Signing up for a bank account earlier was quite a time-consuming process. Applicants had to visit the bank during working hours, get behind long queues, submit various documents, and wait for the verification process to get done before they could get a new bank account. This process has become much easier today, with applicants opening savings accounts right from home! Read on to learn about the process to open a savings account online:
- Do your research
The first step to signing up for a bank account through a bank mobile app is researching the different banks. Also, make sure to read up on the different types of bank accounts. In this step, you should look up the different accounts offered by different banks. One of the things that you should check is the rate of interest offered. Preferably, look for a type of account that offers a good interest rate. For instance, one of the best banks in India with industry-beating rate of interest on its savings account is IDFC FIRST Bank.
- Fill out the application form
After finding a bank that offers a good rate of interest, proceed to the website of the bank, and access the application form to open a bank account online. On the application form, you are required to enter your personal details. These details include your name, contact number, and residential address. Once you have submitted the form, keep your official documents ready for submission.
- Submit all the required documents
The advantage of submitting documents on one of the mobile banking apps for Android or IOS is that it is very convenient. All you should do to open a bank account online is submit soft copies of official documents. An Aadhaar card, license, PAN card and passport are some of the documents that you can submit. However, before you opt to open a bank account online, please note that the official documents required might differ from bank to bank . Also, before submitting the documents, check details on them to make the KYC process smoother.
- Complete the Know-Your-Customer (KYC) process
This is a mandatory procedure that you are required to finish before the bank approves your application to open a bank account online. In this procedure, a representative for the bank double-checks the details provided on the application form. While generally, this process is usually completed in one go, nowadays, you can also schedule it according to your convenience. The facility of video KYC ensures that you can complete the KYC process through a video call that can be scheduled at your convenience. After KYC is done you just need to wait to receive the account details from the bank.
- Access banking services
The account details from the bank will include the account numbers, ATM cards, and the net banking account’s login credentials. You can use login details for signing into your online account and start banking.
Go through these five steps above to open a bank account online. If you wish to keep a regular check on your monthly expenditures, consider the mobile and net banking services offered by your bank.
