How To Use An Online Savings Account?

Are you considering a place to park your idle funds without any hassle? Then, you might want to open a Savings Account. Thanks to the internet, banks now allow customers to open such an account from the comfort of their home through a Banking app. This eliminates the need of stepping out of the house or stand in queues.

If this is your first-hand experience with an online Saving Bank Account opening, here is how you should use them once it is accessible:

Online Savings Account opening

If you wish to open a Bank Account online, you need to visit the official website of the chosen bank. It is important to note down here that the bank should have digital services under its ally. Look for the new account opening option and fill out the application form. You must submit your ID, address proofs, and other KYC-related details.

Select the right account

Most banks offer different types of Saving Bank Account that caters to the varied needs of the customers. When you open the account online, ensure you go through the benefits that each offers. Nowadays, there are accounts for women, kids, and senior citizens. Such accounts come with various features, and their interest rates vary.

Getting the account number

After selecting an account type & submitting the required documents, the bank opens the online Bank Account. You also receive a unique account number alongside all the details regarding your new account that gets sent to your email address along with the Debit or ATM Card. Once opened, you can register Digital Banking services from the bank’s website to start using your account online.

This also requires you to fill out a form with your account number and other personal details. You must select a username and password for the same.

Use Online Banking

Once registered for Online Banking and have received confirmation, use your account credentials to log in to your account and start transactions. Operate your online Savings Bank Account for many types of online transactions such as IMPS, RTGS, NEFT, etc., or to transfer funds, pay online bills, open an online Fixed Depot, apply for a Loan, and more.

With these features and the added benefit of simply downloading the banking app, you can experience enhanced banking convenience.

Shashank Bhaskar is an Mba student and financial advisor in Mumbai.he shares his financial experience and guides you about all your financial queries.