Each bank customer is unique and each one has different banking needs. One thing is common: all bank customers need a savings account. Each customer has the option to choose from a variety of accounts for saving their money. Some people prefer an account that doesn’t require them to keep any balance (zero-balance account), while others prefer higher interest rates (senior citizens’). Other families prefer a single account (joint), while some accounts offer special privileges (women’s & minor accounts, etc.). Most banks now allow you to open an account online. Learn how to do it and what documents are required.
How do I open an online savings account?
Like everything else, banking has also gone digital. Customers can open a bank account online. This is the easiest way to transact banking transactions. This is how it can be done.
- Compare the rates of interest offered by different banks and choose the one that meets your needs.
- Log in to the bank website where you wish to open an account. Not all Indian banks offer the option to open bank accounts online. Online savings accounts can be opened with banks such as Axis Bank and Kotak Bank, Citibank or DIGI Bank by DBS, ICICI, etc.
- Fill out the application form and choose the account type that best suits your needs. These must be submitted with a digital copy if you have the required documents. If they ask you to destroy physical copies of your documents, some banks will even send their executives.
Once your details are verified by the bank’s back-end staff, you will be able immediately to operate your account.
Documents that you need to submit when opening an online savings account
Below is a list with documents the bank will need to verify before opening your savings account. These documents should be submitted with your application.
- Proof of identity and age: All applicants must submit a government-recognized and registered document that includes his/her full name and a recent photo. For this purpose, you can submit any of the following documents:
- PAN Card
- Driving License
- Voters ID
- Photographs required for your application: Most banks require at least two passport-sized photos.
- Address proof: A government-recognized and registered document must be submitted that includes the applicant’s full name and a recent photo. For this purpose, you can submit any of the following documents:
- Driving license
- Voter’s ID
- Telephone and Electricity Bill
You will need to submit additional documents depending on the type of savings account that you want to open.