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Should You Open a Bank Account Online?

Updated on July 25, 2017

Almost every person today has a savings bank account, if not a current account as well. The bank account helps you deposit your extra cash and keep a proper check over your finances. It is easy enough to open a bank account across any bank in India.

However, most banks continue to ask customers to fill out reams of paperwork and attach paper copies of their age and income proofs with the application. This wastes time and effort, and you must make at least two trips to the bank to get the process underway and completed. In contrast, there are other premier banking institutions in India that have completely eased the bank account opening process. Customers can initiate bank account opening online, using only the bank’s mobile banking app. The account is opened quickly and without any paperwork!

Here’s how it works:

  • The mobile banking app is your bank branch in your smartphone. You can handle your finances (it is called a mobile wallet), transfer money, pay bills, open fixed deposits, shop, and even do bank account opening online using the app.
  • The mobile bank app allows you to open the savings bank account online. In fact, if you already have a savings bank account, you can convert it into a top-of-the-line savings account using the banking app – in just 90 seconds!
  • You do not need to sign any paperwork to get the savings account – just enter your Aadhaar number and ratify your biometrics. You can find a biometric centre in your locality or the bank branch can do the same for you. Or the bank can send its representative to your residence to help you complete the process.
  • The account is opened online within minutes. Once the account is opened, you can start operating it and using its many features.

What to look for in an ideal savings account

There are many attributes to look for when signing up for the best savings account. Chief among them is a high rate of interest. The best banks in India today offer a high 7% interest rate on savings deposits, right from the first Rupee deposited. The high interest rate makes it possible for you to create future wealth with regular savings.

Also, the bank does not charge any maintenance fees for the savings account, and there are no ATM withdrawal limits either. Plus, there are zero charges on withdrawing your money from the ATM.

Look for a zero balance savings account that does not impose penalties for the account balances dipping below a certain level. You can even convert your existing savings account into a zero balance account.

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