Standing in queues outside banks for small transactions involves time, patience, and effort. You need to arrange all your priorities and fulfil them before going to the bank. Years ago, there was no shortcut available, whether you wanted to deposit cash, withdraw money, or check account statements.
But now, you can access all these facilities at your fingertips, thanks to online account opening. These initiatives from banks aim to provide convenient digital banking services to customers 24x7. Although it is gaining the confidence of millions of customers, there are some common questions that they have regarding digital accounts.
How to open an online Bank Account?
If you want to open an online Bank Account, you need to download the mobile app of the respective bank or visit the website. Register for the service by giving your Aadhaar card, PAN card, and other essential details in the form.
What is the eligibility?
For an online Bank Account opening, you should be an Indian citizen above 18 years with a valid PAN and Aadhaar card. The Aadhaar card should link to your registered mobile number for successful verification.
Is minimum balance maintenance necessary?
You need to maintain a minimum balance in your Savings Account, depending on the type. You pay the penalty for failing to do so. It is a rule applicable to all Savings Accounts, except for Zero Balance Accounts.
Do banks give an acknowledgement for digital accounts?
After opening a digital account, you receive a welcome email and SMS on your registered email address and mobile number. Additionally, some banks issue a virtual Debit Card as a complementary offer to customers. You receive the bank kit with the passbook, Debit Card, and other important documents. Visit the bank branch for the chequebook and complete your entire KYC process.
How to transfer funds?
There are various methods to transfer funds to your family and friends in an emergency. You need to register their names and account details in the beneficiary section and send money through IMPS, NEFT, or RTGS from the banking website or app.
What are the security measures?
A digital account is safe to use. Upon online Bank Account opening, you receive the Customer ID, Debit Card PIN, and login password for mobile and internet banking. Other security measures include fingerprint recognition and secure access codes. You should keep your login details private and inform the bank of unauthorised access or security breach immediately.
What are the account types?
There are different types of Bank Accounts available online, including Savings Accounts, Zero Balance Accounts, Current Accounts, Fixed Deposit Accounts, and Recurring Deposit Accounts.
Author bio
Neha Sharma, a finance student, loves to write in her free time. She has spent considerable time researching online account opening. Through her work, she explains the concept with FAQs