Opening a savings account made easy with IDFC Bank

Lalita Dainik
Jul 24, 2017 · 3 min read

There’s nothing simpler than opening an online savings bank account using the IDFC Bank portal.

The right handling of money has become quite important in todays’ times. Each person battles their own financial issues — a cash crunch, inadequate funds to meet urgent expenses, lack of savings, not enough wealth created for the future, etc. Thus, handling of one’s finances must be done in a structured manner, so as to allocate available resources properly.

The most important component of resource allocation is the savings bank account. It is the simplest banking product, and every person in the country — man, woman or child — must have it. A surprisingly high number of people today still do not have personal savings bank accounts; most of them belong to the rural pockets of the country. It is very simple to open a savings account, especially an online savings account. The paperwork is simple and straightforward, and the account becomes operational in a few days upon application.

Celebrated banks, such as the likes of IDFC Bank, have completely revolutionised the process of opening a savings account online. IDFC Bank is one of the few banks in the country to make this process completely paperless and branchless. You would be surprised at how easily you can start and end the online savings account opening process via the IDFC Bank portal — just sit back, open the account and voila, it’s done!

Here’s how you can do it:

#1 Open the bank’s website. On the bank’s home page, you can find a field marked ‘Savings account’ under ‘Personal banking’. Once you click on this, you will be routed to a page that gives the details about the saving bank account, and there is an online savings account opening form that you can fill. You will need to enter these details on the form: Name, Age, Gender, Address and Contact information (email ID and mobile phone number).

#2 Fill out the application form. After filling out the short application form in Step 1, you are guided to the next step. In this step, you must fill out a more detailed account opening form sent by the bank, over email. The bank will ask if you wish to open a zero balance savings account, or a normal savings account with minimum balance stipulation. Once you fill in all the details asked, you can attach the list of documents required (ID proof = PAN/Aadhaar card, proof of age, proof of residence, etc.) All documents must be self-attested before uploading.

#3 Submit your application. Double check your application and supporting documents to ascertain if every detail is correctly filled. Now you can submit the application and await the bank’s verification of the same. The bank will supply you with an application number — you can use it to track the status and inquire about the probable date of the account being opened.

#4 Await approval. The bank verifies the application and approves it if all details are found correct. At this stage, IDFC Bank will inform you that the account is opened and send you the welcome kit and usage details. You can now start using the account and also ask for Internet log in credentials.

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