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How To Open A Savings Bank Account Online?

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How To Open A Savings Bank Account Online?

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Before we get into why opening a savings account is important, let's answer a few questions - Have you ever found yourself faced with a utility bill but not having enough funds to pay it? Have you ever felt guilty for not being able to save a sufficient proportion of what you earn? If the answer to any of these questions is yes, then here lies your solution - a savings account.

You may be making a lot of money, but if you do not save, you won’t be able to make the best of your earnings. What is more, you may find it difficult to handle emergencies.

Inculcating a strong savings habit is, incredibly important. And the easiest way to start and manage your savings is to open a savings bank account online.

Not only can you keep your savings safe in a savings account, but you can also use the account to make payments and purchases. In a world increasingly driven by digitalisation and a non-cash economy, having a savings account is no longer considered a privilege but a necessity. With the online savings account opening facility, you can open a savings account online with just a few taps.

What is a Savings Account?

As is apparent from its name, a savings account is where you can park and preserve your savings. You can also receive funds in a savings account, including your salary, and make payments from it. A savings account also serves as a means to transfer money via digital instruments, for instance, NEFT and UPI, as well as conventional instruments such as Demand Drafts and Cheques.

With a savings account, you also get access to additional services such as the withdrawal of your funds through ATMs, the creation of recurring deposits and fixed deposits, and the issuance of debit cards and credit cards. In many ways, a savings account is a safe and secure way to store your funds and easily follow your budget and financial plan.

How can a Savings Account be of use to you?

A savings bank account has several benefits that can be helpful in your financial planning and the efficient management of your savings.

A safe place to store your savings

This is probably self-explanatory from earlier but yet is very important. It is a much better option than keeping cash as the chances of your cash getting stolen are also high, unlike savings accounts where it’s in the safe hands of the bank.

Send and receive payments -

With a savings account, you can make payments hassle-free and without any worry. You get to track them as well.

Additional Interest -

The cash you have lying around will not generate more money for you. But if you have the money stored in a savings bank account, you can earn additional interest apart from the safety they offer. Different banks offer different interest rates.

Better financial planning -

With a savings account, you get to keep a clear track of your expenses. This helps in understanding your financial standing and helps you plan your finances better based on your savings.

Record of spending -

You can keep a close eye on your expenses and the amount you receive in your bank account. This gives you a sense of control of where your money is going and how you can control it.

Store emergency funds -

A savings account acts as a perfect instrument to store any amount that can be kept aside for emergency purposes. The amount is at your disposal, is safe and can be immediately accessed in the event of an emergency.

Checklist to consider before opening a savings account online

Living in the current generation, we’re spoilt for choice and savings account is no different. Each person has a different use for the account so it’s important to consider this list of things before opening a savings account.

Minimum balance -

Some banks have this requirement of maintaining a minimum balance every month or every year, otherwise, you’re liable to pay charges. If you don’t want to take this risk then you can opt for a zero balance account or any other account as per your requirements.

Additional services -

There are minute differences between the additional services offered by most banks when you open a savings account. It’s important to compare the differences and choose the one that suits you best.

Offers and discounts -

A lot of banks and financial institutions offer various offers to entice customers to open a savings account. While the incentives are beneficial, not all offers will be of use. Hence, consider all offers before deciding.

Fees and charges -

Most banks have additional fees apart from the minimum balance requirement. It’s paramount to consider this before finalising. With the advent of Neo Banks, these charges are slowly getting done with since these institutions don’t have a physical presence and cost is saved on those aspects.

How to open a savings bank account online with Fi?

There's usually a high waiting time for customers in traditional brick-and -mortar banks. Sometimes, it takes a few good hours to get basic issues sorted. The good news now is that you can spare yourself the effort of actually visiting a bank's branch, filling up an account opening form, or standing in a long and seemingly endless queue. All you have to do is choose the online route of opening a savings bank account.

At Fi, we have a simple, swift, and hassle-free process for opening a digital savings bank account. Here are the steps you must follow for an online savings account opening with Fi.

Determine the type of savings account you want -

The first step towards opening a savings account online is deciding which type of account you wish to open. Your financial needs, the state of your employment, etc., will play a vital role in this decision. Fi has a zero balance savings account on their app. Along with this, it has super quick money management features to simplify your finances.

Visit our website or download our mobile app -

Once you have decided which type of savings account you wish to open with Fi, the rest of the process will not take long. All you have to do is visit our official website or download our mobile app and get started with your online savings account opening application.

Click a picture -

Find the brightest spot in your house. This is necessary because the account opening process involves capturing and submitting your photograph. And surely, a brightly lit area is the right place for completing this part of the account opening process.

Gather the necessary KYC documents -

Opening a Fi Digital Savings Account is an entirely paperless process. However, we do need some KYC documents from you. Therefore, keep a digital copy of your PAN card as well as your Aadhaar card ready before beginning your online account opening application. Furthermore, you must also keep the original documents handy for verification.

Fill out the form, and get your savings account -

You’re almost there! The entire process will be completed before you know it. We just need a few important details about you before welcoming you aboard the Fi family. If you are a working professional, you can share your employment details and open a Zero Balance Digital Savings Account with us.

The quicker you do your part, the quicker we do ours -

We place a high value on your time at Fi. Hence the whole process of account opening is extremely time-efficient. Ideally, it would not take you more than five minutes to fill out and submit the application form online. And once that part is done, we shall complete our part of the process in a matter of hours. Once we have verified all the necessary documents, your digital savings account with Fi shall be activated and ready for you to operate.

To sum it up

Contrary to misconceptions, opening an online savings account is simple and swift, particularly if you opt for the Fi Digital Savings Account. Not only will you get all the features and benefits of a savings account, but you shall also enjoy benefits such as no hidden fees and a seamless banking experience.

Once you have opened a digital savings account with Fi (which can be done in less time than it probably took you to read this article), then you don’t need to worry about the management or tracking of your savings. This uber-cool and friendly mobile app will keep you on your toes with all your details and gives you a heads up for any new offers or features that will help you.

It will be convenient to pay all your utility bills online in a timely manner, as well as save up money to buy that one gadget you’re eyeing for a while or plan for a holiday. Knowing the precise amount that is available in your bank account at any given point in time can help you be more financially disciplined and save more.

Frequently Asked Questions

Here are the answers to some of the most frequently asked questions about opening a savings bank account online.

1. Can I open a normal savings bank account online?

Yes, you can open a normal savings bank account online. All you need to do is choose the best bank to open a savings account in India (as per the features you require in a savings account) and visit that bank's official website. Then you must proceed to the option to open a savings bank account online and fill out the account opening form.

It is advisable to keep the digital copies of Know Your Customer (KYC) documents like your Photo Identity Proof and an Address Proof handy whilst filing the account opening form online. After filling out the form and uploading copies of the necessary documents, you can submit the form. The bank officials will subsequently process your savings bank account application.

2. Can I open an online savings bank account without a PAN card?

Yes, you can open a savings bank account online even if you do not have a PAN card. You would be required to submit Form 60 in lieu of your PAN card details. In the absence of a PAN card, you must submit a soft copy of another Photo Identification Proof, for instance, an Aadhaar card or Passport.

3. Which bank is the best to open a savings account?

There is no such thing as the best bank to open a savings account. Most banks offer the standard services that are characteristic of savings accounts. However, if you are looking for some specific features in your savings account, then you can choose a particular bank and a particular variant of savings account that comprises said feature/s.

4. Can I open a savings account by myself?

Yes, you can, provided you are at least 18 years of age. You can open a savings bank account online or offline. With the current trend and technology available, it is more convenient to open a savings bank account online as the process is now simpler and takes less time. Just ensure that you have all your documents ready and

5. Is PAN mandatory for opening a savings account?

The PAN is important to open a savings account, but there is now a way to open an account without it. You would be required to submit Form 60 in lieu of your PAN card details.

6. How can I open a bank account without a PAN?

You would be required to submit Form 60 in lieu of your PAN card details. In the absence of a PAN card, you must submit a soft copy of another Photo Identification Proof, for instance, an Aadhaar card or Passport.

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