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.
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?
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:
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, minimum balance requirements, and choose a banking partner you are comfortable with.
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.
In the application form, you may have to enter basic details like your name, date of birth, email ID, phone number, etc. But most online interfaces are user-friendly and self-explanatory.
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:
Some banks may require you to self-attest your documents before submitting them online.
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.
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!
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 and easy, and hassle-free. Plus, it's a zero-balance account - meaning you don't need to maintain a minimum balance.
The Fi app is available on the Google PlayStore and Apple's App Store.
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.
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!
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.
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.
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!
Today, with the banking sector significantly digitised, most leading banks in India in 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.
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.
