Categories: Business

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

People are constantly looking for simple methods to save money. A savings bank account is a popular way to do this. You might be thinking of opening one, but you might be delaying the process thinking about the long hours of waiting and lengthy paperwork. Traditional offline banking methods were indeed quite tedious, and it is hard to fit this process into busy schedules.  But those days are long gone. Nowadays, most banks offer online account opening options, which are super quick and easy. But even then, the online process can be a bit confusing for someone set in the traditional ways or if you are completely new to banking. This article will provide a thorough guide on the different steps that are required for an online account opening to assist you effectively.

Select the Bank

The first step is to choose the bank. This is extremely important since this step will essentially determine the rest of the process. Do some proper research on the interest rates and other information before finalising the bank. IDFC FIRST Bank is an excellent choice for online account opening due to its quick processing and effective customer service. Besides, it also offers a number of options in savings accounts along with competitive interest rates.

Choose the Savings Account Type

Assess your financial needs and choose the type of savings account. Go through the different types on the chosen banks website and check their minimum balance requirements along with the respective interest rates. IDFC FIRST Bank offers interest starting from 3.00% to up to 7.00%. You can also use interest rate calculators to have a better understanding. Check for eligibility for different account types as well.

Gather Documents

The major advantage of online account opening is that it is fully paperless. You need your PAN card and Aadhaar card which you have to upload online through the bank website. These two documents will act as your identity and residence proof, reducing the need for separate documents for each. Make sure you have these ready before you begin the process to open bank account online.

Step-By-Step Process

Once you have completed your research, select the bank and account type and assemble your documents, following the below steps.
  • Click on the Link: To start the account opening process, go to the chosen bank’s official website or download their mobile app. To continue, look for the “Open an Account” or “Get Started” option and click on it.
  • Fill Form: Follow the instructions to complete the online application form. Verify your entries one more time before submitting the application.
  • Choose Account Type: Select your savings account type. This will help in structuring your account. Make sure to reassess before choosing.
  • Fund Deposit: You must deposit money into your new bank account as soon as your identity has been confirmed. Check for fund transfer options.
  • Verify KYC: Complete your KYC verification to start using your savings account. IDFC FIRST Bank allows for easy video KYC verification that can done from anywhere.
Online account opening results in instant accounts. With prominent banks like IDFC FIRST Bank, the entire process gets done super-fast, and your account becomes ready in less than two minutes.  You can thus open an account at any time and enjoy the benefits of savings account.

Bottom Line

The most practical and effective way to manage your funds is to open bank account online. By following our step-by-step instructions and comprehending the advantages of a savings account, you can easily navigate the process and take advantage of Internet banking. Open a bank account online to get started on the path to financial empowerment.

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