Do you want to open a Savings Account instantly? Are you taken aback by the long queues at bank branches? Is paperwork keeping you away from enjoying the benefits of an advantageous Savings Account? Well, opening an account online can save you so much hassle.

Yes, today, you can simply visit a bank’s website or download their Banking app and open an account right from the comfort of your couch with these easy steps:

Compare

Before you narrow down on a bank, compare all the probable options online. Things you should look for before deciding upon a bank include probable charges, annual percentage yield, ATM accessibility, etc. Additionally, determine how much money they need you to maintain as a minimum balance in your account.

You can also check if they offer convenient features like Mobile or Internet Banking, Debit or Credit Cards, etc. before you select a bank.

Gather necessary documents

After you have decided on the bank, you need to arrange and keep all the required documents handy. These include ID and address proofs. Always check the bank’s website for eligible documents before starting the process. Some banks may provide the option of using seamless video-KYC on your smartphone and make the process of opening a Savings Account way easier.

Choose account type

You can open Bank Account online for yourself. This is called an Individual Account. Alternatively, you can also jointly open an account with your spouse, parent, etc. Such an account is called a Joint Account. While Joint Account allow both persons to access the funds and features, the Regular Account enables only the owner to authorise transactions and transfers. So, choose an account that suits your needs before you begin.

Fill out the application

To start the process of online Saving Account opening, go to your bank’s website or download their app. Next, fill out the form carefully. Ensure that you enter all the necessary details correctly. Attach the required documents and recent photographs with it.

Make a deposit

To open the account, you need to make an initial deposit. The minimum amount may differ depending on your bank. You can transfer the amount using Online Banking modes.

Receive account details

Once you complete the process and deposit the amount, your bank will instantly verify all the details and set up your account at the earliest.

When your Savings Account is set up, the details are immediately sent to your registered e-mail address. You can use this to leverage all the online facilities, deposit money, and initiate transactions. The bank also sends your starter’s kit which includes a Debit card, chequebook, passbook, and other necessary bits to your registered mailing address. This reaches you in a few days. 

Keywords: savings account, online saving account opening, open a Bank Account

Jeff Morgan

Jeff Morgan is currently associated with NetworksGrid as a technical content writer. Through his long years of experience in the IT industry, he has mastered the art of writing quality, engaging and unique content related to IT solutions used by businesses. Topics like network security, managed firewall services, managed IT services and cloud computing like Best QuickBooks desktop hosting are his favorite.