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.

Things to be aware of before opening an online Savings Account

 Many start their banking journey with a Bank Account. Here, you can stash the cash and manage your funds effectively. However, this aspect does not get much attention as much as other investment decisions. Although such accounts are meant to store money and earn liquidity, it affects your finances. Hence, ensure to compare options before opting for one.

This allows you to customise the services of your Savings Account. Most banks have specific categories for specific needs. For instance, women, kids, senior citizens, and earning individuals have accounts for themselves. Also, different banks provide varied services and interest rates. When you research them, you can handle the finances better. But you need to consider some aspects before opening the account:

Minimum balance

This is the initial deposit you make to open Bank Account. While most banks do not insist on balance maintenance, some ask you to maintain a specific limit. This generally ranges between Rs. 500 to Rs. 1,000. However, some private players require a higher balance of Rs. 10,000. So, check your banking needs and spending patterns before deciding the same. This is because overdrawing below the said limit results in a penalty.  

Charges

Banks provide a host of facilities to manage your funds and provide access to them. They charge a maintenance fee for this purpose. The physical branches may charge higher than the online banks owing to overhead costs. These costs include SMS alerts, chequebook, deposit costs, Debit Card withdrawal charges, etc. The treatment of such expenses varies. Hence, check them before you open the account.  

Facilities

Almost all Bank Accounts function similarly, but they are not created equally. They have different user facilities based on their policies and customer satisfaction efforts. Some banks let you deposit cheques by clicking photos, while others need physical deposits. The better the facilities, the higher the minimum deposit requirement. Hence, analyse such facilities depending on your needs to make an informed decision.

Customer services

When you opt for an online Saving Account opening, you build a long-term relationship with the bank. You move the fund management responsibility to the bank. Hence, make sure you get the best assistance when you need it. Customer services are crucial during emergencies. So, checking the grievance and complaint support is an excellent idea before choosing a bank.

ATM availability

While doing Online Banking is one way to handle the account, some things require a solid physical presence. This involves ATMs. If you like to store cash, you should be able to withdraw whenever needed. So, check their network. Thanks to mediums like a Banking app, you can check the nearby bank branches or ATMs. This helps during emergencies.

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.

Everything about Savings Accounts explained!

 What do you generally do with all the money left after paying the monthly dues? Do you consider investment options like Mutual Funds, stock market, Retirement Funds, Fixed Deposits, etc.? Do you have any liquid cash left? Withdrawing funds from investments is not easy. There are some deductions and penalties involved. You can borrow funds through Credit Cards, but those come with interest rates.

So, how to arrange money during emergencies? Savings Account helps here. These accounts are basic and readily provide cash. Although the interest rates might be exciting on balance maintained, you always need a Savings Account. Let us better understand this attractive financial product.  

About Savings Accounts

It is a deposit that you hold with the bank that offers principal security for a reasonable interest rate and immense liquidity. They are best for holding emergency funds, which you might need to fulfil short-term goals.

Availability of Savings Accounts

Almost all banks in India offer a Bank Account. You can now open them either online or offline. The online medium lets you compare interest rates, check the minimum balance requirement and other offers. Once you make the right choice, fill out the online form, and submit the relevant ID proofs and other documents.

Different types of Savings Accounts

Besides the regular account, banks in India offer other accounts too:

• Joint Account
• Women Account
• Senior Citizen Account
• Minor Account
• Pradhan Mantri Dhan Jan Yojana

Are there limitations on the age and income for opening Savings Accounts?

Banks do not impose any such restriction while opening the account. However, there might be different minimum balance requirements, and minors require a parent or guardian to open such accounts.

Penalties upon no minimum balance maintenance

According to RBI guidelines, banks cannot penalise you for maintaining a minimum balance in Dormant Accounts. Only those with active accounts and who do not meet the desired limit are liable for non-maintenance fees besides the Service Tax and Education Cess at applicable rates.

Difference between private and public Savings Accounts

Regarding operational wise, private and public online Bank Accounts offer the same services. However, they differ in minimum balance requirement, usually higher under private banks than public ones. Meanwhile, the free-charge benefit public banks offers is better than private banks.

Savings Account interest rates

The Savings Account interest rates range between 4% to 7%. They either get deposited or credited half-yearly. The interests, however, get calculated either monthly or daily.

You can access Savings Account and its related services through the Banking app or Internet Banking. This does away with visiting bank branches often.

What is the step-by-step process of applying for a Gold Loan online?

 Gold Loans are a popular Secured Loan that has gained immense popularity recently. With the rise of digital lending platforms, it has become more accessible. Here are the steps to follow for applying for Gold Loans online:

Research lenders

When applying for a Gold Loan, you should research lenders. You can look for lenders on search engines or use Loan aggregator websites that list lenders offering Gold Loans. When researching, compare the interest rates, Loan amount, repayment tenure, processing fees, and other terms.

Check the eligibility criteria

After shortlisting the lenders, check your eligibility criteria. You should meet the lender's eligibility criteria if you qualify for the Gold Loans. Standard eligibility criteria include age, income, credit score, and the gold value you offer as collateral.

Calculate the Loan amount

Once you can consider a Gold Loan, you should know the Loan amount. This can be done over Banking apps using the Loan calculator.

Upload the documents

After calculating the Loan amount, you need to upload the necessary documents. The documents you require for Loan against Gold include identity, address, and gold ownership proofs.

Get the gold valued

After uploading the documents, the lender asks you to get the gold value. You can visit the lender's branch or request a doorstep visit. The lender checks the gold's purity, weight, and market value to determine the Loan amount.

Accept the terms

Once the gold is valued, the lender provides the Loan. Before accepting the offer, read and understand the terms and conditions thoroughly. These include interest rates, repayment tenure, processing fees, prepayment charges, and other costs.

Sign the Loan agreement

You can sign the agreement digitally through any mode. The Loan agreement includes all the terms and conditions, and it is a legally binding document.

Get the Loan amount

The lender deposits the Loan amount into your Bank Account once you sign the Loan agreement. Typically, the Loan amount is used within 24 hours of signing the arrangement. The amount is available for any use, such as debt consolidation, business financing, and medical emergencies.

Conclusion

Gold Loan online applications are simple and easy by following the mentioned process. You can easily apply for the Gold Loan by following them, and within 24 hours, the money gets transferred to your Bank Account. Lastly, be cautious and follow the steps carefully.