to select their preferred account type and provide their name, email, contact number, and address to proceed with the account opening application. In the case of joint account holders, details of both account holders are required with soft copy signatures.

Document Submission 

These documents mentioned above are submitted in soft copies for a digital account opening process. These documents must be attached to the appropriate sections mentioned on the website. Some institutions require the naming of the documents as per their set format. Once these documents are submitted, the applicant must carefully read and accept the terms and conditions. The process is then processed forward for the final and most important activity of KYC verification.

Also Read: Want to Achieve Your Financial Goals? 

KYC Verification Process

KYC (Know Your Customer) verification is the mandatory practice to follow in an account opening process. The primary contact number of the applicant must be linked with their Pan Card and Aadhar Card. KYC procedure ensures the consent of the applicant through an OTP (One-Time-Password) SMS sent to the registered mobile number and email address. Once the documents are successfully verified by the bank, and completion of the KYC process, the bank opens a savings account within three to four working days.

Conclusion

Savings accounts can facilitate saving habits for long-term goals or provide liquidity for the immediate need of funds. While choosing the best savings account, applicants need to investigate the rate of interest range offered and the applicable fees carefully to generate higher interest returns. One must invest enough time to gather the right information before opening a savings bank account.