Have you ever imagined completing your salary account opening process within minutes without stepping into a bank branch? It may sound unbelievable, but in today’s digital banking era, it’s a reality. Thanks to paperless processing and video KYC, you can now open a fully loaded salary account online with ease, making the entire experience quick, seamless, and hassle-free.
This article provides a step-by-step guide on eligibility, the documents required, and the application process for opening your online salary account. Learn how it can help you maximise returns by earning automated monthly interest.
Eligibility Criteria for Opening a Salary Account
Before initiating the online application process, ensure you meet the below basic eligibility norms:
- Monthly Salary Credit: You must have a minimum monthly salary credit of ₹25000 or above going directly to your account. This ensures healthy account operations. However, the minimum salary required to open the account may depend on your chosen bank.
- Residency Status: You must be an Indian citizen residing in India or a foreign national fulfilling GOI criteria.
- Valid Documentation: Have copies of your identity proof (Aadhaar/PAN/Passport) and employment documents (salary slip/letter) ready for seamless KYC verification.
Fulfilling the above criteria will facilitate quick processing and approval of your online salary account application by the bank.
Step-by-Step Process to Open Salary Account Digitally
Follow these simple steps for salary account opening online and complete the process end-to-end from the comfort of your home:
1. Visit the Bank’s Website or Mobile App
Firstly, access your preferred bank’s website or mobile app. For instance, IDFC FIRST Bank offers an intuitive digital platform for convenient account opening.
2. Choose ‘Salary Account’ Option
Under account types, select the Salary Account designed explicitly for salaried individuals with tailored benefits like interest payouts.
3. Fill in Personal and Employment Details
Accurately fill in all required personal information, contact details, employer details, and monthly salary in the digital application form.
4. Upload Documents for Verification
Next, upload clear copies of your Aadhaar card, PAN details, and proof of employment for online KYC verification.
5. Complete Video KYC Process
Answer a few basic questions during the quick video call with a bank representative to complete video KYC formalities.
6. Start Earning Interest
Once your account is activated post-verification, you can immediately start earning higher interest rates credited monthly.
How Salary Accounts Help you Earn Interest
Opting for an online salary account can be rewarding in terms of returns offered:
- Daily Balance Calculation: Interest is calculated based on the account’s daily closing balance and credited monthly. This method ensures maximum benefit, as you earn daily interest on the closing balance.
- Competitive Interest Rates: Digital salary accounts from banks like IDFC FIRST Bank offer attractive interest rates of up to 7.25% p.a. on high balances, allowing your money to grow at an accelerated pace.
- Zero Balance Needs: Leading providers like IDFC FIRST Bank waive off minimum balance requirements for salary accounts. Thus, you earn interest irrespective of your account balance.
Conclusion
Opening salary accounts online takes minutes, not days. Leading digital banks like IDFC FIRST Bank simplify processes to offer unmatched convenience.
Attractive interest rates, zero balance requirements, and lifestyle perks provide additional value. Embrace the digital route to maximise salary account benefits today!
