Steps To Open Bank Account Online

Opening a bank account has become easier today. You no longer need to visit the bank with originals and photocopies of your documents. You can open the account from the comfort of your home by opting for an online account. While you can conduct all kinds of transactions, you need not bother about long bank queues for all transactions.

Here are the steps to open bank account online:

Select a bank

Choosing a reputed bank is an essential step in the process of online account opening. Consider the sector where the bank belongs; for instance, public sector banks are safer than private-sector ones. Also, private sector banks offer better benefits. You should also consider aspects like the interest rate on the sums parked in the account, maintenance charges, if any, debit or credit card facilities, and interest rates offered on online fixed deposits, and then finalise the bank.

Select the account type

There are various accounts that banks offer. Typically, you can open savings accounts online, and a few banks also enable you to open a current account online. Even if you opt for the savings account, be aware of the different types. For instance, you can open a zero-balance savings account or a premium account with higher minimum balances. The facilities you get depend on the type you choose. Opting for accounts with a higher minimum balance allows you to earn higher interest rates.

Fill the account opening form

Once you have decided the bank and account type, proceed with the bank account opening process. Visit the bank portal with whom you seek to open the account and select the type of account. You see the online opening tab, which you should click on. You then get redirected to a new page, where you download the account opening form. This is a simple form where you need to mention your details such as your name, address, contact details, and account type.

Attach documents 

If you opt to open bank account online, keep scanned copies of your documents ready. You must upload them along with your application form online. Typically, provide scanned copies of your ID and address proof and your PAN and Aadhaar Card. You must also provide another copy of your self-attested PAN and Aadhaar Card to complete the e-KYC formality, which is mandatory for opening and using all accounts, including digital accounts.

Verification and account opening

Once you have applied, the bank checks documents and your details mentioned. The bank verifies them. You may also receive a phone call from the bank since it is a part of their verification process. Once the verification ends, the application gets processed, and the account is accessible. The banks then send you a welcome kit which includes the net banking passwords, debit card, cheque book etc.

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