Opening a savings account is beneficial as it helps establish financial security and stability. A savings account helps you to keep your money in safe hands and earn interest on it, Banks offering digital savings accounts make it more accessible and convenient to manage the finances. You can easily access your money from the comfort of your home with just few clicks or taps.
In this step-by-step guide, you will learn how to open a bank account online and the documents required for the same.
An easy step-by-step guide on how to open a savings account
Step 1: Visit the bank website or download the mobile app
To open a savings account, you must have access to the internet. Most of the banks offer digital banking services. It makes a much more convenient option for the customers. Do your research, and choose an account that offers competitive savings account interest rates.
You can open a bank account through the bank’s official website or download their mobile banking app. With digitalisation, individuals are more at ease, and banking has become more accessible.
Step 2: Ready the documents required
It is essential to Ready the documents before opening a bank account. By providing these documents, you prove your identity and build credibility. You should have all the documents requested by the bank.
Keep reading the article to know the documents required to open a bank account.
Step 3: Complete KYC
KYC has become essential in verifying your identity and boosting your online banking journey. Banks offer a hassle-free online KYC process, that helps you open a savings account from anywhere.
Step 4: Make a choice
Generally, banks offer two types of savings accounts. They are tailored to meet the customer’s expectations and financial goals.
- Regular digital savings account – Open an account in quickly
It is completely online and offers attractive interest rates along with facilities like FD equivalent interest rates. These regular savings accounts have no paperwork required, and it is a hassle-free process. A regular account offers a zero-balance savings account, eliminating the need for any financial commitment. Round-the-clock access to Internet and Mobile banking. Free transactions using IMPS, RTGS, and IMPS.
- Super-savings account
It offers attractive rewards for the customers. You get a daily withdrawal and spending limit. If you spend Rs 500 monthly, you get a cashback of Rs 600 (Rs 100 for 6 months). Get unbeatable insurance benefits of up to Rs 25 Lakh. deposit Rs 5,000 each month as a single credit.
To choose an account type, evaluate your financial goals, your monthly income, and the benefits they offer.
Step 5: Login to start transacting
Once you complete all the steps, it is time to start transacting. To activate your savings account, log in to your net banking portal or use the bank’s mobile app and set up your account.
Documents required to open a bank account
- Aadhaar card
- PAN card
If you don’t possess either of the documents, you may not be eligible to apply for a savings account. Make sure to apply for an Aadhaar and PAN card (if you don’t have one) to open a savings account seamlessly.
Conclusion
Digitalisation in the banking sector has enabled customers to conveniently perform various banking activities from anywhere in the world. Friendly user interfaces have boosted the use of technology among groups. It is time-saving, and 24/7 customer support guides individuals throughout their journey. Savings account offers impressive interest rates compared to other account types.