Gone are the days, when you had to stand in long queues and go through a cumbersome process to open a Savings Account. The process would usually take days, in some cases even months for the process to be completed. In this age of technological revolution, where Internet has made the world a smaller and less complicated place, almost all banks now have their respective Website/App that allows you to open your Savings Account online. This has also eliminated the entry of the ‘middleman’ making the process more transparent.

For customers that wish to save for the future and earn from their deposits, opening a savings account online is probably their best bet.

Let us analyze step by step the process to open a Savings Account Online.

• Steps to Open Checking Account/Savings Account Online:
• Firstly, let us analyze the eligibility criteria to open a savings account or Open Checking Account:
• The Applicant should be a citizen of India.
• The Applicant should be 18 years or above.
• In case of a minor, the parents or guardian can open an account on their behalf.
• The Applicant should have a valid identity and address proof that is government approved.
• Following approval from the bank, the applicant has to make an initial deposit, depending on the minimum balance requirement of the savings accounts you have chosen.
• Subjected to eligibility, Complete the following steps to successfully open Savings Account online or Open Checking Account:
  • Visit the desired bank’s website/app.
  • Click on “Apply Now”
  • Choose the desired Savings Account.
  • Fill in the application form- name, address, date of birth and other relevant details.
  • Click on Submit
  • Once the details have been submitted, the bank will intimate you to visit the branch with the respective KYC documents, proof of identity and address.
  • On the submission of documents, the bank will initiate the verification process.
  • Following approval, the account will be activated within 3-5 working days.
  • The applicant will receive a savings account welcome kit from the bank containing :
    • ATM- Debit Card
    • ATM Pin
    • Cheque book.

In this fast-paced world, where standing in queues and going through the tedious process is not really an option, technical revolutions like internet Banking have greatly reduced the complexities of a banking process. Opening savings accounts or Open Checking Accounts once thought of a long procedure has now been reduced to a few clicks thanks to the internet.