Create a Bank Account Online

Updated: 21-05-2024 06:16:43 AM

In an engaging world, the ability to do things online is priceless. One can complete most banking tasks online, which means we don’t need to make trips to a branch or fire up our printer and sign forms. With the help of online bank account, transfer of money, paying bills becomes easier. You can create a bank account online and avail most banking facilities from almost anywhere.

Create a Bank Account Online

To create a bank account online, one needs to provide personal information so that the bank can verify identity and also need to make an initial deposit or arrange for electronic deposits to new account.

•  Personal Information

One needs to provide personal details to the bank such as full name, father’s name, Date of Birth, PAN Card, Government issued ID (Aadhaar card, voter ID, driving license), etc.

•  Contact Information

Banks need home address, mobile number and email address.

•  Funding Information

How will customer add funds to the account? Banks often require an initial deposit to get account opened. One can provide routing and account numbers to create a link to another bank account.

Which is the Right Account?

To create a bank account online is easy. However, you should know which account you have to open as per your requirements:

•  Savings Accounts

Savings accounts are best for holding money and having a small amount of interest. One can spend money from those accounts and can also move funds to a current account for spending.

•  Current Accounts

Current accounts are for day to day’s spending and paying bills. One should get a debit card that can use online and in stores.

•  Fixed Deposits

They are useful for money that is parked with the bank for fixed tenure, ranging from 7 days to 10 years and earn interest on them.

•  Online-only Accounts

These are among the least expensive options, but one can always use online accounts and brick-and-mortar accounts.

•  Special Accounts

Ø Fixed Deposit with Sweep-in Accounts

Ø Recurring Deposit Accounts

Ø Linking Current and Savings Account

Ø Joint Accounts

Ø High Interest Account

How to Create a Bank Account Online

Almost any financial institution let us open accounts online. They might require some kind of signatures on paper later, but they’ll get the ball rolling and mail forms. Almost all banks have the same process to create a bank account online. Here’s what you need to do:

•  Simply visit the bank’s website and look for an option to ‘Open an Account Now’.
•  Provide your details such as PAN, Aadhaar card and other required details
•  Give consent to the bank to open accounts

Up and Running of Online Bank Accounts:

Once the account is open, make sure things to go as smoothly as possible-

•  Set up text or email alerts to let us know when account balance is running low or large withdrawals hit.
•  Monitor account regularly.
•  Set up online bill pay so that one can pay bills on time.
•  Set up direct deposit from employer so that don’t need to wait for paychecks and get them to the bank.

Challenges Opening an Account Online

In some cases, we can’t do everything we need online. We need to visit a branch or provide additional documentation to open an account. Some common reasons include:

•  ‘Thin’ Credit
•  Minors as the primary account holder
•  Current account history
•  Citizenship
•  Entity Accounts

Opening a bank account is one of those tasks that need to be done quickly and in a secure way. One may be uncertain about how to do it: what information we need, and how do we know which account is best for us?  Whether we are opening our first account or fiftieth, the goal is to get the task completed as quickly as possible.