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The essential checklist: Documents you need for a smooth bank account opening
Convenience is the essential benefit you get when you decide to open a savings account online. This decision not only simplifies your banking experience but offers other essential benefits i.e., provision to check account balance instantly, auto transfer facility, and simplicity to assess bank transaction records anytime. Other benefits of opening a bank account online are –
Saves time
An online savings account permits you to forgo the stress of extensive documentation and long queues which are common in the case of traditional banking.
Provides quick access
This allows you to avoid the requirement to visit the preferred institution’s branch physically to open the bank account. With the online option, you can open a savings account anytime from the convenience of your home or office.
Availability round the clock
Online banking apps allow you to open and manage your account at any time, unlike traditional bank accounts that operate within specific hours.
Paperless method
The online process generally requires fewer documents, making your banking experience more streamlined and efficient.
When opening a savings account online, you need two key bank account opening documents –
PAN is a required document when opening a savings bank account since it helps the financial institution verify your tax status. The document is also essential in keeping your financial dealings with the institution transparent and in protecting your cash from any threat of fraud.
Aadhaar
This is an essential document for account creation. Ascertain that your Aadhaar card number is connected to your phone number. This document helps expedite KYC authentication and safeguard your bank account from fraud.
A step-by-step guide to opening a savings account through the online mode –
∙ Download the app from the Play Store: Firstly, download the official banking account opening app. This permits you to perform your application request on a secure online platform.
∙ Provide the required details: Input the asked details such as your name, address, contact number and income. You must ensure these details are accurate as the financial institution will use them for authentication purposes.
∙ Upload documents: Upload the scanned copies of your Aadhaar and PAN. These documents are essential for authentication purposes. Make sure the scanned copies are clear to prevent any delay in account opening.
∙ Real-time authentication: Use your phone’s camera for live authentication. This step adds a layer of security, ensuring the savings account is opened by you. It is a straightforward yet effective means to confirm your identity to the concerned financial institution.
∙ Submit application: Carefully examine all the details you have provided. Agree to the terms and submit your savings account application. This confirms the accuracy of your provided details and your acceptance of the financial institution’s terms. After submission, the institution will check your savings account application and proceed to open your bank account.
Ending note
The choice to open a savings account digitally is a wise one owing to its speed, minimal paperwork requirement and simplicity. This measure is best for both non-tech and technically adept people. Online banking apps offer stepwise guidance, complete support, and user-friendly interfaces, which make it easy for anyone to understand the application process and open an account.
Moreover, online savings bank accounts such as the INDIE savings account often come with a more competitive rate of interest and better features and benefits than conventional savings bank accounts. This means you can potentially generate more funds on your savings, thereby enhancing the thorough benefits available on online banking. So, do not procrastinate over your decision to open an online savings bank account. Open this account today to leverage the benefits it offers.
