In an age of instant gratification in all spheres, there is no reason why “instant” can’t extend to banking. Today, all your banking activity can be conducted online, saving you ample time and trouble. Even something as basic – and indispensable – as a savings account can be opened instantly, without you having to go through the hassle of personally visiting the bank. As a matter of fact, you can now open a savings account online in just 10 minutes, with most banks following a similar procedure. Here’s a step-by-step guide to opening a savings account online (instantly!):
Step 1: Choose a Bank
Before going online, this is something you should have done already. Make sure to read reviews and ask around. Do consider factors such as convenience of a bank branch and digital features offered by the bank. Try to opt for a bank that charges little or no fees.
Step 2: Visit the Bank Website
You may use your mobile phone or laptop to visit your chosen bank’s website. This can be done anytime, and from any place. Make sure to keep your documents ready.
Step 3: Furnish Relevant Details & Documents
Fill in your basic details. All banks require certain documents to be submitted to open a savings account. These are:
- PAN Card (or Form 16 in the absence of PAN)
- 1 identity proof document: Aadhaar, Passport, Driver’s License, Voter’s ID, etc.
- 1 address proof document: Aadhaar, Passport, Driver’s License, Voter’s ID, etc.
- Copy of your digital signature
- 2 latest passport size photographs
Step 4: Complete the Video KYC Process
Your documents are verified by the bank via a video call on your given mobile number. A bank official will call you to complete the online video KYC process. In order to complete this step, you need to give access to your location, camera and microphone on your smartphone.
Step 5: Explore your Savings Account
After completing the online KYC process, your bank begins the process of opening your account. You will subsequently receive details of your account number in your email. You can now fund your account by depositing the minimum monthly balance. Your cheque book and debit card will be sent within a few days to your registered address.
Step 6: Login via NetBanking
Once you receive your customer ID and account number, you will be able to begin operating your account. Get started by logging into NetBanking or MobileBanking to create a password.
As illustrated above, opening a savings account online is an instant task that literally takes only a few minutes. Some banks like IndusInd Bank have further simplified the online application process by restricting the journey to four simple steps i.e. a) verification via PAN and Aadhar card b) filling in your details c) video KYC process d) funding your account. IndusInd Bank offers a numbers of savings accounts that come with a world of benefits, each account type designed to meet different needs and goals.
Ready to open a savings account online? Get started now!