Trans4mind Home Page
Home Article Library Finance, Business & Law

How to Open a Savings Bank Account
in a Few Minutes?

A savings account is your first step towards financial planning. It's a great way to earn interest on deposited funds and use the money promptly when needed. The best thing is that the savings account online allows you to conduct all digital transactions from the comfort of your own home.

With a plethora of benefits available, you may be asking how to open a bank account online. Opening a bank account online is a simple and quick process that takes only a few minutes in today's digital age. Continue reading to learn more.

How to Open a Savings Account Almost Instantly?

Banks can use the Aadhar-based OTP method to open savings accounts online. The KYC is performed by video from a bank employee, allowing you to open an account and begin using it instantly. As the account opening process is online, you do not need to visit any bank branch physically to fill out forms. However, before availing of the service, check your eligibility.

Eligibility Criteria

The general eligibility requirement followed by banks is:

  • An Indian resident
  • Age 18 years and above
  • A mobile number that is linked to Aadhar card

Procedure to open a savings account online:

You can follow the simple process outlined below to open a bank account.

Step 1: Visit the Bank's Website

A straightforward way to open an account is to go to the bank's website. First, fill out the savings account application form. After that, you must submit the form along with the necessary documents. Then, the online portal can be used to upload the documents, eliminating the need to visit the bank branch. 

Step 2: Keep the Documents Ready

The documents required to open your savings bank account are:

  • Aadhar card
  • PAN card
  • Two passport-size photos
  • Your mobile number

Step 3: Verification Process

You can now verify yourself online by submitting your application and KYC documentation. The OTP will be sent to your registered mobile number. Moreover, you can also use the video call method (optional) for self-verification.

Step 4: Account is Operational

Your bank account is created after verification. Following that, you will receive your account number, customer ID, and other bank details via SMS or email.

Key Features of Online Savings Account

The main benefits of opening an online savings account are mentioned below.

  • The savings account is swiftly opened, and your account number is generated and handed to you so that you can access your account right away. 
  • Your account enables instantaneous fund transfers at any time and from any place. 
  • An online bill payment option is available to pay all of your groceries and utility bills. 
  • You receive e-statements and SMS message alerts on all online transactions.
  • You will receive a debit/credit card with fantastic online shopping discounts with your savings account. 

Online savings accounts are a convenient method of banking in today's digital age, where you may access the services promptly. Not only is the procedure of opening an account convenient, but the process of operating your new bank account takes very little time. So, what are you waiting for? Use your favourite bank's service today.

More articles about Finance, Business & Law
You'll find good info on many topics using our site search:
HomeEmail Webmaster