The moment one starts their profession, irrespective of its nature whether salaried or self-employed, the need arises for a savings account that can give the liberty to deposit and earn out of it. After all, savings accounts are getting increasingly dynamic these days with varied interest rate offerings on their deposits, creating a scope for additional income. And so, there’s an intense competition among the banks to customize their savings account offers.
While customizing the offers, banks are even focusing on letting customers open their account online, apart from the usual branch visit option.
With a wide range of smartphones customers are using these days, they would like to go online rather than visiting the bank branch to open the account. Like many, even you would echo this view, right? So, come and learn about Online Savings Account Opening in this article.
Types of Savings Accounts You Can Open Online
You can open several types of savings accounts online including normal savings account, minor account, joint account, salary account, student account, etc.
Savings Account – A normal savings account of a bank can be opened online. This account can be opened by an individual by depositing a specific amount of money. However, the executives would come to your residence to pick the cheque, bearing an amount, for opening the account. You would be required to maintain a specific average balance, which could be either monthly or quarterly, on your account to keep it running without any hassle. If you fail to maintain the balance, the bank can debit a fee as specified. You can even get a savings account which won’t require you to maintain a specific balance. These are famously called zero balance accounts.
Minor Account – A minor account can be opened for those below 18 years of age. These accounts normally have a parent or a guardian as another account holder with minor being the primary. Banks generally offer viewing rights to minors and give them limited transaction rights. The parents or guardians can, however, can be provided more transaction rights. Those above 10 years but below 18 years of age can be allowed to open and operate the account on their own.
Joint Account – So often you could hear people saying, I have a joint account at a particular bank with my dad being the other account holder. A joint account can have two or more than two holders. In such an account, either the signature of all or any of the account holders can be required to execute transactions.
Salary Account – Salaried class do have a salary account wherein their remuneration gets credited every month. Not only these accounts fetch interest for the salaried professionals but also let them enjoy several other benefits that other savings account come with. You can pay all your credit card and utility bills, transfer funds to another account, etc, from your salary account. Apart from all these benefits, a salary account does not require a specific balance to be maintained.
Student Account – Many banks offer special accounts to students to deposit money there and earn interest at the same time. These accounts generally come with a zero balance facility.
Benefits of Opening Savings Account Online
Opening a savings account online offers you the following advantages.
Convenience – Opening an account online gives you enhanced convenience as you just need to visit the website of the bank and apply by filling your personal details. You can do that from the convenience of your home or office.
Transparency – Banks make it clear on their website regarding the savings account offers, their terms and conditions, etc. This will help erase any doubts you may have regarding an account.
Fast Application – Since you can apply online, the application would reach the bank desk quickly, helping them respond to your case promptly. As soon as the application arrives, the bank will send executives to collect the documents and check the authenticity of the details. Only when they are verified successfully do you get an intimation of account opening.
Documents Required for a Savings Account
Be ready with the following documents to open a savings account.
Identity Proof – Aadhaar Card/Passport/PAN Card/Voter ID/Driving License
Residence Proof – Aadhaar Card/Voter ID/Driving License/Passport/Utility Bills Passport Size Photographs