Steps To Open A Savings Bank Account Online

Banks and financial institutions provide the service of saving account to help manage your money. As the name suggests, these accounts encourage savings, and you earn interest while doing the same. It helps ensure your money is safe and accessible whenever you want.

With changing lifestyle, people getting busier is inevitable. Thus, banks have introduced facilities like banking apps, internet banking, online banking, etc., for convenience. Additionally, online banks have also gained momentum. It has resulted in accounts operating online. You can open your account online within minutes.

Following is the procedure of online saving account opening: 

Explore available options: Most of them give attractive interest rates and facilities. You can conduct research and compare banks to choose what suits you best. You compare them based on the minimum required balance, interest rates, monthly fees deducted, internet banking provisions, etc. 

Select account type: While opening a savings account, you can select from an array of accounts you want. Depending on your needs, you can opt for either a single or joint account. The latter requires you to share ownership and access to the funds with your co-owner. They can also withdraw the money without your permission. 

Documentation: You must submit documents like government-certified identity proof, address proof, PAN Card, and two to three passport-sized photographs. It would be best if you have these documents handy while applying online as there is a chance of session time out in case of delay. 

Submit account application: The application process gets completed within 10 minutes if you have all the documents ready. You can go to the website of the bank chosen. You will have to fill out details like your name, date of birth, address details and other personal details and attach the documents. The bank then gets back to you with further instructions.

Make a deposit: The last thing you need to do is make the initial deposit in your online bank account. You can do this either with your debit card or link your existing bank account through a routing number. If you wish to pay by cash, visit your nearest branch.

Once the process gets completed, banks send your debit card within 10-15 business days, through the welcome kit you receive when you open a bank account. You can use it to carry out all your online transactions and ATM withdrawals.