Are you planning to open a Bank Account? Well, you are on the right track towards taking ownership of your financial life. In 2020 the Indian government launched many schemes that let you open an account online hassle-free. Bank Accounts allow you to save funds and fetches an interest in them. So, it is not wrong to say you earn as you save.
Furthermore, opening a new Bank Account is not a tedious job either. You only need to have the required documents handy and ensure your internet is stable. It takes a few clicks to open such accounts online. Here are the steps to follow:
Select a bank
Most people select the bank where their friends or family have an account. While that does come with its benefits, you opt for a different bank. If you do not know which bank to choose, research other banks and see how they help. Browse through their services and products to make an informed decision.
Visit the bank website
Once decided on the bank, visit its website. Start your online new account open process by filling in the personal and professional information. Along with this, submit various documents such as:
- Aadhaar card
- PAN card
- Salary slips
- Employment proofs
To complete the process, make an initial deposit. Your bank then verifies the documents.
Select the product
Every bank offers a host of products meant to provide financial security. Once you hold a Bank Account, access its products, and consider those that best suit your needs. For example, if you run a business, you select Current Account, else choose Savings Account for parking your hard-earned funds.
Complete the e-KYC
Affix your photograph and provide your Know Your Customer details. This list of documents includes:
- Passport size photo
- Address proof (ration card, voter ID card or Aadhaar card)
Read the terms and conditions
Before completing the entire process, read all the terms carefully. Reach out to your bank’s representatives for any doubts. As you read these conditions, it is also crucial that you understand your bank’s norms for opening a new Bank Account with them. Getting a clear picture of your bank’s offering lets you make wise decisions.
Once the new account open, you receive a kit from your bank that includes a chequebook, passbook, Debit or ATM Card, and more.
Points to remember
Consider opening jointly with your parents or your earning sibling if it is a new account. This enables you to keep up with the requirements, such as maintaining a minimum balance. Plus, your parents and siblings also offer a better understanding of the banking services. While keeping a nominee to your account, ensure that you fill in their details correctly.