Open bank account with the minimum deposit – here’s how

Opening a bank account is not an option but a need. However,visiting the bank branch, filling the form, queuing up, and the lengthy process of opening a bank account makes the task all the more tedious. However, with the digital revolution in the past decade, most of the banks now offer online account opening services. It’s convenient, time-saving, and you can check your account details from the convenience of your home via net banking or official apps.

Here’s how to open the bank account online.

What you need to open a bank account?

Just as the conventional bank account opening procedure, you will need to fill in the application form online.Once you have filled the application form, some banks may require you to visit the branch in-person to submit the print copy of your application form. However, many banks accept online submission.

Before you start the process to open a bank account online,keep your documents, your ID, and address proof handy. You may also require:

  • Date of birth (if you’re under the age of 18)
  • Your physical address
  • Address proof (Aadhaar card or electricity bill)
  • Photo Identification (passport,a driver’s license, or other government-issued ID)

Some of the banks may require a secondary form of ID to open the bank account. Before you start filling your online application, visit the bank website, check what documents and identification proofs you may need to submit.

Minimum deposit:

You will find a criteria there saying ‘Minimum Amount’ or ‘Minimum Deposit’. Once you have completed the online account opening process, you will have to transfer the minimum amount as a deposit to your new bank account. You can easily transfer the money from another bank account, banking app, or third party services such as UPI payment.

Most of the banks offer zero balance savings accounts now. The banking sector has made this significant change due to the growing demand for switching to zero-balance accounts from the age-old accounts where you have to put thousands of rupees in bank accounts to avoid the penalty. The rate of interest for these savings accounts is generally high. Once you transfer the minimum amount in a traditional savings account, the bank will either send you the account details. The bank will also send you documents such as the ATM card and chequebook, either via post or ask you to collect them from the branch in-person.

The best apart about opening an online account with minimum balance is you not only save time but also, saves money. You do not have to pay any penalty either for not maintaining a minimum balance.

  • John Peterson

    Amanda Peterson: Amanda is an economist turned blogger who provides readers with an in-depth look at macroeconomic trends and their impact on businesses.

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