Opening a bank account is one of the first steps to becoming financially responsible. It can help you save, manage your finances, and provide emergency funds. A bank account also gives you access to critical financial services such as online banking and mobile apps that allow you to check your balance, transfer funds, and make payments from anywhere.
Thanks to technology, you can apply for a bank account online in different ways and get approved instantly. Here is how:
1. Apply through the bank’s website
Most banks offer online application forms on their websites, requiring basic personal information, such as your name, date of birth, permanent address, the names of your spouse or parents, and your commitment to the basic terms and conditions of the bank. You can submit all the necessary information and upload the relevant documents with a button.
2. Apply through an online banking app
Almost all banks currently offer mobile app versions of their online banking platforms. These apps allow customers to complete various tasks such as checking their balance, transferring funds, paying bills, viewing account statements, and even applying for a bank account.
For example, the IDFC FIRST Bank mobile banking app can help you open a bank account with a simple process and minimum documentation. The steps are:
- Download and install the IDFC FIRST Bank mobile banking app.
- On the main page, click on “Open Savings Account”.
- Click on Login, then tap on the three dots in the top right corner.
- Now click on “Open Savings Account”.
Once you have completed the form and are approved, you may receive further instructions on activating your account and other bank account login details. Besides account opening, an online banking app allows users to transfer funds, open fixed deposits, pay utility bills, and more.
3. Tips to speed up the bank account application process
- Most banks require some form of identification, proof of address, and proof of income. Ensure you have all these documents ready before starting your application.
- Choose the type of account you want, such as a savings account.
- Fill out the application form completely and accurately. Inaccurate information could delay your application or even result in it being denied.
- Register online bankingwhenever possible to avoid visiting a branch, waiting in queues, or filling out complex paperwork.
- Compare different banks and consider interest rates, fees, minimum balance requirements, and account features to avoid further confusion.
- Before opening a bank account, check the bank’s eligibility criteria to ensure you meet all the requirements.
The fastest way to apply for a bank account is to start the process online and complete the necessary paperwork from your home. Moreover, the online feasibility also helps you compare different accounts and find the one that suits your financial needs.