Now open a new bank account easily!
New Delhi : Opening a bank account is the best way to enjoy financial and banking services. Today, banks offer various online and offline channels to open a bank account. You can consider opening a savings account online among the most basic bank accounts. Ensure you go through the application process of your preferred bank to have a hassle-free experience. The following article will help you open a new bank account in India.
Five easy steps to open a new bank account
The bank account application process is almost similar for all banks. It includes filling out an offline or online application form, submitting documents, and undertaking a KYC (Know Your Customer). KYC is a mandatory step as per the RBI’s (Reserve Bank of India) guidelines that you must take before opening an account.
Here are the five compulsory steps you need to follow to help you open a new bank account.
1. Explore savings accounts online
Get online and research savings accounts from various banks and choose the most suitable account per your financial requirements. If you are newly employed, your company may open a new bank account on your behalf to credit your monthly salary. However, if you are looking for an account on your own, it is advisable to research a bank account online.
Among the top banks in India, IDFC FIRST Bank offers the industry’s best savings account interest rates and a completely paperless process for easy and quick application. Moreover, you can take a video KYC from the comfort of your home and access your bank account instantly afterwards.
2. Apply for a bank account online or offline
Once you have chosen a preferred bank account, you can proceed with the account application. You can either apply online or offline. An online application is vastly preferred as it offers the convenience of applying anywhere, anytime. Fill out your bank account application form and submit it to the portal or the bank representative.
3. Keep the required documents handy
While opening a bank account, you need to keep your identity and address documents handy. In some cases, the bank may also require additional documents you can confirm from the bank representative or their portal. Some documents that you need are:
• PAN card
• Utility bill or address proof
• Form 16 (If PAN card is not available)
4. Undertake the Video KYC and enjoy a hassle-free application
With digital advancement, banks now take the KYC process online. You can schedule the time of the KYC during banking hours with ease. The bank representative will interact with you over a video call, asking questions about your identity and the proof you submitted. Once the V-KYC concludes successfully, your bank account gets activated.
5. Log in to your bank account and start using the financial services
After the V-KYC, the bank sends the account credentials to your registered email address. Log in to your bank account using your account ID and password. You can check your account details in the profile section. Once done, you can start enjoying the financial services, deposit funds, and transact wherever required.
Opening a bank account has always been challenging. Using online channels, you can open a bank account within no time. However, research the most suitable bank account according to your need and keep the required documents handy before opening an account.