How to open a savings account online

Technology has changed the way we used to transact. A visit to bank branch has been replaced with swiping the debit card at the nearest ATM vending machine. You can invest in mutual funds as well as do your future financial planning online these days. On the same lines some of the leading banks have made account opening process online. State Bank of India, Kotak mahindra bank and Yes Bank re now allowing customers to open up online savings account. With RBI and the government receptive to opening up of banking sector more banks are expected to follow the suit very soon.

How to open a Savings bank account online: 

For opening a bank account online you have to visit  the bank website & click on the relevant link.  Yes bank recently launched a service "Yes Touch" to assist new customers in opening new accounts.  Here is a link to open Yes bank account online & here is a link to open kotak mahindra bank account online. On bank's website you will be sent to an online form which requires you to fill relevant information like name, phone number, address, PIN number of your locality, preferred branch, email etc. Once you submit these details message containing an authentication code will be sent to your mobile phone. This step is basically meant to verify your credentials.  Immediately after entering the verification code you will receive another message containing a reference number which can later be used to carry out other transactions. 

Open a online bank account

Verification Process:

After you have filled all the relevant information online, now you need to provide relevant document copies as proof to the information you have provided. This is required to complete the KYC norms as has been laid down by the RBI. Yes bank provides you with the convenient option of uploading the document online. Kotak Mahindra Bank doesn't provide with the option to upload but sends it's employee to your home to collect the same. State bank of India on the other hand only allows you to fill the form online but you have to visit the branch to submit your documents & photographs.

This is meant as guide for you to open up an online bank account not an exhaustive method to do the same. Please feel free to ask more questions and give your suggestions.