Opening an online Savings Account? Learn about its eligibility criteria and documentation process

 Bank Accounts are considered the best place to park your hard-earned money. You can withdraw and deposit the money conveniently from it. Of them, Savings Accounts are the most popular products offered by banks. They have many features and benefits, including interest rates on the sums parked, daily withdrawal limits, ATM or Debit Cards, etc. You can also sign up for Online Banking and do transactions from anywhere.

Most banks today allow online Saving Account opening. Here are the eligibility criteria and documentation processes explained.  

Eligibility criteria

Every bank needs you to fulfil the following basic eligibility criteria before opening the account online:

• You can be a resident Indian Individual
• You can be a foreign national currently residing in India
• You can be a non-resident Indian (with ties in India)
• You need to be 18 years old to qualify for the Savings Account

You can also open accounts for minor, but they should be operated jointly, i.e., a parent or guardian of the minor should serve as the second account holder.

Documents required

When you open a Bank Account, you should ensure you upload the following documents:

Account opening form: Download the form from the Savings Account tab on the bank website. Download the form and duly fill it up. Ensure not to leave any tab empty.

Recent passport-size photographs: You also need to provide scanned copies of your recent passport-size photos.

Identity and age proofs: Submit a scanned copy of any government-approved ID and age proofs featuring your photograph and date of birth. Acceptable documents are PAN Card, Aadhaar, Passport, driving license, and Voter ID card. Ensure to scan the original document.

Address proofs: You should also hold the original scanned copy of any government-approved document featuring your address. Acceptable documents are Aadhaar, Passport, driving license, ration card, and utility bills.

If you are a senior citizen who wants to open Bank Account online, you need to provide a senior citizen card as age proof. Apply for the same from the Social Welfare Department.

Steps to open account online

1. Research the different banks concerning interest rates and the banking services offered. Accordingly, select the one that suits your requirements.
2. Visit your chosen bank’s website and click on the Savings Account section. Choose the account you wish to open, like regular, women, joint, minor, etc.
3. Download and complete the online account opening form and submit scanned copies of the documents. If your bank requires document hard copies, they send a representative to your home to collect them.
4. The bank verifies your documents, post which the account number gets allotted, and you can use the account.

Online Account opening has made life simpler for several people. Indian banks and their customers can open an account over the Banking app or Internet Banking, making the entire banking process very convenient.