Online Savings Account Opening

Savings accounts are the deposits account held at any banks and financial institutes. They provide a moderate interest on a monthly minimum average balance maintained. Individuals can either open the savings account online or offline. Opening the savings account online helps in saving cost and time.

The online saving bank account process is a bit different for different banks. The basic steps are as follow:

• Compare all the bank offers and the saving account products.
• Select the best saving account product.
• Visit the bank’s website.
• Login into the account or initiate the online process to open the savings account provided on the official website.
• Fill in the application form and enter your name, address, date of birth and other various details.
• Provide all the relevant Savings Account documents which include Aadhar, Voter ID, PAN Card or any other relevant document which fulfils the KYC requirements.
• On submission of the documents, the bank or financial institution will initiate the verification process.
• If all the documents and information is authentic approval will be granted, the account will be activated within 3-5 working days.

The eligibility criteria of the savings bank account can be different for different banks and it may vary for products. The common criteria are as follows:

• Resident Individuals
• Foreign nationals residing in India
• Non-Resident Indians
• Should be at least 18 years old
• Minor accounts can be jointly be opened with a parent or guardian.

The steps to open a saving bank account at the branch are as follow:

• Do thorough research about all the available saving account options and select the best savings account.
• Visit the bank where you want to open the savings account.
• Fill the account opening form and make sure that you check all the information provided. The information in the forms must match the information in the KYC documents.
• Submit the form and the KYC documents.
• To open an account, you will be required to make an initial deposit of a certain amount and this amount differs from bank to bank.
• After the completion of the verification, you will be provided with the cheque book, passbook and other relevant documents related to the savings account.

✅Is it safe to open a savings account online?

Yes, it is safe to open a saving bank account online. All banks and the government of India takes the utmost care in making the online opening of saving account safe and secure.

✅Which bank offers online account opening?

Almost all the banks offer online account opening like State Bank of India, HDFC Bank, ICICI Bank and other banks.

✅Can I open a bank account online without going to the bank?

Yes, you can open a bank account without visiting the bank account. An individual can open a saving bank account by visiting the bank's official website.

✅What are the best online savings accounts?

The best online saving account depends upon the individual requirement and that can be minimum balance requirement and high-interest rate. If you want to open a zero balance account then Yes First by Yes Bank can be a preferred option at a high-interest rate. Some of the other online saving accounts are Digital Savings Account by Standard Chartered Bank, Regular Savings Account by HDFC Bank and Insta Savings Account by State Bank of India.

✅Can I lose money in a savings account?

If you are not maintaining the minimum required balance in the savings accounts, then you could lose the remaining money to minimum balance charges unless you deposit money to reach the minimum required balance. In the scenario of the bank failing, only a specified amount is covered under deposit insurance by the Deposit Insurance and Credit Guarantee Corporation. Besides, there is inflation factor too, which can create a situation where the rate of inflation is higher than the rate of interest on the savings account. Although, it would still be better than keeping it as cash.

✅Which bank is the most secure?

Almost all banks are secure and safe and individuals can choose to open a savings account in any bank. Some of the top banks that offer high security on savings account are SBI, HDFC Bank, ICICI and DBS Bank.