Looking to open a bank account online without a branch visit?

Many banks these days offer an easy and simple online process to help you open a Savings Account from the comfort of your home. After activation, you can enable the auto-save feature to transfer a fixed amount to your savings regularly. This feature helps you save consistently while managing daily expenses. Read on to learn how to open a Savings Account online and set up auto-save.

Step-by-step guide on how to open Savings Account online

Here is a detailed step-by-step guide to follow to open a zero balance account online:

Step 1: Visit the bank website

Go to the official website of your chosen bank and navigate to the section where you get the option to open a Savings Account.

Step 2: Check eligibility and fill out the application form

Most banks, to open a Savings Account require that you must be an Indian citizen and at least 18 years of age. After confirming your eligibility, fill the application form online with your personal information like name, address, Aadhaar number and PAN number.

Step 3: Upload relevant documents

Keep all relevant identification documents such as your identity and address proofs ready with you to upload before starting the application process.

Step 4: Complete KYC

To complete the identity verification process, conduct a quick video call with bank officials. Also, keep your digital signature ready and verify your mobile number.

Step 5: Activate your account

Upon successful verification of details, your Savings Account will be activated, and you will receive your account number. Some banks also ask for an initial deposit of funds to complete the activation process.

Step 6: Set up digital banking

Once you complete opening a Savings Account, register for mobile banking and internet facilities. For this, create a strong password and a unique user identification.

Easy ways to auto-save your savings

Activate the Savings Account auto-sweep facility

The auto sweep facility is a distinguishing feature that transfers your excess funds from Savings Account to a fixed deposit account. This lets you earn high returns on those excess funds available in your Savings Account.

To activate the auto sweep facility in your Savings Account, follow these steps:

  • Login into your banking app and choose the “Apply Now” option present on the app.
  • Choose the option to auto fix your deposit, and set your limit for the auto transfer amount. Click on Continue.
  • Now, for activating the auto-fixed deposit facility, you will receive an OTP in your mobile number. Provide the OTP, and your account is ready.

Set up auto debits for expenses

Set up automatic payment for bills and regular expenses. This will keep you on track to pay on time and save you from incurring late fees. It also simplifies the hassle of managing payments on a monthly basis.

Maximise salary deductions

Make sure that a certain sum transfers automatically from your salary account to your Savings Account each pay period. This will help you build a consistent habit of saving without the need for reminders.

Closely monitor your savings plan

Monitor your savings account regularly on the mobile banking app or Internet banking. Monitor progress, change your savings amount as income changes, and keep track of goals. With regular monitoring, you can ensure your automatic savings plan is helping you meet your financial goals.

Conclusion

Overall, setting up the auto save feature in your Savings Account makes managing your money easier. If you want to save regularly without missing contributions, set up an automatic transfer facility.

With this, you can also adjust your savings amount considering your income and financial goals. Combining digital banking with features of automatic savings, you can build a habit of saving over time and enhance your financial planning in the future.

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