How to Open a Savings Bank Account Online?

A Savings Account is an ideal solution for people who want to keep their money safe and earn interest over time. ICICI Bank provides an easy way to open a Savings Account with just a few basic documents and minimal eligibility conditions. Before you open a Savings Account, read this post to learn everything about how to open a bank account. 

Savings Account, Explained

Opening a Savings Account is now easier than ever and you don’t have to worry about strict eligibility criteria. ICICI Bank offers a seamless process and a secure way to open a Savings Account and deposit money into it, with just a few KYC (Know Your Customer) documents. This helps you earn interest on your deposited funds and grow your money over time.

When you open a Savings Account, most banks offer a welcome kit that includes an ATM Card / Debit Card that can be used to withdraw cash from ATMs. It's important to keep in mind that some banks can place a monthly limit on the total amount that can be withdrawn from a Savings Account.

Benefits of Having a Savings Account

There are numerous benefits of having a Savings Account, such as:

Earn Interest 

With a Savings Account, you earn interest on your deposits. This helps your money grow effortlessly while it stays safe in the account. It’s wise to compare the interest rates offered on different types of Savings Accounts from different banks before selecting one.

Get exclusive loan offers

When you hold a Savings Account with a bank, you can become eligible for a fully digital loan application process with fast approvals and disbursements. ICICI Bank provides a hassle-free loan experience, whether you need a Personal Loan for an emergency, a Home Loan to purchase your dream home or an Auto Loan for your next vehicle. With the quick application process and clear conditions, you will receive the funds you need, without delays.

Access and Convenience 

ICICI Bank provides multiple avenues for you to access and manage your savings conveniently, like Internet Banking, the iMobile app, Debit Card and UPI services. Internet Banking and iMobile help you monitor your Account balance and transactions while on the move. You can use them to also pay bills online, transfer funds, shop online and more.

Security

Your money is safe with a deposit insurance plan of up to ₹ 5,00,000 provided by DICGC (Deposit Insurance and Credit Guarantee Corporation). The Bank also assures safety of your funds through security measures such as OTP verification and biometric login options. Stay updated with real-time notifications to keep track of your transactions and safeguard your money from unauthorised access.  

Exclusive Offers  

ICICI Bank brings you exciting offers on popular brands on your Debit Card and Internet Banking. Additionally, you can earn reward points for using your Card.  You can also get an overdraft if you need additional funds for a financial emergency.

Habit of Financial Discipline

Opening a Savings Account is a smart way to inculcate healthy financial habits like consistent savings and budgeting. Since Savings Accounts help you earn interest over time, people are motivated to deposit funds in their accounts. When you open a Savings Account, you get access to a safe place for your money, as well as easy access to spend it when needed. Keeping track of the transactions and balance in your account helps you stay within budget.

Eligibility for a Savings Account

• You must have a valid PAN Card and an Aadhaar Card to open a Savings Account

• You must be an Indian resident of any age group.

Common documents needed to open a Savings Account

Here are the documents ICICI Bank requires to open a Savings Account:

Steps to Apply for a Savings Bank Account Online

Here’s how to apply for a Savings Account online with ICICI Bank:

1. Visit the Savings Account section on the ICICI Bank website

Visit the Savings Account section and click on ‘Open Account’.

2. Enter your details

On the next screen, enter your details like your Name, PAN, Pincode and Mobile number.

3. Verify with OTP

You will receive an OTP on your mobile number. Enter it, agree to the disclaimer, and click on ‘Apply Now’.

4. Connect with an ICICI Bank representative

An ICICI Bank representative will connect with you by phone, email, SMS or WhatsApp to assist you in opening the Savings Account.

You can also open a Savings Account offline by visiting any ICICI Bank Branch. Simply fill out the application form, submit the required documents and your Account will be opened. 

Conclusion

Choosing a Savings Account is a wise step towards ensuring your long-term financial security. It not only helps you earn interest on your savings but also provides easy access to your funds. With flexibility to make withdrawals whenever needed, a Savings Account is ideal for managing expenses or achieving short-term financial goals.