Indian Bank Online Account Opening Process

Indian bank was established in 1907 and it is considered the nationalized financial services and banking company. The Indian bank’s headquarters is situated in Chennai and the bank is serving more than 100 million customers with 6,004 branches. Indian bank has developed so many services for the customers to gain their trust.

Recently, the Indian bank has merged with the Allahabad bank in 2020 which made the Indian bank announce the seventh-largest bank in the country. In this article, we will be discussing the most important topic which is the Indian bank online account opening process.

When it comes to the account opening process, most people will remember one thing which is waiting for a longer time to complete the entire procedure. But now, technology has changed everything as it is possible to open an account in an Indian bank online. Let’s get deeper into the topic of the Indian bank online account opening process.

Indian Bank Online Account Opening Process

The Indian bank offers different types of saving accounts for its customers and resulted in many benefits like depositing the money safely or withdrawing the funds whenever you need it, or even you can earn interest for your money also. Based on their needs and requirements, the customers can choose the savings accounts according to their preferences.

The bank announced various savings accounts starting from the premium customers to the children below the age of 18 years. Along with this, the Indian bank is also giving importance to the online process like the online account opening process, net banking, and other such facilities. Here we will learn in detail about the Indian bank online account opening process.

Indian bank offers both online and offline processes to open an account. The offline process of opening the account is the most known process where you will be opening the account by filling the form and submitting the documents.

But the online process of opening an Indian bank account is known to only very few people. Everyone should know about it, as for the online process you don’t have to visit the branch, and by simply sitting at home you can finish the entire account opening process.

The Indian bank online account opening process has made the account opening process easier and even it can be opened instantly. But before getting to know about the Indian Bank Account Opening Online process, we will have a look at different types of accounts available in Indian banks.

Types of Accounts in Indian Banks

The Indian bank offers mainly 5 different types of accounts for its customers. Each account will have some unique features and based on the needs of the customers the accounts have been designed.

1. Saving Bank Account

This saving bank account is mainly for the pensioners and students who can’t able to maintain the minimum balance. Here there will be a minimum balance requirement, but few concessions will be applied. The minimum balance for the people with the checkbook is Rs.500 and without a checkbook will be Rs.1000.

In this account, you will get a lot of benefits like a free ATM card for the first year, 50 free withdrawals for the half-year, online fund transfer, 2 free cheque books will be issued per calendar year, and many more other features. To get this account, the account holder should be a student or they should be from any clubs or organization, or government bodies, or any registered trusts.

2. IB Amart Kid Account

This type of account is especially for kids who are interested in saving money at a very young age. The account is applicable for kids who are above 10 years of age. Under the guidance of their parents or guardian, the children can open this smart kid account. The best part of this account is that they will get an ATM debit card and other internet bank facilities.

They will also need to maintain the minimum requirement, as with the checkbook it is Rs.250 and without a checkbook, it is Rs.100. This is applicable for children only below 18 years of age that is the account holder needs to be between 10 and 18 years of age.

3. SB Platinum Account

Are you belonging to a corporate individual or an individual with a high net worth? Then the Indian bank will recommend this SB platinum account as it is for the people who are looking for a safe and reliable saving deposit account. Here the account holder needs to maintain a minimum balance of Rs.2500.

This account comes with some exciting benefits which are insurance cover, for the inter-city transaction there will be free of charge, and free ATM debit card for the first year. The account can be opened for a period of 15 to 180 days. If the account holder has any excess funds then they can convert them to a term deposit.

4. Vikas Savings Khata

The Vikas savings khata account is also said to be the zero balance account where there is no need to maintain the minimum balance. This type of account is mainly for the people who are not financially well and also for the people who are new to the bank facilities. This is one of the simple and cost-effective options to deposit your money.

In this account, the benefits included are a free ATM card, 10 free transactions, and cost no charges for the intra-city transactions. Also, here there is no need to deposit an amount as it is possible to open the account without any initial deposit.

When compared to the other saving account, this zero balance account comprises one feature which is the nomination facility. As here the bank will help the account holder families in proceeding with the account if there is a sudden death of the account holder. But you need to remember that this is only for the people who are deprived of the bank facilities and features.

5. IB Corp SB Account

The IB Corp SB account is only for the corporates or any kind of organization or to the government bodies. Here, there is no need to maintain the minimum balance. This account comes with some of the benefits like free mobile and internet banking, no charges will be added in case of not maintaining a minimum balance, and the account holder will get a free Rupay Platinum debit card.

But for this, the account holder should be a regular employee of any IT sector, public sector, education institution, hospital, hotel, MNC’s companies, or any other particular private sector company. They should have salary credit associated with the bank.

Apart from these five main accounts, there are other types of saving accounts available for the customer provided by the Indian bank. Based on the needs and requirements of the customer the savings account will be designed. For example, there are savings accounts for women who can’t maintain a minimum balance, for the elder people who are more than 60 years of age, for the youth between 18 years and 40 years, for a small account, scholarship accounts, and so on.

Before you open the account online, you need to decide what type of account you are going to open. Now, just get into the topic of the Indian bank online account opening process.

Indian Bank Account Opening Online - Eligibility Criteria?

To open an online account in an Indian bank, the account holder should be eligible to the below-mentioned requirements;

  • The opening of an account in an Indian bank is applicable only for the citizens of India
  • The account holder should be 18 years or above 18 years of age
  • Even illiterate people, people with any disabilities, or people who have associated with clubs or institutions or societies or trusts or any government bodies can also be applicable for opening the account

Follow below Process to Open an Indian Bank Online Account

  • Visit the official website https://apps.indianbank.in/onlinesb_new/ of Indian bank to open an account online
  • You will get an online form for opening the account
  • You need to fill the form with your details like name, date of birth, address, email id, and other details
  • Accept the terms and conditions which is mentioned in the form
  • Once you are done with the form filling, click the submit
  • OTP will be sent to the mentioned mobile number and you need to enter the OTP number for further process
  • Then the process is followed by the Aadhaar verification
  • Then you will get another OTP to the mobile number which is registered with the Aadhaar card. This step is the Aadhaar authentication step
  • Your Aadhar card details will be verified on the screen. Now, the form will ask you for other details to fill like state, district, parent’s name, annual CTC, PAN number, and other such details
  • Once you are done filling in the details, you need to click verify
  • After your PAN card verification process has been done, you will another option called “SB account” which you need to click
  • After this step, you will get a pop-up message that shows your account has been activated and it will reveal your account number which you can use for further steps Even though your account has been activated, still you need to visit the branch to submit the documents. This is not an immediate process but there will be a specific amount of time and within that, you need to submit all your KYC documents.
  • The application form which you have filled online will be sent to your mail-id. You need to take a printout of the application copy and sign it at the bottom of the form
  • Then submit your application form along with the photocopies of your Aadhaar and PAN cards
  • You need to submit all these documents by visiting the branch so that your online saving account will be converted to a normal savings account
  • the online saving account, only certain kinds of benefits are available and if you want to experience all the benefits of a savings account then you need to visit the branch and submit the documents to experience the full features and benefits of the Indian bank saving account.

Frequently Asked Questions - FAQ:

1. How to open a savings account in an Indian bank?

In an Indian bank, the savings account can be opened both through online and offline processes. For the offline process, you need to visit the branch and for the online process, you can open the account by visiting the website and filling the form.

2. What is the minimum balance that needs to be maintained in the Indian bank?

The minimum balance maintained in the Indian bank for the savings account will be Rs.250 for non-cheque operations and Rs.500 for cheque operations. But based on the type of saving account, the minimum balance will change accordingly. If you are choosing the zero balance account then you don’t have to maintain the minimum balance. You can check variuous methods by which you can check Indian Bank Balance

3. Which is the best saving account in an Indian bank?

The Indian bank offers several saving account services for the people and based on their requirements they can choose one. While choosing the account, all you need to look at is the minimum balance to be maintained, the interest rate offered, and other benefits

4. Is it possible for me to open a zero balance account in an Indian bank?

The zero saving account is especially for the people who are deprived of banking facilities and the main goal of this account is financial inclusion.

Conclusion - Final Thought:

The Indian Bank Account Opening Online process is a simple, easy, and time-saving process. Most people can’t visit the branch for opening an account, and for those kinds of people they can open the account online. In an instant, your account will be opened online, and you will get the banking kit in few days.