After Reserve Bank of India made some remarkable changes in the KYC laws and other stuff, all banks rushed to offer a Digital Savings Account to their customers. In this article we shall see the various options offered by the banks and whether it is the time to open one for you.
Just PAN + Aadhaar needed to open a
Digital Savings Account
Features of a Digital Account
- Zero balance
- Completely online
- Video KYC
- No paperwork
- Aadhaar based OTP
- Free virtual debit card
- Change to a full savings bank account after KYC
- Smartphone app based banking
- UPI enabled
- Loaded with benefits
Digital Savings Account means
no visits to the bank branch
All banks are onboard with this concept. Each one of them has given wide publicity for their products. Here is a list of a few.
- Kotak 811 Zero Balance Savings Account
- IPPB Digital Savings Account by India Post
- Indus Delite Account
- Axis ASAP Digital Account
- Yes Digital Savings Account
- IDFC First Bank
- Insta Save Account by ICICI Bank
- Airtel Payments Bank Savings Account
- Paytm payments bank
- Digital Account by SBI
Open a Digital Savings Account from
the comfort of your home
How to open a Digital Savings Account
Once you have selected which bank to open the account you can either use your smartphone or laptop/PC. Almost all banks have their Savings Account advertised. Some like India Posts have a specific app only for Digital Accounts. It is simpler and faster to use the app. Plus after you open your account, online transactions will be easier with the app.
Keep your PAN and Aadhaar number handy. Also the verification OTP will come to the mobile phone linked with Aadhaar. Once your aadhaar is verified, the app will ask you to enter your basic personal details like date of birth, name etc. Which details are required depends on the respective bank. Once you are through, you shall receive a conformation SMS as well as Email. The process is really fast and happens in minutes.
Do not forget UPI
The most powerful feature of a Digital Savings Accounts is UPI integration. Unified Payments Interface or UPI is a payment system. It provides you with a virtual address which can be shared with anyone to accept payment without revealing your bank account number. The app helps make and receive payments into your bank account. Payment is authorised by means of OTP and pin. Some apps allow you to create multiple virtual address too.
UPI interface helps easy transfer from
and to your savings bank account