In today's digital India, having a working bank account is essential. It allows you to securely manage your funds, make online payments, and establish a credit history. However, with so many institutions and account types available, opening your bank account can be intimidating.
This comprehensive guide will help you through the process of opening a bank account in India online, making it simple and stress-free.
Before we look at ‘how to open a bank account in India’, we need to know the documents required to submit at the bank. The following are the most common documents requested by banks.
Aadhaar card
Proof of identity (PAN card, Driver's license, or Passport)
Proof of address (Voter ID, Driver's license, or Passport)
Form 16 (if you do not have a PAN)
Latest passport-size photographs
Depending on your bank, you may have to self-attest your documents before submitting them online
Now let us understand the process of opening an online bank account in India.
Here are the four steps you need to follow to open an account online once you have all your documents ready:
To open any type of bank account, you must go to the bank's website to obtain the bank account opening form.
You must sign this form and provide basic bank terms and conditions, along with personal information such your name, permanent address, date of birth, and the names of your parents or spouse.
The Reserve Bank of India has mandated that Indian banks only open bank accounts when specific documents as proof of identification are submitted.
Customers who register a new account must submit essential credentials such as an Aadhaar Card or PAN Card, as well as two recent pictures of themselves. Additional proof documents vary by bank.
KYC stands for Know Your Customer. It is a mandatory procedure that banks must follow before allowing you to register an online account. They must validate your identity and confirm you are who you claim to be. Some banks may request a video KYC as part of the account opening procedure.
If your preferred banking partner has this requirement, a bank professional will contact you via video call. All you have to do is answer the phone and provide the information they ask for so they can verify your identity.
Banks often approve new accounts within one to two days. Once you've submitted your documents, wait for the bank to contact you for verification or clarification on any issues they find in your KYC.
When the bank confirms your account opening documentation after evaluating the proofs provided, the new account is approved, and you are given your bank account number and a customer ID to enable internet banking.
Online banking allows you to conduct banking transactions electronically over the Internet rather than in person at a physical bank location.
You will also receive a debit card to access your bank account and conduct banking transactions. A debit card is a plastic card supplied by your bank that allows you to pay with the card instead of cash.
As a minimum requirement, you must change your ATM PIN by visiting a bank ATM and picking a new PIN for your debit card.
You are also given a cheque book, which allows you to sign cheques and move funds from one bank account to another. Cheques are paper documents that authorize a bank to move funds from one account to another in the name of the person who issued the cheque.
Today, many banks allow you to open a bank account online, offering a convenient and time-saving option. Here's a breakdown of both methods:
Visit the Bank's Website: Locate the "Open Account" section and select the desired account type.
Fill Out the Application Form: Provide your personal details, contact information, and choose a username and password for online banking.
Upload Documents: Scan and upload the required KYC documents as per the bank's instructions.
Video KYC (Optional): Some banks offer video KYC verification, where you can connect with a bank representative via video call for identity verification. This eliminates the need for a physical visit.
Initial Deposit: Most banks require a minimum initial deposit to activate your account. You can usually make this deposit online using debit card, internet banking, or other payment methods.
Opening an Account Offline (Visiting a Branch):
Locate a Branch: Visit the nearest branch of your chosen bank.
Meet a Bank Representative: Inform them of your desire to open a new account.
Fill Out the Application Form: The bank representative will provide you with an account opening form to be filled out.
Submit Documents: Provide the original or attested copies of your KYC documents.
Initial Deposit: Make your initial deposit as per the bank's requirements. A representative will assist you with the payment process.
Though it is different from opening an account at a branch, opening an online bank account can make banking much more convenient while also providing financial benefits. You'll have access to significantly higher annual yields, and many online bank accounts have little or no monthly fees.
It's crucial to compare several online bank accounts before selecting one. Personal details and supporting papers, including a PAN and proof of address, are usually required for the application procedure. Customers can open an account online and benefit financially from many online banks' no-fee and high-yield account offerings.
You can open an online bank account via the bank's website or app. You must enter the required information, provide the necessary papers, and finish the KYC process.
In certain instances, starting a zero-balance account does not need immediate deposit. However, you should check with your bank about their terms and limitations.
Yes. It is now possible to open a bank account online in India. All you need is an internet connection, a smart device (such as a laptop or smartphone), and valid proofs.
To open a bank account, you need to fulfill the following criteria.
If a minor needs to open a bank account, the parents or legal guardian must sign and register on the minor's behalf. Some nationalized banks allow minors to have a joint account with their parents. This parent's name gets removed once the minor reaches the age of 18.
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