Here’s How You Can Open A Savings Bank Account ASAP

by How to Guides 11 May 2024

Savings Bank Account

Banks have made it convenient for customers to open an online savings account.

Whenever you want to open an online savings account, it is not a 100% digital process. Rather, you can say that 60% of online applications and 40% of offline processes you need to maintain. 

You need to understand the facts that can assist you in managing your account 24/7 without any problem. Then, you should follow the process that can assist you in meeting your needs with complete ease.    

Follow the best process that can make your life easier in this regard. You should not make things too complex from your end while opening your savings bank account. 

Online Savings Account Opening Procedure

Here are the steps that customers must follow to open an online savings account:

  • Customers should visit the bank’s account-opening link: For your online account opening, banks will give you an account-opening link that leads you to the bank’s website. Customers must visit this link as the first step, either by installing the bank’s mobile banking app or by visiting their site. 
  • They must provide personal details and upload the required documents to complete the KYC process. You need to upload all the essential documents that are important for your eKYC completion process. Some of the essential documents here include PAN, Aadhar Card, and your respective ID proof. These documents have a significant identity in the eyes of the law. 
  • Next, they must select their preferred category of savings account: Banks offer various categories of savings accounts, such as regular savings accounts, zero-balance savings accounts, and senior citizen’s savings accounts. The customer must, in this step, select their preferred category of online savings account. 
  • In the final step, they must fund their savings account and complete Video KYC: The final step involves funding one’s savings account. Customers must note that most savings accounts have a minimum balance requirement. A customer should verify the minimum amount that they must maintain in their savings account before funding it for the first time. For some banks like the IndusInd Bank, this step also requires customers to complete their video KYC which can usually be done from anywhere, anytime.

Customers should follow these four steps to complete the online bank account opening procedure. 

Documents Required To Open A Savings Account

Banks generally require four categories of documents to help customers open a savings account through an online savings account opening procedure:

  • Age and identity proof-related documents: These documents include one’s PAN card, voter ID, passport, and driving license. 
  • Address proof: Includes one’s Aadhaar card, driving license, voter’s ID, passport, and utility bills. 
  • Photographs: Generally, the bank requires the customer to submit two passport-size photographs of themselves. 
  • Senior citizen card: For senior citizen savings accounts, customers must provide their senior citizen card as age proof.   

Advantages Of Opening A Savings Account

Any Indian citizen who is above 18 years of age can open a savings account in India (individual accounts and joint accounts). Minors, too, can open savings accounts with the help of their parents or guardians.

Here are the key advantages of opening a savings account: 

LiquidityA savings account holder can withdraw and deposit money as often as they choose. This feature may vary based on the category of savings account that the customer has chosen. 
Insurance-related benefitsBanks offer benefits such as accident insurance, health insurance, and lost card liability as add-on benefits through their savings accounts. 
Increased accessibilityAn online savings account opening procedure helps customers access their savings account 24/7 through their bank’s dedicated mobile app.
Money transfer optionsCustomers can choose from a variety of options to transfer their money, including UPI, IMPS, NEFT, and RTGS.
Automated PaymentsCustomers can also choose to automate their regular payments like bills and investments for auto-debits from their savings accounts.
Auto sweepThis feature helps customers book an FD using their surplus savings account balance. For instance, IndusInd Bank’s Indus Multiplier Max Savings Account offers the smart sweep feature that automatically books a balance over ₹20,000 as a fixed deposit in the multiples of ₹1,000.

What Are The Tools & Resources To Manage Savings Bank Account?

 Tools & Resources To Manage Savings Bank Account

There are several tools and resources present to manage savings bank accounts. You must be well aware of it while reaching your goals with ease. Ensure that you follow the correct process from your end while reaching your requirements with clarity. 

1. Mobile Banking App

You can check your balance and transaction history on the go. It is possible to check the balance in your savings account with the help of transaction history in your mobile app. Additionally, you must be well aware of the scenarios that can assist you in meeting your goals. 

With some app limitations, you can deposit cheques remotely with absolute ease. Scheduling automatic transfers to your savings account will become easier for you due to it. You should consider these facts from your end while meeting your goals with ease. 

2. Online Banking Platform

Your bank website will offer you the opportunity to make use of their online transaction process. Making use of the similar functionalities of the mobile app will offer you additional features for more complex transactions.    

Ensure that you know the process from your end while reaching your goals with complete ease. Here, effective planning matters a lot. You can make the complex transaction within seconds. So, you should be well aware of the facts while meeting your goals with ease. 

3. Customer Service

Do not hesitate to contact the customer service support of the banks if you have any questions or queries in your mind. This will help you to make complaints against any other fraudulent activities that can bother you in the long run. 

You should understand the reality while reaching your goals with complete ease. Ensure that you follow the perfect solution that can ease your requirements with complete simplicity. 

4. Budgeting Apps

Budgeting apps you can connect with your bank account to get several forms of benefits out of it. One of the most crucial facts that you should be well aware of in this regard is you can categorize your spending

The second most important fact that you should be well aware of is to set and track all the savings goals. You can create a budget to keep all your spending in check. Additionally, you must be well aware of the scenarios that can assist you in meeting your requirements with complete ease. 

5. Financial Blogs & Podcasts

You can make use of financial blogs and podcasts that can assist you in meeting your requirements with complete ease. Additionally, you must not be too conscious about the facts that can make things more complex for you. 

There are numerous resources that offer you free financial literacy advice. This will help you to manage money in the correct order. You cannot make your selection and choices on the incorrect end. 

To Sum Up

Customers must follow a four-step procedure to open an online savings account. They must first visit the account-opening link, then upload their documents for e-KYC, select their preferred category of savings account, and fund their account.

Opting for an online savings account opening can help customers save time and enjoy other benefits, such as 24/7 access to their accounts and automated payments. 

Hence, you can share your opinions on it in our comment box. This will boost our confidence and in the next time onwards you will get more detailed information. 

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With an adept skill of curating content on multiple genres, Mony has harnessed success as a Content Writer. Find her sharing profound thoughts and opinions on business and startups. She also loves talking about lifestyle, beauty and fashion.

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