Opening online Savings Account: A quick guide

 Bank Accounts let you deposit and withdraw money while earning interest on the remaining balance. It helps analyse your needs before selecting the bank and account type. The rise in digitalisation has prompted all banks to offer online services to customers.

A Bank Account is a Deposit Account you can open at any retail bank. Whether you manage daily expenses or save for an emergency, this account is an excellent option. Banks now offer different types of Savings Accounts with exclusive features to meet the needs of their customers, such as accounts for women, kids, senior citizens, and more. The benefits include higher interest rates, discounts on locker charges, and unlimited withdrawal through ATMs.

How to open an account online?

Earlier, you could only open an account by visiting the bank branch. However, nowadays, many banks allow you to open it using the Banking app. You only require documents such as the online account opening form, identity proofs, address proofs, bank statements of at least three months, and a cheque for the amount you want to deposit.

How to manage it?

After account opening, you receive a welcome kit with your account number, chequebook, passbook, and Debit Card. You can use it for ATM withdrawals and online and offline payments. Moreover, registration for the online facility is accessible. You need to fill out a form with your account number and personal details.

Before opening your Savings Account, you should compare the reputation, customer service quality, interest rates, minimum balance, and account types. You can download the app to learn more about the banking products offered. Visit the apps of a few top banks in India to get a fair idea and make the right decision.

How to save and earn interest?

You can operate Bank Accounts throughout the day while earning interest. Once you have learnt about the offerings, compare the options and evaluate which bank offers the highest interest rates and facilities. Considering banks with online account opening facilities is a bonus as it eliminates physical visits, saves time, and reduces paperwork.

While researching banks and their interest rates, do not forget to use the Savings Account calculator to compute the interest. Enter details like the amount required, the duration, and the return rate to calculate the interest earnings on your account balance.

Uses

An online Bank Account is versatile, allowing you to keep your money safe, earn interest, and access several useful banking features. You also need an account to start investing eventually and let your money multiply. It also poses a lesser risk as there is hardly any threat to the capital invested.

Closing thoughts

Why think further? Visit your nearest bank or download their app for further details on opening Bank Accounts and investing in other financial products to earn greater returns.

What are the different Savings Account types?

 India has several public and private sector banks offering customers different financial products and services. Savings Accounts are the most popular banking product, which allows you to deposit money and earn interest. With the growth in online facilities, you can open them directly from your smartphone.

Opening a Savings Account is an easy way to store your hard-earned money at a bank without carrying it everywhere. You get withdrawal options for seamless access. This account provides safety and reliability to store cash for all your needs. It is the best liquid investment that you can encash anytime and anywhere.

How does it work?

Savings Accounts are available at most online banks free of charge. They have the leverage of altering the interest rates anytime. According to the basic principles of commerce, the more competitive the rate, the more it is bound to fluctuate. You should research well before investing your funds in these accounts.

What are its types?

Almost every bank in India offers different options to customers when they open Bank Account online. These accounts cater to other age groups and requirements. Let us discuss them in detail:

Regular Savings Accounts

It is the most common account, which requires you to hold a minimum balance. Thanks to the linked ATM or Debit Card for cashless payments, it is ideal for daily transactions. You can compare the features, benefits, and interest rates before finalising the bank for account opening.

Zero-Balance Accounts

These accounts do not come with a minimum balance requirement. You need not pay penalties to the bank for maintaining a low or nil balance. Zero-Balance Accounts are ideal for salaried employees. However, you earn attractive interest rates on this account too.

Women’s Savings Accounts

Like Regular Savings Accounts, this account is designed specifically for the needs of women. It requires a minimum balance to be maintained. It provides certain benefits for various transactions, including shopping. Since the eligibility requirements are minimal and simple, you can open the Women’s Savings Accounts from home or elsewhere by uploading the required documents on the Banking app.

Kid’s Savings Accounts

Such accounts cater to the needs of parents who want to put aside money for their children. The additional benefit of this account is that if the parents provide access to their children to use money through Debit Cards, it could teach them money management skills early on.

Senior Citizen Accounts

Tailor-made for senior citizens, such a Bank Account provides investment benefits to the account holders. They also get preferential rates on Fixed Deposits and earn a fixed income post-retirement. It is a risk-free investment that guarantees returns. You can opt for monthly or quarterly payouts while enjoying tax benefits. You can open such accounts via Online Banking platforms.

Avail of exciting benefits with a Savings Account

 Savings Accounts function as a virtual vault that holds your savings. It is the most elementary bank account offered to customers. This allows account holders to deposit funds than hiding them at odd places or carrying them around. This Bank Account is also relatively liquid. Hence, you can withdraw your money whenever needed.

If you wish to open Savings Account, here are some exciting benefits you can avail of:

Grow your money passively

Besides saving your funds, the account helps grow your money passively. This is because you earn interest on the funds you deposit in your account at a rate your bank decides. Hence, choosing an account with a high interest rate lets you generate more passive income on the same savings quantity.

You can also determine how much interest you will earn on your Bank Account through the Savings Account interest calculator. To calculate the income, enter the following information:

• Type of account you hold
• Interest rates offered
• The minimum average balance to maintain in your account
• The frequency at which you want the interest to be credited

Invest seamlessly

You can invest easily and meet your financial goals through such accounts. For example, it lets you open a Fixed or Recurring Deposit online. These instruments enable you to invest your savings and earn assured returns at fixed rates over a particular period. You can also choose from various top-rated Mutual Funds and invest in them to enjoy favourable returns in the long run.

Get access to credit

When you open a Savings Account and maintain a decent balance every month, your bank may find you eligible to extend credit to you. This, in turn, helps fulfil your dreams with Fast-Track Loans. Your bank may also provide instant approvals up to a certain sum and help manage your Loan online effortlessly.

Instant fund transfers

Today, you can easily open your Bank Account online using the Banking app. Once you open the account, you can conveniently transfer funds across India and abroad through various channels. Your bank may also offer you preferential conversion rates, etc., when you remit money overseas. You can receive funds safely from third parties through such accounts.

Debit Card

As an account holder, your bank provides access to a Debit Dard that you can use to make payments online and offline. This card helps you enjoy exclusive discounts on various brands. You also earn cashback points and rewards each time you swipe your card.

Easy payments online

A Savings Account offers access to e-wallets and UPI services to make payments online.

Pay bills on time

You can automate your monthly bills using your Savings Account linked Debit Card.