Explained: the complete online account opening procedure

To enjoy the convenience of online banking services, you need a bank account. Before digital transformation in the financial sector, banking used to be time-consuming. But, thanks to the internet, banking services are available at your fingertip. The online bank account opening process does not require you to visit the bank physically. Instead, you can carry it out on the smartphone. However, not everyone is aware of applying for an online bank account. The article below mentioned the complete steps to open a bank account online.

  • Choose a bank:

The first step while opening a bank account is to choose a preferred bank. To select a bank, you should take some time to find the bank that suits your requirements. You need to consider a few factors such as the rate of interest, the bank’s fees and charges, the required minimum balance, their customer service, and whether they offer an online account opening facility. 

  • Open the banking app or website:

After choosing the bank, visit their website or go to the play store and search for the bank’s smartphone app. Install the app on the phone and click on the option that will take you to the account opening application form.

  • Fill out the application form:

Subsequently, you are required to enter basic details such as your name, email ID, your date of birth, and phone number. This process has become simpler because the user interface of the app is both self-explanatory and user-friendly. The app will help you to easily complete this step without hassles. Once you have filled out the application, make sure to keep your documents ready.

  • Upload the required documents: 

After filling in the application form, you need to upload your documents in the prescribed format. Attach the soft copies of the required documents. Some of the documents that are required for completing the verification are an Aadhaar Card, ID proof (driver’s licence, PAN card, or passport), address proof, form 16 (probably required in case you do not have a PAN card), and passport-size photographs. 

  • Complete the Video KYC process:

Once you upload the required documents, you will have to undertake video KYC. Schedule the video KYC at your convenience. In this process, the bank representative connects with you over a video conference and asks you a few questions regarding your identity and contact details. Once the process is done and approved, you can access your account using your login credentials.

  • Start using:

After receiving the account details through email, you can log in to your account. After logging in, you can access the features and services offered to you for opening your bank account.

The online account opening process may vary slightly from bank to bank but the steps are almost the same as mentioned above. If you are looking for a bank offering convenient online services, you can open an IDFC FIRST Bank savings account. Its savings account comes with several advantages including interest rates of up to 6.25% with monthly interest credits and a completely digital account opening process.