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Last edited by
Anoop Menon
Anoop Menonon
October 31, 2023
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Created on
July 9, 2022
Traditional banking methods have undergone a significant transformation in a world driven by technology. Opening a new bank account online has become an efficient and convenient way to manage finances. If you've been sceptical about banking online or simply out of the loop, this step-by-step guide is here to demystify the process and introduce you to the world of online banking. Let's discover the ease and benefits of opening a new bank account online.
What is an Online Bank Account?
An online bank account is a savings account you can open and manage online. No bank visits, no paperwork, no long lines! Open your account online today, right from the comfort of your home.
With it, you can transfer funds, pay your bills, start an FD, invest in Mutual Funds, and even pay your taxes without getting off your couch. No more waiting and taking half a day off (with a pay cut) — to withdraw some cash. But how exactly does one go about opening an online savings account?
A Quick Guide To Opening a New Bank Account Online
India has approximately 12 public sector banks, 25+ private banks, and a growing network of financial management platforms partnered with licensed banks. Opening a new savings account online naturally varies slightly from one entity to another. However, opening an online savings account is easy:
Step 1: Choose Your Banking Partner
With the digital banking revolution truly underway, you can open an online bank account with most banks in India. Take some time to research your options: Look up their fees, interest rates, and minimum balance requirements, and choose a banking partner you are comfortable with.
Step 2: Visit their Website or Use Their App
Once you've chosen your banking partner, visit their website or download their app (if they have one). You'll generally find the option for opening a new online bank account under the 'Products' section in the app or website. Navigate to the relevant section and click on the option to open an account.
Step 3: Fill In The Application Form
In the application form, you may have to enter basic details like your name, date of birth, email ID, phone number, etc. However most online interfaces are user-friendly and self-explanatory.
Step 4: Upload The Necessary Documents
Once you have duly filled in the application form, you'll need to attach soft copies of the documents required. This list may vary slightly from one bank to the next, but broadly speaking:
- Aadhaar card
- Proof of identity (like your PAN card, driver's licence, or passport)
- Proof of address (like your voter ID, driver's licence, or passport)
- Form 16 (may be required if you do not have a PAN)
- Latest passport-size photographs
- Some banks may require you to self-attest your documents before submitting them online.
Step 5: Complete The KYC Process
KYC is short for Know Your Customer. It is a mandatory process that banks need to follow before allowing you to open an online account. They need to verify your identity and ensure you are who you claim to be. Some banks may have a video KYC requirement as part of the bank account opening process.
If your chosen banking partner has this requirement, a bank official will connect with you over a video call. All you need to do is attend the call and give them the details they ask for, so they can verify your identity.
Step 6: Add Funds
Once you have completed the KYC process, you will receive the credentials to log into your online bank account. Depending on the bank, it may take a few hours or a few days. You can then use these details to log into your online bank account, add funds, and start banking!
Looking For An Easy-To-Use Online Savings Account? Meet Fi
If you are a working professional in India, you can open a savings account with Federal Bank via Fi in less than 3 minutes! It's quick easy, and hassle-free. Plus, it's a zero-balance account - meaning you don't need to maintain a minimum balance.
Step 1: Download the Fi App
The Fi app is available on the Google PlayStore and Apple's App Store.
Step 2: Verify Employment Status & KYC
Fi's features are specifically tailored to meet the needs of working professionals. So, you must undergo a quick screening process to verify your employment status & KYC check. It only takes a few minutes
Step 3: Open Your Online Savings Account
Once your employment status has been verified, your Federal Bank Savings Account linked to Fi will be ready to use. All in less than 3-5 minutes!
Conclusion
Gone are the days of lengthy paperwork and time-consuming visits to the bank. Opening a new bank account online allows for seamless and hassle-free banking from the comfort of your own home. You can swiftly open an online bank account and access various digital banking services by choosing the right banking partner, navigating through the application process, and completing the necessary KYC requirements.
Hassle-Free Online Banking Via Fi
You can go online & open a Federal Bank zero-balance savings account in 3 minutes — via the Fi Money app. No paperwork & no hidden fees! Fi, alongside its licensed partner Federal Bank, showcases the future of secure & simple money management. Fi can help you save, pay, invest, track expenses, and borrow money, all in one place. If you upgrade to other account plans within Fi — you get access to premium features like Jump, US Stocks, Mutual Funds, etc. & up to 4x rewards! In short, Fi's an online money management solution that helps you get smarter with your money.
Frequently Asked Questions
1. Can I open an online bank account in India?
Yes. Today, you can open a bank account online in India. You only need an internet connection, a smart device (like a laptop or a smartphone), and your ID proofs.
2. Can I open a bank account online without going to the bank?
Yes, you can open an online bank account through the bank's website or app. You must fill in the required information, submit the necessary documents and complete the KYC process. That's it — no branch visits!
3. Which banks allow you to open an account online?
Today, with the banking sector significantly digitised, most leading banks in India in the public and private sectors allow you to open an account online. Financial management platforms like Fi, which has tied up with licensed Federal Bank, on the other hand, only allow online account opening since they do not have any physical presence.
4. Can I open a bank account online with no money?
If you are opening a zero-balance account, you can (in some cases) open your account without depositing any money immediately. However, it's best to check with your bank about their terms and policies.
