Banking & FinanceFinance

Know the Steps to Open an Online Bank Account

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Opening Bank Accounts have become easier today. You no longer need to visit bank branches with originals and photocopies of your documents. Open the account from the comfort of your home by opting for a digital or online account. While you can conduct different transactions, you need not bother about long bank queues for every transaction. 

Here are the steps to follow to open a Bank Account online: 

Research a bank

Scouting for a bank is the first step in the online account opening process. Consider the bank sector. For instance, there are public and private sector banks. The private sector banks offer better benefits. You should also consider factors like the interest rates offered on the sum parked in the account, maintenance charges, Debit or Credit Card facilities, and interest rates on online Fixed Deposits, and then finalise the bank. 

Select a suitable account

The next aspect is selecting an account to open. Typically, you can open Savings Account online. Become aware of the different types of Savings Accounts offered. For instance, you can open a Zero-Balance Account or a Premium Account with higher minimum balances. The facilities you get depend on the account type. Opting for accounts with higher minimum balance lets you earn higher interest rates on your savings.

Account opening form

Once you decide the bank and account type, you can proceed with the account opening process. Visit the bank portal where you wish to open the account and select the type. You can see the account opening tab. Click, and you get redirected to a new page where you can download the account opening form. This is a simple form where you need to mention personal details such as name, address, contact details and the account type you need.

Attach documents

If you decide to open an online Bank Account, you can attach the documents once scanned. Attach them with the duly filled account opening form. Typically, you provide scanned copies of your ID and address proofs such as PAN and Aadhaar Card. You also need to submit another copy of your self-attested PAN and Aadhaar Card for the e-KYC formality, which is mandatory for opening and using different accounts, including online accounts. 

Verification and account access

Once you submit the application request, the bank checks your documents. The bank verifies all the information in the application form. You may also receive a phone call from the bank as a part of their verification process. Once done, your application gets processed, and the account is accessible. The banks then send you a welcome kit, including Online Banking passwords, Debit Card, cheque book etc., to your mailing address.

So, if you wish to open the account, you should consider the online process. It is quick, easy, instant, and convenient. It is also a time saver as there are no maintenance costs involved. 

 

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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