Opening an Online Savings Account: Here’s What You Need to Know
Banks have brought a personal savings account to the tip of your fingers. Within a matter of minutes, you can have your application submitted, the documentation process completed, and the account opened. So, if faster access and the convenience of maintaining a digital account have convinced you, read on to learn everything you need to know about an online savings account.
Contents
Why Open an Online Savings Account?
As you know, an online savings account is easier to open, access, and maintain, but it also offers benefits like:
Attractive Interest Rates
Most banks usually offer competitive interest rates on an online savings account. And in some cases, the interest rates may be higher as compared to a standard savings account. Thus, it will automatically multiply your savings faster.
No Processing Fees
Unlike a standard savings account, online savings accounts do not accompany any processing fees. Plus, because your account is entirely online, you do not incur annual account maintenance charges. This further grows your savings.
Easier Access to Credit Facilities
An online savings account can offer you quick access to credit facilities such as personal loans through pre-approved loan offers. Thus, you can borrow a loan without ever visiting a bank branch.
Further, you are also likely to receive access to several value-added services such as cashbacks, exclusive discounts, reward points, etc., on purchases you make or money you transfer using your online savings account.
Things to Keep in Mind
- Eligibility Criteria
The eligibility criteria for opening an online savings account are similar to that of a standard savings account. You must be an Indian resident citizen 18 years or older and have valid documents to open one.
- Minimum Balance Requirements
Like a regular savings account, an online savings account is also available in two variants – a minimum balance savings account and a zero balance savings account. Check with your bank regarding the minimum balance requirements and if you’re unsure about fulfilling them, opt for a zero balance account.
Steps to Open an Online Savings Account
Now that we have gone through the many benefits an online savings account offers, let’s go through the three simple steps of opening one.
Step 1 – Enter Your PAN and Aadhaar Number
To open an online savings account, you need your PAN Card and Aadhaar Card. Enter your PAN and Aadhaar numbers, respectively, before moving on to the next step.
Step 2 – Fill in Personal Details
For the second step, you need to fill in your full name, registered phone number linked with Aadhaar, email address, and other details.
Step 3 – Complete a Video KYC
The final step is to authenticate your identity by showing documentation proof. But you need not spend hours in a queue to get your KYC done and can complete the process through a video call. Also, keep your original Aadhaar and PAN Card with you.
Conclusion
In light of the many benefits an online savings account offers, people are opting for one. However, it is important to explore different savings account options and choose one that best aligns with your saving requirements. For instance, IndusInd Bank’s online savings accounts come with a plethora of features that can make banking seamless. So, open a digital savings deposit and manage your finances in the palm of your hand
