Banks and financial establishments provide Savings Accounts to help you effectively handle finances. These services build a saving habit and let you earn interest while practising the same. They guarantee the security of your funds and ensure easy accessibility whenever you need it. Moreover, opening a Savings Account is now relatively easier.

You may opt for offline mode and take the help of a bank representative. However, consider to open a Savings Account online to dodge long queues and the commute. Follow these steps to get started:

Look for options

Many banks offer Savings Accounts online. You can research and compare banks to choose the account that best suits you. To make an informed decision, you can also compare factors like minimum required balance, interest rates, monthly fees deducted, banking provisions on online channels, etc.  

Select the account type

When opening a Savings Account, you can choose the account you want. You need to select between a Single or Joint Account, depending on your needs. The latter lets you share ownership and access to the funds with your co-owner. On the other hand, an Individual Account does not provide such access to anyone except you.

Complete the process

Next, you submit documents like government-certified identity proofs, address proofs, PAN Cards, and two to three passport-sized photographs. It is best if you keep them handy when you open a Digital Savings Account. To avoid errors, ensure the documents are correct. Also, check if the photographs are recent.

Submit the application online

The online application processes are complete within minutes if all the documents are ready. You can visit the chosen bank’s website, fill out the details like your name, date of birth, address, and other personal details, and attach the documents. Once you do so, the bank will get back to you with further instructions.

Ensure you follow the steps appropriately asked. If you have any queries, contact customer support for further assistance.

Deposit funds

The last thing you need to do is make the initial deposit. You can do so with your Debit Card or link to your existing Digital Savings Account through a routing number. If you wish to pay in cash, you can visit the branch. After completing the process, your bank sends you the relevant information, and you get the new Debit Card details within 10-15 business days.

Conclusion

Digital Accounts are beneficial as they foster a culture of saving. Consequently, initiating the opening process by adhering to the steps mentioned is crucial.