5 points to consider when opening an online bank account

Online banking has changed the way we manage our financial transactions. Gone are the days when you went through dreary money transactions at your bank every time you visited it. The Internet has helped manage most activities online using the online tools like an app.  The facilities that it provides make it a very useful tool to have at our disposal. Apart from allowing us have access to our bank account, it also lets us open a free online bank account at the comforts of our home.

The entire process is quite easy, and if you face any difficulties or problems the customer support will help you with it. Here are a few things that you may need to know about opening a bank account online.

Things to pay attention to while opening an online bank account

You can open a bank account online easily by going through a few requisites.  Though the process is easy and require less effort, there are a few key factors that you need to know. Some of them are:

  1. Type of a bank account

You can easily apply for a savings bank account online. However, there are different types of savings accounts, and each comes with its own advantages and disadvantages. Some of the most well-known types of savings accounts are:

  1. Regular Savings Account
  2. Zero Balance Account
  3. Salaries Account
  4. Senior Citizen Savings Account

Before you go ahead and start the instant bank account process, make sure to identify the type of account you need.

  1. Interest rate

Every bank gives you a percentage of interest on your balance amount. However, the rate of interest changes based on the type of savings account you opt for. For example, a zero balance savings account has a smaller interest rate than that of a regular savings account. On the other hand, a senior citizen account has a higher interest rate than that of a regular savings account.

  1. Withdrawal limit

Before proceeding with your online bank account opening with zero balance or even a regular bank account, make sure to look into the withdrawal limit. Any savings bank account has a withdrawal limit, which may usually range from 25,000 to 100,000 per day. The limit may depend upon the type of card you hold. For example: In most cases, Mastercard holders have higher withdrawal limit that of RuPay card holders.

  1. Required documentation and procedure

Opening an online bank account usually requires the customer to possess both the Aadhaar Card and PAN Card. The process for the registration is very easy. All you have to do is fill out the required details, and do an eKYC verification, which requires you to go on a video call with an employee of the bank and showing the required documents on the camera.

  1. Cheque Book

This is something that you may over look. When you are applying for a bank account online, there is an option to avail a cheque book. You can select the number of cheque leaves you need right there. After the application process is completed, the cheque will arrive at your doorstep.

These are some things that you must consider while opening a free online bank account. Having knowledge about these things is crucial as it enables you to apply for a savings account in the right way.

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