Your first step into the world of personal finances needs a bank account, but new applicants often come across the question: How to open a bank account?
The simple answer is you approach a bank, fill out an application form, submit documents, and complete the KYC process to open your bank account. Banks and financial institutions accept applications online with a complete paperless signup process. Read below to open a bank account online.
What are the steps for opening an account online?
With E-banking services, you can perform transactions and payments within seconds without visiting the bank physically. To offer an easy process, banks accept online applications with paperless documentation, and you can conveniently open an account within minutes. Go through the following methods to start an account online through these steps:
1) Submit the application form
In the first step, fill out the application form and submit it. But before proceeding, carry out thorough research on banks to find a suitable account. First, compare the different banks based on their features and offers.
Focus on the interest rate of the savings account. For instance, IDFC FIRST Bank is known for offering competitive interest rates on their savings accounts with a monthly interest credit option for your benefit. After selecting the bank, visit the official website and fill out the account opening application form. On the form, enter details such as your name, address proof, contact number, etc. Then, submit it.
2) Upload the official documents
After submitting the application form, you need to upload official documents. In the case of the online process, you need to upload soft copies of official documents such as the Aadhar card, PAN card, driving license, passport-size photographs, and form 16 (If the PAN card is not available). In some banks, you may also need to self-attest your documents before submitting them. Hence, before opening an online bank account, check out the finer details of the process.
3) Completing the KYC process
The KYC process is a crucial step during the application process. The RBI has made KYC mandatory before banks approve your application to open an online account in their banks. In the KYC process, the bank representative will verify your identity by checking the details on the application form against the documents submitted. Some banks like IDFC FIRST Bank may also offer you the option of video KYC.
4) Logging into the account
Once you complete the KYC process, the bank will send you the net banking credentials to your registered email. Enter the login credentials and access your bank account after it is activated. Subsequently, you can transact, manage, and enjoy various financial services offered by your bank’s net banking service.
With digital influence, registering for a bank account is much easier but before opting for an account in a bank, check its features and the interest offered. If they meet your requirements, proceed to open your account in that bank. Doing so will be beneficial for you in the long run.
