Step-by-Step Guide: How to Open a Bank Account Online

Opening a savings account is one of the first steps towards building financial stability. Not only is it a safe place to set aside extra funds, but it also opens up a myriad of opportunities to get the most out of your money. Savings accounts are the starting point for everything from earning interest on your savings to obtaining life insurance.

Additionally, having a savings account means you can send and receive money easily – both physically through cash or cheque or electronically via cards and digital payments. You can track your expenses with bank statements, travel cashlessly with your debit card, and avail discounts on purchases, all with a savings account.

If you don't have a bank savings account already or are planning to open another one, there are two ways to go about doing it. One way is to visit the bank physically, and the other is to open a bank account online.

In this article, we'll discuss the process to open a savings account online and explain the step-by-step process.

Choosing the right bank

To choose the best bank for you, you must do a little research. These questions will help you make the right choice.

• What type of savings accounts do they offer?

• What interest rate does the bank offer on savings accounts?

• What is the minimum balance to be maintained, and what is the penalty for not meeting it?

• Are there any cheque bounce charges?

• Are there any fees for new chequebooks, duplicate statements, NEFT, etc.?

• Do cash withdrawals have limits?

• Does the bank offer 24x7 netbanking?

If you're evaluating banks, why not visit IDFC FIRST Bank here? IDFC FIRST Bank offers over 25 savings account facilities and services at zero cost, helping you save more.

Documents needed

The bank will need to ascertain your identity (ID) and place of residence, so you must get a soft copy of the paperwork ready to submit online. This may vary from bank to bank, but a broad list for online KYC (know your customer) is given below.

Any of these will serve as ID proof:

• PAN card

• Aadhaar card

• Voter ID

• Passport

• Driving licence

• Government-issued photo ID card

For the place of residence/address proof, you can produce any of these:

• Passport

• Aadhaar card

• Driving licence

• Utility bill (electricity, phone etc.)

• Voter ID

• Ration card

• Attested declaration from a gazetted officer or public authority

Additionally, be ready with your latest passport-size photos.

Applying for a savings account

Since you want to open a bank account online, you would have chosen a bank that offers the facility. Their website or app will likely have the option for new account opening. Click on it to begin the savings account opening process.

Next, you will have to fill in the application form that asks for basic information such as your name, date of birth, email ID, phone number etc.

Activating and funding the account

After the bank processes your application and documents, you will receive your customer ID that will allow you to activate your account and start internet or mobile banking. You will have to make an initial deposit, which can be done by transferring funds from another account.

Managing your savings account

There are several fees and charges associated with operating an account, most of which are disclosed to the customer during the account opening process. For any further query, you can always contact the customer care.

In this day and age, it is also advisable to set up your mobile banking account. Simply download the app, set up your MPIN, and log in. Be sure to monitor your account activity and stay on top of any price changes or fee announcements.

Gain an edge with IDFC FIRST Bank

Choosing the right bank for your savings is an important financial decision. After all, it's your hard earned money you're entrusting to them. So, when evaluating different banks for your savings account, remember to look for three things: the banks' credibility, rates and fees, and the extra features it offers you.

IDFC FIRST Bank offers a high rate of interest, monthly interest credits, zero fees for over 25 banking facilities and services, and much more. A few other benefits specific to Internet banking are:

• Unified experience across devices

• Easy transfers via NEFT, IMPS and RTGS

• Quick bill payments

• Easy loan management

• And perhaps the most important for all of us - regular savings and wealth creation

In conclusion

Savings accounts with high interest rates and minimal fees provide peace of mind for account holders. Therefore, it's imperative that you consider these factors when choosing a savings account with any bank.