The ultimate guide to online account opening for a new bank account
With the rise of digital banking, opening a bank account has become easier than ever. Whether you need a savings account or an account for other purposes, the online process allows you to open an account from the comfort of your home. This post will walk you through the essential steps to open bank account online, requirements, and eligibility.
Savings account eligibility
The following individuals can open a savings account:
- Indian citizens: Any citizen of India, residing in India or abroad, can open a savings account. This includes native Indians as well as naturalised citizens.
- Residents of India: Foreign nationals residing in India are also eligible to open a savings account, provided they meet eligibility criteria set by the Government of India, such as a valid visa and proof of address.
Required documents
The documents required to open a savings account differ slightly for online and branch applications:
Online application
For opening a savings account online, the following documents are mandatory:
- Aadhaar Number: One’s unique 12-digit Aadhaar number acts as proof of identity and address. It is issued by UIDAI to all residents of India.
- PAN Card Number: The 10-character Permanent Account Number issued by the Income Tax Department also serves as identity proof. Submitting the PAN details is compulsory.
Branch application documents
To open a savings account in person at a bank branch, applicants need to submit:
- One passport size photograph: A recent colour passport-size photo against a light background for account opening records.
- PAN Card or Form 60: Submit a copy of the PAN card issued by the Income Tax Department or complete Form 60 if no PAN is available.
- Any one of the valid IDs*: Any one of the following documents for identity and address proof: Aadhaar card, passport, voter’s identity card, driving license, NREGA job card or national population register letter.
*The ID must contain name and address details and be duly signed by the issuing authority.
Steps to open a savings account
Here are the steps to open an online savings account:
● Step 1: Go to savings account online application link
Navigate to the bank’s website and find the link or page to apply for a new online savings account.
● Step 2: Enter personal details
Fill in your full name, mobile number, email address, Aadhaar number, PAN number and other personal and occupational details.
● Step 3: Fund your account
You will need to fund your new savings account through options like net banking, debit card, UPI, etc. Follow the instructions to transfer the minimum amount.
● Step 4: Complete video KYC verification
For enhanced security, you may be required to complete a quick video KYC process by submitting your ID proofs online.
● Step 5: Account activation
Once your details and documents are verified, your savings account will be opened and activated immediately.
● Step 6: Account information
You will receive your new account details, such as account number, customer ID, and IFSC code, via email and SMS.
● Step 7: Access online services
Use the provided details to log into online banking and access features like checking balance, transfers, mobile check deposit etc.
The bottom line
Opening a new bank account online is convenient and hassle-free, saving you time and effort. With just a few clicks, you can set up your account and get it ready to use. Ensure you have all the necessary documents and select an account that meets your financial needs. By following this guide, you can smoothly navigate the online account opening process and start managing your finances more efficiently.