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Mint Classroom: How to open a bank account online

Open a bank account from your home or office, without queuing up at a bank branch

Technology is transforming the way we bank. Take the case of opening a bank account. Gone are the days when you were required to visit the bank branch armed with a folder-full of documents, to prove your identity to the bank employee who would open your account. Now you can open an account from your home or office. Some large commercial banks now allow you to open a bank account without visiting the branch. Here is a step-by-step guide to opening a bank account online.

Step 1:

To open a bank account online, you will either have to go to the bank website or the bank’s app. Next, you have to go to the page where new accounts can be opened. You may get two options: you may be asked to enter your details or to directly upload the copy of your identity proof. The details you will be asked to enter includes your name, email id, phone number, city, date of birth, permanent account number (PAN), income and address. After this, you will get a confirmation message.

Step 2:

Next, the bank will require your signature as part of the know-your-customer (KYC) process. There are three options available and it varies from bank to bank. One, the bank will send its representative to collect your signature on the KYC form. Two, you can submit the signed KYC form personally at the bank’s branch. Three, you can upload the KYC documents and an image of your signature, then do a video call where you need to have all the documents handy.

Step 3:

Once your KYC process is complete, you will get your account number. To activate the account, you need to deposit money into it. You can either transfer the funds online or give a cheque to the bank’s representative. Some banks don’t ask you to deposit money. Once your account is activated, the bank will send you a welcome kit on your mailing address with essentials such as a cheque book and ATM card. Currently, only a few banks have taken the process completely online.

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