The habit of saving money helps build a corpus, ensuring peace of mind. To begin with, opening a savings bank account online is the simplest way to save and manage your money.
A savings account not only allows you to keep your money safe but also enables you to pay bills and make purchases. According to many, having a savings account is a requirement in a world where digitalisation and a cashless economy are on the rise. With digitisation, you can quickly and easily open an instant bank account with a zero balance.
Before Opening an Online Savings Account, Consider the Following List
Like shopping, you can explore, choose and open the best savings account online nowadays. But before opening a savings account, take into account the following list of factors because each person can have a different account usage:
Secure Banking System
You get complete protection for your login information and the password for any financial transactions. To secure the account, several banks' net-banking platforms use two-factor authentication. Internet banking is thus a safe means of payment for customers.
Savings accounts also offer debit cards, which work almost the same way as credit cards for shopping or bill payments. If you still don’t have a credit card, apply for a kotak 811 credit card with Kotak811 – one of the top financial institutions in India – to enjoy fantastic offers, rewards and cashbacks.
Charges
In addition to the minimum balance requirement, most banks charge additional fees. But if you open a zero balance account online, you do not need to pay any hidden charges. You can also call the bank's customer care services to learn about the charges before you proceed.
Minimum Balance
Some banks require you to keep a minimum amount every month or every year to avoid incurring fees. You can choose a zero-balance account or another account that meets your needs if you don't want to incur this risk.
Discounts & Offers
Many banks and financial institutions give customers various incentives to open a savings account. Even though the incentives are advantageous, not all offerings will be helpful. Therefore, weigh each offer before making a choice.
24×7 Accessibility
The availability of financial services is time-limited at the bank and is not available around the clock. However, internet banking is available around the clock to meet customer needs. Any banking service is accessible via the Internet anytime and from any location. Customers no longer need to go to the bank to receive financial services because everything is now accessible with just a click.
How to Open an Online Savings Account?
Follow the steps below to open an online savings account for free anytime, anywhere:
- Choose a reputable bank: Research and select a reputable bank offering online savings account services.
- Visit the bank's website: Access the official website of the chosen bank. You can also download the bank’s app to open the savings account.
- Navigate to the account opening section: Look for the section dedicated to opening a new savings account or personal banking.
- Provide personal details: Fill out the online application form with accurate personal information, including your name, date of birth, address, contact details, and identification proof.
- Submit additional documents: Depending on the bank's requirements, you may need to upload or provide scanned copies of supporting documents, such as proof of address, income proof, and recent passport-sized photographs.
- Agree to terms and conditions: Review the terms and conditions associated with opening the online savings account and agree to them.
- Complete verification process: Some banks may require you to complete a verification process, such as eKYC (electronic Know Your Customer), which may involve providing biometric information or video verification.
- Fund your account: Once your application is approved, you'll typically receive your account details. Transfer the initial deposit amount to activate your online savings account.
- Set up online banking: Follow the bank's instructions to set up online banking services, including creating login credentials, security measures, and accessing account features.
- Start using your account: Once your account is active, you can access it online, view balances, make transactions, set up automatic transfers, and avail of various banking services.
This completes the process, making you eligible to open a digital bank account. Within days, you will receive your welcome kit after they immediately process your information. You can deposit money and start transactions using the fully online savings account through the online banking platform until then.
Choosing the type of account you want to open is the first step in opening a savings account online. Your financial requirements, employment situation, and other factors will be crucial factors in your choice. Using the website or mobile app, you can open an instant bank account with zero balance whenever you want.
