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4 simple steps to open a savings account online

by renovicco
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4 simple steps to open a savings account online

Most people have a bank account as it helps them to transact and keep their money safe and secure. The bank provides you with different types of accounts which you need to choose according to your needs and requirements. You should research about the different types of accounts and the features of every account type before opting for any bank account.

You could open these accounts online with the help of the bank’s website or mobile apps. Planning to open a savings account online? Here are a few simple steps you could follow to open a savings account online.

  1. Choose a bank of your choice

You must first research about all the banks and choose a bank suitable for you that allows you to open a savings account online. It is advised that you select a bank that is easily available in your locality. The features and services offered by the bank should be checked and then compared across all the banks to find the right choice. 

  1. Fill the form

Once you choose the bank, you could open a savings account online by clicking on the ‘open a new account’ option. The bank would then send you a form that needs to be filled by you. The details required include your personal information such as name, address, contact details, etc. This information is important to open a savings account online as the bank would register your details in their records. This information should be checked first before submitting to the bank.

  1. Submit your documents to the bank

You would be required to submit your identity and address proof to the bank. You could submit any government documents as proof. You could submit your AADHAR card, birth certificate, etc. as your identity and address proof. You would also be asked to submit a copy of your PAN card. If you do not possess a PAN card due to some reason, then you would be asked to submit ‘Form 16A’, which is a form given to you by your employer stating that tax is deducted from your salary. You would mandatorily be asked to submit these documents and would not be allowed to proceed to the next step to open a savings account online.

  1. Complete your Video KYC process

The bank would then ask you to go through the video KYC process. This is a new process that most banks require you to proceed with while you open a savings account online. You would be asked to switch on the front camera of the device you are using. This process would not take much time and is generally completed within 2-5 minutes. 

Your bank would then send you a notification that your bank account has been created. You would receive a welcome kit that includes your PIN, debit card, cheque book, etc. within the next 10-15 working days. You should keep this information safe and not share it with anyone. You should set your PIN and change your password frequently for your account to maintain its security.

Some banks may have a different procedure to open an account. That is why, when you search for “open savings account online”, you get a variety of results. We hope that this article proved to be helpful and that you open a savings account online with these simple steps. Thank you!

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