5 Easy Steps to Open an Instant Bank Account Online

5 Easy Steps to Open an Instant Bank Account Online

Perhaps, you’re wondering, “Can I open a bank account online?” Well, yes! The best banks allow you to open an instant bank account online. This has various advantages. The account opening procedure can happen in just a few minutes. You need not travel to the bank. Instead, you can carry out the process right in the safety of your home! This is a great relief, especially in the current times.

Now that you see the benefits of opening an instant bank account online, here are the 5 easy steps to do it. 

Check if the Bank Lets You Open an Account Online

Choose a reputed bank that allows opening an instant account online. Then you can enjoy carrying out a video KYC documentation procedure and it becomes digital and paperless. 

See the Eligibility Criteria

Now you need to learn whether you’re eligible for opening a savings account in the chosen bank. For that, visit the bank’s website and check the eligibility criteria that may include:

  • Indian citizens
  • Residents of India
  • Foreign nationals who reside in India and meet GOI criteria

Do you meet the eligibility criteria? Congratulations! You can now go ahead and create a new account. 

Learn about the Documentation Procedure

Right on the bank’s website, you can also find the documents necessary for opening an instant bank account online. 

Do you opt for opening a bank account online with zero balance without your PAN card? The good news is that a top bank allows you to do that. You just need to submit your Aadhaar number and a Form 60 instead of your PAN number. 

Can you Enjoy the Best Interest Rates? 

Now it’s time to check whether the bank offers highly competitive interest rates to maximise your savings. For your convenience, a top bank also automatically credits the interest you earn every month to your savings account. Moreover, you can use a savings account interest simulator on the bank’s official website. It automatically calculates the interest earned at it and your existing bank for comparison. You just need to choose your account balance and the existing bank’s interest rate. 

Can You Get Multiple Free Services?

Check if the chosen bank charges zero fees on certain services and transactions like:

  • Stop Payment on Cheques
  • Net Banking
  • Cash withdrawals at ATMs anywhere in India
  • Standing Instruction- Amendment/Execution/Set-Up
  • Statement request
  • Passbook Issuance & Printing
  • Interest/TDS Certificate
  • Alerts for transactions on your account
  • Balance Confirmation Certificate
  • Outstation Cheque Collection
  • DD Revalidation/Cancellation
  • DD- Duplicate Issuance
  • Debit Card re-issuance
  • Re-issue of Cheque Book
  • Balance Enquiry (Channels/Branch)
  • Electronic funds transfer (RTGS/NEFT/IMPS) outward and inward

Open Your Bank Account Online

Once you’re satisfied with all the facilities of the bank, open an instant savings account online. Follow these simple steps:

  • Visit the bank’s official website.
  • Tap the “Open Account Now” button.
  • Upload the required documents online. 
  • Open your new savings account!

After opening an instant bank account online, go ahead and deposit your desired amount of money in the account. Watch it sit and grow with the power of compounding!