Minimal important documents for online account opening

May 16, 2023

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One of the many advantages of opening a bank account online is that the procedure requires very minimal documentation. While this feature emphasises the convenience of online savings accounts, you must know in detail about all the documents needed by banks to open savings or current accounts. Read this article to know all the relevant details.

Online account opening

The bank account opening documents required by IDFC FIRST Bank to open an online bank account are – an Aadhaar card and PAN (Permanent Account Number).

Offline account opening

Banks require a different set of bank account opening documents in the case of an offline account opening, also called a ‘physical account opening’. Here are the documents required by IDFC FIRST Bank for a physical account opening :

• Passport-size photograph


• PAN card


• Any one of the following documents:
  
  
  
  • Aadhaar card
  
  
  • Passport
  
  
  • Voter’s ID
  
  
  • Permanent and valid driving license with a photograph
  
  
  • Job card issued by NREGA duly signed by an officer of the State Government
  
  
  • Letter issued by the National Population Register containing the details of name and address
  
  
  
  

How to open a savings account online?

Let us take IDFC FIRST Bank’s example to understand how you can open an online savings account in India today, without visiting your bank’s branch. Here is the procedure that you must follow to open a savings account online with IDFC FIRST Bank:

1. Visit the account-opening page

You can either choose to search for “open IDFC savings account online” via your preferred search engine to access the account-opening page.

2. Provide personal details

In the next step, you must provide personal details such as your mobile number, Aadhaar number or VID number, PAN, your mother’s full name, and your email address to IDFC FIRST Bank.

3. Provide professional details

Next, you must furnish your professional details such as your profession, your gross annual income, and your company’s name.

4. Select your savings account’s variant

In the fourth step, you must select your savings account’s variant. IDFC FIRST Bank offers two categories of savings accounts – the ?25,000 and ?10,000 savings accounts with different features. After doing this, you are granted access to your IDFC FIRST Bank savings account.

5. Fund your account and complete the video KYC

As the final step, you must fund your account to start benefiting from the monthly interest credits offered by the bank. After funding your account, you should complete the video KYC procedure to remove transaction restrictions placed on your account.

Tip: Sign up for mobile banking

After providing all the required documents to the bank, wait for your documents to get verified. Once this is done and your bank account is opened, you must sign up for the bank’s mobile banking services to be able to access your bank account more seamlessly. IDFC FIRST Bank’s mobile banking app is popular for its features such as “Auto Pay” and “Track Your Expenses” which help customers bank more conveniently. Now, you can also apply for personal loans via mobile banking. You can learn about the different loan plans and even use a personal loan calculator to figure out the loan’s EMI payments.

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Tags: English