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How to Open Bank Account Online?

Having a bank account is a basic need when it comes to financial management. Banks are safe havens where you can park your money and withdraw the funds whenever necessary.

There are multiple types of bank accounts, the most famous being the savings bank account that you can use to save your money.

Anyone can open a bank account with basic documentation. With the boost in the digital economy, you can also open a bank account online.

Now, you do not need to visit the bank branch to open a bank account, you can simply use the online banking portal of your desired bank and open the bank account there.

There are a lot of banks in India that provide you with an online bank account opening facility. In this article, we will discuss how to apply for a bank account online, features, eligibility, etc.

How to Apply for a Bank Account Online

Digital Savings Account by RBL Bank

Features

  • The interest rate offered by RBL Bank of Digital Savings Bank Account is 4.25% which is slightly higher than market averages
  • There is no minimum maintenance balance required by the RBL Bank.
  • Can be opened using Aadhar Card and PAN Card as a mandatory document

How to Apply for Digital Savings Account by RBL Bank?

You can open a Digital Savings account with RBL bank using two methods i.e., using the online portal or using the RBL mobile app.

You’ll have to visit the online portal or download the app on your device respectively. After that, you’ll have to provide your details like number, email, PAN Card number, Aadhar card number, etc.

After having done all this, now, you’ll need to provide online KYC via webcam and follow the on-screen instruction. After having done all that, your digital savings bank account can be used.

Savings Account with Signature Debit Card by IDFC First Bank

Features

  • The interest rate offered by IDFC First Bank can range from 4% to 6.5% depending on the savings amount
  • You’ll get a signature debit card with an IDFC First Savings Bank account
  • Free NEFT/RTGS and IMPS for savings bank account holders

How to Apply for Savings Account with Signature Debit Card by IDFC First Bank?

You can open an Account with IDFC Bank online using the online account opening portal or using the IDFC Bank mobile app.  

You just have to follow the instruction and provide the details asked by the bank and you’ll be able to apply for the account online. You’ll also have to provide online KYC to the bank using your webcam.

Savings Value by YES Bank

Features

  • The interest rate offered by by YES Bank can range from 4% to 5% depending on the savings amount
  • Free NEFT/RTGS and IMPS for savings bank account holders

How to Apply for Digital Savings Account by YES Bank?

You can download the YES Bank mobile app or use the online portal by Yes Bank to Apply for a digital savings account.

You’ll also have to participate in the online KYC to confirm your identity while applying for a digital bank account.

Kotak 811 Savings Account by Kotak Mahindra Bank

Features

  • The interest rate offered by Kotak Mahindra Bank can range from 4% to 5% depending on the savings amount
  • Free NEFT/RTGS and IMPS for savings bank account holders

How to Apply for Digital Savings Account by Kotak Mahindra Bank?

You can download the Kotak Mahindra Bank provides users mobile app or online portal to open a digital savings account.  

Online KYC is mandatory for your account to function which you can easily do using your smartphone or laptop.

IndusInd Online Savings Account by IndusInd Bank

  • The interest rate offered by IndusInd Bank is 3.5% fixed
  • Free NEFT/RTGS and IMPS for savings bank account holders

How to Apply for Digital Savings Account by IndusInd Bank?

IndusInd Bank provides users with an online account opening facility, you can simply download or visit the app to the web portal respectively to open the account.

digibank by DBS

Features

  • The interest rate offered by DBS Bank can range from 4% to 5% depending on the savings amount
  • Free NEFT/RTGS and IMPS for savings bank account holders

How to Apply for Digital Savings Account by DBS?

DBS Bank also provides online digital bank account openings for the savings bank. You can do that by downloading the app or visiting the online portal and following the on-screen instructions to open a savings bank account.

Regular Savings Account by HDFC Bank

Features

  • The interest rate offered by HDFC Bank can range from 4% to 5% depending on the savings amount
  • Free NEFT/RTGS and IMPS for savings bank account holders

How to Apply for Digital Savings Account by HDFC Bank?

You can open an HDFC Bank account online using the online portal or HDFC Bank mobile app. You’ll have to provide your full eKYC to open the bank account.

You can also visit the bank branch to complete your KYC and use the app for online banking.

Insta Savings Account by ICICI Bank

Features

  • The interest rate offered by ICICI Bank can range from 4% to 5% depending on the savings amount
  • Free NEFT/RTGS and IMPS for savings bank account holders

How to Apply for Digital Savings Account by ICICI Bank?

ICICI Bank users can use the digital savings account opening feature to open an online bank account. You’ll be able to use the account instantly.

You can apply for a digital savings account by ICICI Bank from the official banking app of ICICI Bank or by simply visiting the online banking portal to apply for a savings bank account online.

Insta Savings Account by State Bank of India

Features

  • The interest rate offered by State Bank of India Bank provides a 2.70% interest rate on the amount deposited
  • Free NEFT/RTGS and IMPS for savings bank account holders

How to Apply for Digital Savings Account by State Bank of India?

State Bank of India is India’s largest bank and you can also open an account online. Download the app or visit the online account opening portal of SBI and follow the on-screen instruction to apply for the account.

There is no online eKYC facility available for the SBI, so, you’ll have to visit the nearest bank branch to do your KYC.

What are KYC and eKYC?

KYC Stands for Know Your Customer, which is a mandatory step for opening an account with a bank or other institutions. RBI has made it mandatory for all banks to ask the customer for KYC.

In this procedure, the bank will ask you for certain documents like an Aadhar Card, PAN Card, etc. for confirming the identity of the account holder. This prevents any kind of fraud or wrong information while creating a bank account.

eKYC is a KYC in which the account holder is required to provide KYC documents online. Traditionally, the KYC of a customer was done offline at the bank branch. But, now, you can perform an eKYC and submit your documents online.

The following is the list of documents that you can use for KYC-

PAN card
Passport
Driving License
Voter’s ID
Employee ID
Bank passbook
Ration card

Address proof:

Passport
Utility bill (telephone, electricity, water, gas) – less than 2 months old
Letter from a recognized public authority (gazetted officer) verifying the customer’s residence address
Bank passbook or Bank account statement
Voter’s ID
Ration card
LIC policy/ receipt

Note-PAN Card is a mandatory requirement to open a bank account.

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