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Online Savings Account Opening

Open Savings Bank Account

Last Updated 27th Jan 2021

  • Saving account is the account which provides moderate interest on deposits.
  • Individuals can open the account either online or offline.
  • Online opening of saving account saves time and cost.
  • Open savings account at a minimum balance or zero balance.
  • Get best offers on savings account along with a variety of debit cards.
Apply for Savings Account

Compare Savings Account Rates and Types of All Banks

Bank Name Interest Rate Types of Savings Account
Axis Bank Savings Account Opening Online 3.50% - 4.00% Basic Savings Account
ICICI Bank Savings Account Opening Online 3.00% - 3.50% Regular Savings Account
Kotak Bank Savings Account Opening Online 3.50% - 4.00% Nova Savings Account
Yes Bank Savings Account Opening Online 4.00% - 6.00% Savings Value Account
Citibank Savings Account Opening Online 3.25% - 3.25% Citi Banking Savings Account
Standard Chartered Bank 0.50% - 3.25% Basic Banking Account
Bank of Baroda 2.75% - 2.75% BOB Savings Account
IDBI Bank 3.10% - 3.60% Super Savings Account
Indian Bank 3.50% - 3.75% Savings Bank Account
PNB 3.00% - 3.00% Saving Deposit (General) Account
SBI 2.70% - 2.70% Basic Savings Bank Account
HDFC Bank 3.00% - 3.50% Regular Savings Account
South Indian Bank 2.35% - 4.50% Regular Savings
Andhra Bank 3.00% - 3.00% Abhaya SB Account
Canara Bank 3.25% - 3.75% Savings Bank Account
UCO Bank 2.50% - 2.50% Saral Savings Deposit Scheme
DBS Bank 3.50% - 5.00% Digi Account
India Post Office 4.00% - 4.00% Post Office Savings Account

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.

Open Savings Bank Account Online

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.

What is the Eligibility of Opening Savings Account Online?

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.

Steps to Open Savings Account at Branch

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.

FAQs

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 Digibank Account by DBS 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.


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Our News - Jan 2021
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2021-01-18 : HDFC Bank net profit rose by 18%
    HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
  • 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
    Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
  • 2021-01-08 : IDFC First Bank increased interest rate on savings balances
    With effect from January 1, 2021, IDFC First Bank hiked the interest rate on savings accounts balances up to Rs 1 lakh to 7%. The bank was earlier offering an interest rate of 6%, which was much higher compared with the average 3-4% offered by most banks.
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