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How to open a bank account online? A five-point coverage

Customers often wonder about how they can select a high-interest savings account online. While researching bank accounts online, they generally focus on getting the best interest rates. A high-interest rate should not be your sole priority while choosing an online savings account. Read this article to discover a five-step procedure to help you open an efficient online savings account.

1. Use a savings-account-interest-rate simulator

As the first step, you must use an online interest rate simulator to compare your current savings with the savings you will earn through another bank’s savings account. Using the IDFC FIRST Bank savings account interest simulator, you can compare your current interest rate IDFC FIRST Bank’s interest rates. IDFC FIRST Bank’s interest simulator is available on the IDFC FIRST Bank site and is free for use.

2. Opt for a bank that encourages savings in the long run

While researching banks online, you must shortlist banks that prioritise customer savings. IDFC FIRST Bank helps customers save more via four critical features – Zero Fee banking, monthly interest credits, a high-interest rate and the Track Your Expenses feature. The Zero Fee Banking feature waives 28 banking fees such as NEFT (National Electronic Funds Transfer) charges, SMS charges, and chequebook Re-issuance fees. The bank also offers monthly interest credits and a competitive interest rate. The ‘Track Your Expenses’ feature helps customers categorise their previous expenses to save more in the future.

3. Visit the bank’s account opening link

Banks often mention an account opening link on their site to help new customers open an instant bank account. After finalising your new bank account, you must visit the bank’s account opening link. To visit IDFC FIRST Bank’s account opening link.

4. Provide your details – both personal and professional

In the fourth step, banks ask for information such as your phone number, Aadhaar number or VID number, email address, and PAN (Permanent Account Number). Furthermore, you must also provide your professional details and select the savings account variant. IDFC FIRST Bank offers two savings account variants – the ₹ 25,000 variant and the ₹ 10,000 variant. Both these variants come with the Zero Fee Banking feature.

5. Fund your account and set up mobile banking

IDFC FIRST Bank requires customers to fund their accounts to start benefiting from monthly interest credits and a high-interest rate. After funding your account, you must set up mobile banking. All your bank account details are instantly mapped to the IDFC FIRST Bank mobile banking app when you open a new account. You can access bank statements, your bank balance, and online personal loans through this app.

IDFC FIRST Bank requires only two documents to help a customer open an online savings account – Aadhaar number and PAN. Banks generally require fewer documents to open a bank account from customers who opt for an online account opening. Furthermore, banks offer special features to customers who open an online bank account.