With technology playing a big role in the banking space,
now you have the option of opening a bank savings account online. Most
banks, including Kotak Mahindra Bank Ltd and Yes Bank Ltd, started
offering this service a couple of months ago.
How does it work?
To start with, go to the bank’s website and click on the
relevant link. For instance, Yes Bank Ltd has Yes Touch which is an
online savings account opening service (http://tinyurl.com/bc4q27l).
Similarly, Kotak Mahindra Bank will lead you to an option where you can
apply online (http://tinyurl.com/czrqee4). In the account opening form,
you will have to give your name, mobile number, email address, and the
city and branch that you prefer. Once you enter these details the bank
would send an authentication code on your mobile number. You will have
to enter this code on the website to continue further. This code is for
verification purpose only. They will also send you a reference number on
your mobile which you can use for any other future transactions. This
number is sent to you immediately after the authentication code. After
this you will be prompted to enter your personal details such as
occupation, marital status, annual income and mailing address.
Then you will have to select the account type you need, facilities you choose and your nominee details.
Verification process
You will be asked to provide your know-your-client (KYC)
documents. Here again, different banks have different facility. In case
of Yes Bank, you can either upload your documents such as permanent
account number, voter’s identity or driving licence or hand it to the
bank representative who will come and visit you. The facility to upload
the KYC documents online is provided by Yes Bank so far. Some banks such
as Kotak Mahindra Bank do not have the uploading facility and instead
send their representatives to collect the KYC documents. In case of
State Bank of India, you can only fill the form online, but have to
visit the bank to submit the documents.
Once the verification is done, you can start using the
account. The bank will send you the bank account kit to your mailing
address with the cheque book and automated teller machine card, among
other essentials.
Security concerns
For those who are sceptical about disclosing their KYC
details on the website, banks have the option of partial or nil
disclosure; you can either give the details to the representative who
will visit your house or office or you can carry the documents with you
to the branch of the bank. Visiting the branch after filling the details
helps you save on time in terms of the account’s activation.
For the Net savvy, this is the way to go. However, only
few banks have taken the process completely online. Go for it only if
you are comfortable with it.
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