Funds are a saviour in all stages of life, including emergencies. It solves most of your problems by making you financially stable and independent. Because of low repayment capacity, you escape the burden of borrowing money from relatives and landing in debt. Save money today for a brighter and more secure future.

Banks encourage customers and citizens to open a Savings Account in India to store funds and access them whenever required. You benefit from the interest on the idle funds in the account and flexible usage. You can also invest in other banking products like Mutual Funds and government schemes to earn higher returns.

Procedure

Digital technology overtook manual processes, thus reducing frequent visits to the bank for minor tasks, such as fund transfers or checking account balances. You can now operate your finances within a few taps or clicks on your smartphones and PCs. Follow these steps:

Visit the app

For an online Saving Account opening, you must access the app from your mobile. Enter your mobile number, upload the documents, and fill out the application form to initiate the process. Likewise, you escape frequent visits to the bank and the complicated paperwork involved.

Documents required

Regardless of your chosen method, you need to provide certain documents as proof while opening a bank account. These include your Aadhaar card, passport, driving license, PAN card, Form 16 (if not a PAN card), and two passport-sized photographs.

Video KYC

For an online Bank Account, you must have a camera and audio-enabled device. Once the bank notifies you of your KYC appointment, ensure that the documents required are in digital form or available on DigiLocker. You receive a video call link on your phone or email from an executive conducting the KYC. Answer basic details such as your name, birth date, and Aadhaar details. The executive captures your live photo and scans the KYC documents.

Bank documents delivery

The Welcome Kit sent to the customer is enclosed with a welcome letter, chequebook, and Terms and Conditions. You can also open a joint account with the bank on the Banking app, where both account holders receive the respective documents for individual operations.

Access full banking features

You are only some clicks away from conducting high-value transactions with a digital Bank Account. Whether you wish to check your account balances or the latest transaction statements, you can do it by logging in. Initiate fund transfers to payees in India and abroad and avail preferential currency rates on international fund transfers.

Why open it?

It is necessary to upgrade yourselves and your practices with time. The Digital India movement has garnered praise and promoted a cashless economy. Therefore, opt for the Mobile Banking facility.

Conclusion

Technology and banking have progressed. With the rise in smartphone users, everyone relies on apps for completing transactions.

Keywords: Savings Account, online Saving Account opening, online Bank Account