Opening a bank account earlier used to be a time-consuming process that required filling out long forms and providing numerous documents. However, with the advent of online banking, you can open a bank account instantly without ever having to step into a bank branch and manage your account online from anywhere.
A bank account gives you a safe place to deposit your money, easy access to your funds, and the ability to earn interest on your savings. But before you start the process, it’s essential to make sure you have all the necessary information and documents available. On that note, here is a checklist outlining what you need to open a bank account online.
List of documents required for opening a bank account
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Saturday 25 Jan. 2025
There are certain documents required for opening a bank account, including:
- Aadhaar card
- PAN card
Or
- Address Proof (driver’s licence, passport etc.)
- Identity Proof (driver’s licence, passport etc.)
- Two passport-size photographs
Eligibility criteria to open a bank account
Most banks have similar requirements to open a bank account, but it’s always best to check with your chosen bank beforehand. Some reputed banks like IDFC FIRST Bank offer minimum eligibility criteria that include:
- Be an Indian citizen
- Residing in India
- If you are a Foreign National residing in India, you must meet the criteria laid by the Government of India.
- Maintain an average account balance of Rs. 25,000/Rs 10,000
Steps to open a bank account online
- Choose the bank
Before opening an account, compare bank savings interest rates, charges, and fees. The interest rate is the percentage of your deposit that the bank pays you for keeping your money in the account. The higher the interest rate, the more you earn on your deposit. IDFC FIRST Bank offers attractive savings account interest of up to 6.25% p.a., making it an ideal option for those looking to grow their savings.
- Get started on the bank’s website
Most banks will have an “Apply Now” or “Open an Account” button prominently displayed on their homepage. Click on that button and fill out personal details like your name, address, mobile number, email address, employment details, and Aadhaar and PAN number. You may receive an OTP that must be entered within the allotted time. After that, you will be redirected to the page asking for more details.
- Upload the documents
When filling out your application, keep important documents like your KYC Documents, passport-size photo, etc., handy and upload them in scanned format.
- Wait for verification and approval
Once you have submitted your application, the bank will verify the given information and process your application. Sometimes, you may also need to complete video KYC (through a video call) with a bank officer. Post verification, you will receive an email and/or SMS from the bank containing your Customer ID, Account Number, IFSC code details, and a welcome kit instructing how to operate a bank account.
Opening a bank account does not have to be a lengthy process. By following this simple checklist, you can avoid potential complications and get your new bank account up and running in no time. Also, take your time to read through the bank’s policies so that you understand their requirements clearly.
