Opening accounts have become easier than ever. You need not visit the bank with originals and document photocopies. You can open an account from the comfort of your home by opting for a digital or online account. When you operate all transactions, you need not bother about long queues for any and every transaction.
You need to, however, follow some steps to open bank account online. They are:
Select a bank
Choosing the right bank is critical for opening an account online. Consider the sector under which the bank belongs; for instance, public sector banks might be safer, but private sector banks offer better benefits. Consider aspects like interest rates offered on the sum parked in the account, maintenance charges, debit or credit card facilities, and the interest rates offered on online fixed deposits, and then accordingly finalise the bank.
Choose the account type
There are numerous bank accounts accessible. Nowadays, you can open a savings account online, but a handful allows you to open a current account online. Even if you open a savings account, be aware of the different savings account. For instance, open a zero-balance savings account or a premium account with higher minimum balances.
The facilities you get depends on the bank account type. Opting for accounts with higher balance requirement lets you earn higher interest rates.
Fill the application form
Once the bank and account type are decided, proceed with the account opening process. Visit the bank with whom you seek to open the account. You will see the account opening tab, which you should click on. You then get directed to a new page, from where you download the account opening form. This is a simple form where you mention your details like name, address, contact information, and the account type you need.
Scan the documents
When you open bank account online, submit scanned copies of the relevant documents. Attach them along with your duly filled application form. Usually, provide the scanned copies of ID and address proofs which include PAN and Aadhaar card. Provide another copy of the self-attested PAN and Aadhaar for completing the e-KYC formalities that are compulsory for opening and using all accounts, including the digital ones.
Verification and account opening
Once submitted the application and documents, the bank verifies all the information. You could either receive a call from the bank since it is a part of the bank verification process. Once done, your application gets processed, and the bank account is operational. The bank then sends you a welcome kit which includes the net banking password, debit card, cheque book, etc., to your mailing address.