The procedure of opening an online savings account has become very easy today with mobile and internet banking. However, there are a few points that one must bear in mind and a few details that one must keep handy to ensure a seamless online account opening procedure. This article summarises these details by taking you through the preparations that you must make to open an online savings account in India. Furthermore, it describes the stepwise procedure to be followed to open an online savings account in India today.
Information / details required for an online account opening
An online account opening is the most preferred mode of opening a savings account in India today, given its convenience and security. Reputed banks such as IDFC FIRST Bank have made it extremely easy for their customers to open an online savings account with very minimal documentation requirements, mentioned as follows:
- Aadhaar Number
- Permanent Account Number
Learn more about IDFC FIRST Bank’s stellar digital savings accounts that offer a superior banking experience to their customers.
Follow this procedure to get started now!
You need not visit any bank branch to get started with the procedure of opening an online savings account. Read on as we discuss the stepwise procedure of opening an online savings account in this section. Kindly bear in mind that this procedure could be subject to change depending on the bank:
- Click on the account opening link
You can find account opening links through the official channels of communication employed by the bank, such as its social media accounts or its site. Clicking on the link will lead you to an online application form.
- Provide the required details
Next, you must provide the required details by filling out the online form. In IDFC FIRST Bank’s case, you must provide your mobile number, Aadhaar number, PAN, and email address.
- Select the type of savings account
Banks offer different variants of savings accounts to cater to the varying financial goals of their customers. IDFC FIRST Bank offers two variants of savings accounts, namely the ₹25,000 savings account and the ₹10,000 savings account.
- Fund your account
As the next step, you must fund your online savings account to start making transactions. Keep in mind that there are certain restrictions since the Know Your Customer (KYC) process is still not completed. IDFC FIRST Bank’s mobile banking app is said to efficiently complement its savings account by offering a host of beneficial features to customers.
- Complete the KYC process
Finally, you must finish the Know Your Customer (KYC) procedure to start transacting without any restrictions. You can opt for a full KYC, an e-KYC, or a video KYC procedure to do the same.
As you can imagine, opening a savings account online is one of the most convenient ways of banking online today. Today, a customer can open a savings account online by simply providing basic as compared to a traditional account opening procedure. Also, the accessibility of one’s savings account is enhanced multifold via an online account opening procedure.
