A savings account is not just a necessity today, it is a smart financial decision. No matter if you are saving for a rainy day, managing your daily expenses, or planning for a future investment, a savings account offers a secure and accessible place to keep your funds. Moreover, with digitalisation, opening a bank account has become quicker and more convenient than ever before.
Here is a step-by-step guide to set up your savings account instantly through two online methods, i.e., mobile banking apps and a bank’s website.
Opening a savings account through a mobile banking app
Digital banking apps have revolutionised the way people manage finances, making banking tasks like opening a savings account quick. You only have to:
- Download the account opening app and register yourself.
- Now look for the option to open a savings account online.
- Select the category of savings account you wish to open, such as salary, seniors, regular, etc.
- Enter your personal details as prompted. This includes your name, phone number, address, and email.
- Verify your identity through basic bank account opening documents such as Aadhaar Card and PAN Card.
- Accept the account terms, conditions, and fee schedules. Now you have successfully opened a savings bank account.
For a seamless experience, consider INDIE by IndusInd Bank for your savings account. The INDIE Savings Account offers an attractive interest rate of up to 6.75% p.a. A standout feature is the absence of a minimum balance requirement, which provides financial flexibility. Also, you have the option to link your savings bank account with a fixed deposit where your idle funds are automatically converted into an FD to earn higher returns.
Opening a savings account through your bank’s website
You can also open a bank account online instantly through the bank’s website. The steps to be followed are:
- Open the official website of your selected bank.
- Navigate to the section dedicated to savings bank accounts. This can be under “personal banking” or a similar category.
- Like the app process, you may find different savings account options here as well. Choose the one that you find the most suitable.
- Complete the application form with your personal and financial details.
- Upload scanned copies of the KYC documents and submit the form.
- Post verification and account setup, you can make your first deposit and start using the funds for daily expenses and future goals.
So, these are the steps you need to complete to become a savings account holder.
Points to consider before opening a savings bank account
Before you open a savings account online, here are some factors to consider so that the decision you make benefits you in the long term.
| Factor to consider | |
| Interest rates | The interest rate determines how much your savings will grow over time. So, compare the interest rates offered by different banks. A higher rate means more earnings on your saved money. |
| Fees and charges | Look out for ATM usage fees outside the network, debit card charges, charges for transactions beyond a set limit, penalties for not maintaining the minimum balance, etc. |
| Accessibility | Pay attention to ATM networks, online banking features, and mobile app usability. Such convenience helps you manage your account from anywhere at any time. |
| Linking options | The ability to link your bank account with fixed deposits, such as that offered by the INDIE Savings Account, can add convenience. This helps in easy transfers between accounts, better financial management, and more savings growth. |
| Customer service | Pay attention to the bank’s customer service options as it can impact your banking experience. Reliable support through various channels (phone, email, chat) can be invaluable. |
Open your savings account today
Opening a savings account no longer requires a visit to a bank branch. Whether through a mobile banking app or your bank’s website, you can set up your account quickly and start managing your finances.
Remember to choose the right bank, assess the fees, evaluate interest rates, and check the digital features being offered. A savings bank account, when managed wisely, becomes an invaluable tool in achieving your financial goals. So, take advantage of the digital age and open your savings account online today.
