A Savings Account is the most basic Bank Account to start your financial journey. Besides earning interest on your savings, these accounts facilitate different transactions. 

The Savings Account opening online process is relatively easy and gets done in minutes. Here is a guide to opening a Savings Account:

Step 1: Choose the Bank

Every bank allows you to open a Savings Account. Hence, do your research and open an account with the bank that offers you the most benefits. Check about the minimum balance requirement of the Savings Account. While a few accounts do not require you to maintain a minimum balance, others need it. Check the criteria because you pay penalties if you do not hold the minimum balance specified by the bank. 

Step 2: Download the App

Once you know which bank you wish to be associated with, download their offered mobile app from the play store. While you can complete this process from the bank’s website, downloading them quickens the registration process and lets you access your account with ease in the future. 

Step 3: Click on ‘Open Account’

Once downloaded, open them and provide the necessary permissions to the app once downloaded. You then see a button ‘Open Account’ on the app homepage. Click on it to get started with your account opening process.

Step 4: Select Account Type

You can hold several accounts through the bank’s mobile app. Read the features and benefits of the different Bank Accounts and choose the one that best suits your needs. It is common for one bank to offer other Savings Accounts. Hence, do your research before proceeding.

Step 5: Enter the Required Details

After selecting the Bank Account you wish to open, input a few basic details about yourself, like name, number, email, and address. The bank then sends an OTP on the mobile number you provide. This verifies your details. Enter the OTP to proceed further.

Step 6: Upload the Required Documents

You need to upload a few documents to complete the account opening process. Banks usually require you to submit your PAN card, ID and residence proofs at this stage. Search online for ‘Bank Account open documents’ to get a better idea about the list of documents required.

Step 7: Complete the KYC Process

Finally, complete the KYC process as instructed by your bank. While most banks send their representative to verify the documents in person, a few others let you achieve the process through a video.