Online Banking

Online Banking App: Know how to open a zero balance savings account

Finance

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People today manage their money effectively using technology. Mobile apps have changed the finance industry remarkably, and the banking sector is trying to make the most use of them. A mobile banking app is designed to offer various functionalities from checking account balances and making or transferring payments to opening an instant bank account and applying for a quick personal loan. The other advanced features include monitoring expenses and setting up bill payments. With these functions, a banking mobile app has helped the users save a lot of money.

More and more people are attracted to the app owing to the convenience it offers. IDFC FIRST Bank offers its distinctive mobile banking app for carrying out various transactions such 3-click bill payments, instant money transfer, opening a savings account, making investments, etc. Through its mobile banking app, IDFC FIRST Bank helps you open a zero balance savings account quickly. If you are not sure about how to do it, here are the steps.

Step 1: Download the IDFC FIRST Bank Mobile Banking App

The first step is to download the IDFC FIRST Bank mobile banking app from the Play Store or App Store. Then, log into it using the ‘Username’, which is your customer ID given in the welcome kit and the Password, which is generated by providing your account number too.

Step 2: Log in and fill in the personal details

You can log into the app and fill out your personal details like your name, mobile number and email address.

Step 3: Upload the supporting documents and verify the OTP

You can open a free online bank account, if you provide some essential details such as those of your Permanent Account Number (PAN) Card and Aadhaar Card or Voter’s ID number. You should also submit the scanned copies of the documents to support the information. Once you have uploaded them, you will be asked to verify the OTP, which you will receive at that moment on your registered mobile.

Step 4: Provide your personal details

The banking app then guides you to a form, which asks you to fill out your personal information like your full name, age, permanent address, occupational status, annual income and any other relevant information necessary to open an online bank account. You need to click on the ‘Submit’ button to complete the process.

Step 5: eKYC verification

The bank processes your application and supporting documents for a zero balance savings account, and conducts a KYC verification through a video call. You are required to have your original identity and address proof, which includes a PAN Card and Aadhaar Card or Voter’s ID. After the successful verification, the online bank account opening with zero balance is set up. You will receive an SMS or email with the details of your Customer ID, SB Account Number, and IFSC Code.

Step 6: Transfer funds to your account

You can deposit money or transfer funds to your instant savings bank account. You will also be provided with a digital debit card, for which you need to provide the name you want to have on the card.

Your free online savings account is activated within a few hours, for IDFC FIRST Bank will take some time to run backend verification. Once activated, you can receive payments or make bill payments through the account.

With the advanced encryption algorithm, the IDFC FIRST Bank Mobile Banking App safeguards its customers’ sensitive information.

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