Digital Financial Freedom: Opening an Online Savings Bank Account in India

A savings account is the most basic service offered by the bank, acting as a reliable, safe, and liquid investment option to park your funds. Managing your finances through savings accounts via net banking and mobile banking has made handling money a breeze!

Here’s a helpful guide to walk you through opening a savings bank account online and setting up your banking profile.

What is a savings account

Whether managing your wealth for long-term goals or handling your day-to-day expenses, you can seamlessly do so by depositing your surplus income into a savings account.

The fund balance in your account attracts a certain savings account interest rate, which is then credited to your account every quarter.

Eligibility criteria to open a savings account

The basic requirements or eligibility criteria to open a savings bank account may vary among banks. However, here are a few general criteria that are typically necessary to open an account.

• You must be at least 18 years old to open a savings bank account. Parents or guardians can, however, open a savings account in the name of the minor.
• You must be a resident of India
• You must be able to maintain the minimum balance amount
• You must possess proper government-approved proof

Documents required to open a savings bank account

Some of the standard and accepted identity and address proof documents required to open a savings account in India are:

• Identity Proof: PAN card, Aadhaar card, Passport, Driver’s licence, etc.
• Address Proof: Aadhaar card, Voter’s ID, Passport, Electricity or other utility bills.
• Duly filled and signed account opening form
• Passport size photographs

Procedure to open a savings bank account online in India

There are two ways to open a savings account in India. You can either open it offline by visiting the bank branch or online at your convenience. Opening a savings bank account online is very easy and can be done anytime, anywhere.

Step 1: Select your preferred bank

Choose a bank you wish to open a savings account that offers the best features, minimum balance requirement, online banking and mobile banking features and attractive interest rates.

Step 2: Keep your documents ready

Once you have shortlisted the bank, ensure you have all your required documents handy so that the account opening process is smooth and uninterrupted.

Step 3: Go the bank’s website or app

Visit the bank’s official website or download the application on your mobile phone to get started. Once you register and log in, search for the option to open a savings account.

Step 4: Fill out the application form

You will then have to fill out the online application form. Ensure that you use a secure network to avoid any cyber breach. The application form requires you to enter details like your name, date of birth, address, contact information, etc.

Step 5: Submit the application along with KYC documents

After duly filling in the application form, verify the details entered and click on the submit button. Additionally, you may be required to upload your identity and address proof documents to proceed with the application.

Conclusion

Having a savings bank account is essential in today’s age. However, select an account that suits your needs, benefits you the most, offers a host of features, is low on charge and offers a competitive savings account interest rate.