Want to open a savings account instantly but have no time to visit the bank? If you answered yes, then you are at the right place. Today, we will guide you through opening a digital savings account and explain how it has transformed the entire banking experience.
The process of opening a digital savings account is convenient, faster, and hassle-free. So, let’s learn about the benefits and documents required and find a step-by-step guide to complete the process.
What is a digital savings account?
A digital savings account is an online banking option that lets you manage your money easily from your smartphone or any device with internet access. You can handle transactions, check your balance, and perform other banking tasks without needing to visit a branch.
Benefits of a digital savings account
Here are some of the benefits of having a digital savings account:
Attractive interest rates
With lower fees and competitive interest rates, digital savings can help you earn more interest on your balance. You can instantly open an account online by comparing the different options available. In fact, some banks don’t require you to maintain a monthly average balance in these accounts, which could be an added advantage.
Free virtual debit card
Once your account is activated, you can request access to a virtual debit card online through the mobile banking app. With this, you can make transactions and pay bills online seamlessly.
Make cardless withdrawals
Some banks also offer the option to withdraw cash without a card. Here, you can use the UPI QR cash facility at any ATM to make a transaction. It is quite a convenient way to withdraw, even if you don’t have your debit card at hand.
Manage your account via mobile app
Mobile banking apps make managing your savings account anywhere, anytime possible. For instance, the Kotak811 app lets you monitor your balance, make payments, and access different banking services.
Free transfers
There are various payment options available online for free. These include UPI (Unified Payments Interface), debit card, NEFT (National Electronic Funds Transfer), RTGS (Real-time Gross Settlement), and IMPS (Immediate Payment Service), which allow you to transfer funds to other accounts on the go.
Enjoy unmatched features
Besides the basic functionalities of a savings account, many banks encourage digitalisation by offering exclusive discounts and offers on shopping and booking movie tickets online.
Get investment options
Whether you want to purchase/ redeem or track fixed deposits, recurring deposits, mutual funds, or equity, a digital savings account can do it all. This can help you maintain a good balance of expenditures and investments to ensure long-term stability and liquidity.
How to open a digital savings account?
Here is a guide on how you can open your digital savings account online:
Step 1: Open the official website of the bank you prefer to open your account with. Compare the different kinds of savings accounts the institution offers online to make your choice. You can choose to open your digital savings account through either the bank app or website.
Step 2: Choose the savings account you want to open and complete the online form by submitting your personal details, such as name, date of birth, phone number, email ID, etc.
Step 3: Submit the required documents for verification, such as PAN Card and Aadhaar Card. Then, complete Aadhaar verification with One-Time Password (OTP) authentication.
Step 4: Complete the VKYC (Video Know Your Customer) process. Here, a representative from the bank will verify and capture your PAN card and signature. This procedure will then allow you to register an online account.
Step 5: After completion, you will be given the login information for your online bank account. You can use these credentials to then access your digital savings account.
Endnote
When looking for a digital savings account online, you should check and compare the ease of operation of bank platforms, the time for activation of linked services, interest rates, added benefits, and access to different features. This will help you make a guided decision. Once you have found the right savings account, you follow the steps to open your account and make the most of its features and benefits.