- An individual can open a Digital Savings Bank Account by uploading basic KYC Documents.
- So what are the top Digital Savings Bank Accounts that one should open? Let’s find out here!
We have never been so digitally empowered as we are in today’s times. Technology has changed our daily lives and even the banking system. A Savings Bank Account, which many of us have, has also become Digital over time. Nowadays, several banks (both public and private) are offering Digital Savings Bank Accounts to customers for which they don’t need to opt for the old and traditional method to go to the branch. In the current times, you can open a Digital Savings Bank Account without going anywhere.
Just pick up your Smartphone or your Laptop, upload a few basic KYC Documents, and that’s it; your Digital Savings Account is ready to function. With your Digital Savings account, customers can perform all the banking tasks from their smartphones without paying a single visit to the branches. In this post, we will be discussing some of the Top Digital Savings Bank Accounts in India from the top banks like State Bank of India (SBI), HDFC Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, etc.
So, if you want to know about the features of all such Digital Savings Bank Accounts in India, keep reading the post. We are starting with the SBI, which is the leading public sector bank of our country.
SBI Digital Savings Account
Being the top public sector bank of India, SBI allows individuals to open a Digital Savings Account from their smartphones or devices. People who don’t want to visit branches and want to open a Savings Account from anywhere can choose the SBI Digital Savings Account. We are showing some of its features below. Please check.
- To be eligible for SBI Digital Savings Account, an individual must be over 18 years of age, have an Aadhar number & valid Permanent Account Number (PAN), and have a valid Mobile Number & active email address.
- Customers cannot open a Joint Digital Savings Account. For this, individuals will need to convert it to a Normal Savings Account by visiting the Home Branch.
- Nomination Facility is mandatory when opening an SBI Digital Savings Account via YONO Application and it can be done in favor of one nominee only.
- Customers will also get the Cheque Book Facility and the charges for it are the same as a Normal Savings Account. However, SBI doesn’t offer a Passbook facility to customers. Instead, it will be sent on Email in the form of an Audio-visual statement.
- Customers can only have one SBI Digital Savings Bank Account at any given point of time.
- SBI also offers a Classic Debit Card for free of cost that can help customers withdraw money from ATMs, make Bill Payments, do Money Transfers, etc.
Kotak Mahindra 811 Digital Savings Account
Kotak Mahindra Bank is considered to be one of the pioneers of Digitalization when it comes to the Savings Bank Account. It’s Kotak 811 Digital Bank Account that provides the flexibility to spend and earn upto 4% interest per annum on the savings account balance. The reason behind the name of this Digital Savings Account is that individuals don’t need to go anywhere to open an account. Have a look at some of the prominent features shown below.
- To enjoy the seamless digital banking provided by the 811 Digital Bank account, customers only need to use their smartphone or through a browser. Upload a few basic documents and your account is ready.
- If you are worried about paying charges for the low balance in your savings account, there’s no need to do so. Kotak 811 Digital Account allows you to have an account with Nil Minimum Balance Requirements.
- Customers can also opt for a Sweep-in and Sweep-out facility with which the excess balance in your account can be converted into a Fixed Deposit. This can help customers earn a higher interest rate.
- No more plastic cards to keep in your pocket as with the Kotak 811 Digital Account, customers will get Virtual Debit Cards that can be used for Shopping, Bill Payments, Mobile Recharge, etc.
- You can choose from the 811 Digital Bank account and 811 Edge according to your convenience. 811 Edge account can be upgraded from Kotak 811 Digital Savings Account by keeping a minimum balance of INR 10,000.
- To be eligible for this account, an individual should be a Resident Indian with the age of 18 years and above.
Axis Bank Digital Savings Account
When we talk about the popular Digital Savings Bank account, we cannot forget to mention Axis Bank as it provides a Full Power Digital Savings Account with first-of-kind Video KYC. Customers don’t need to go anywhere; just pick your smartphone and get on a video call with Axis Bank Video KYC agents. Before this, customers have to complete a few steps such as PAN & Aadhar Verification, Personal Details and Funding your account. Have a look at some of the highlights of the Axis Bank Digital Savings Account.
- First thing first, Axis Bank offers two types of Digital Bank Account – Easy Access and Prime Savings Account. The initial funding Requirement for both accounts is different. For the Easy Access Account, customers need INR 15,000 while INR 25,000 for Prime Savings Account.
- With both the accounts, customers get a VISA E-Debit card with which they can get upto 1% cashback on all online spending. So, if you are someone who likes to spend online, this could be suitable for you. The minimum transaction to get the cashback should be INR 500 and you can get a maximum cashback of INR 200 in a month.
- The best thing about the Axis Digital Savings Account is customers get Complimentary Times Prime Membership which includes Free subscriptions of Gaana Plus, Zee5, Cure.fit, 15% off on Myntra, and many other exciting things.
- This Complimentary Times Prime Membership can be unlocked by completing 3 transactions within 60 days of opening the account.
- With this Digital Savings Bank Account from Axis Bank, you can avail of more than 250 services of the bank.
DBS Digital Savings Bank Account
A Digital Savings Account from the DigiBank by DBS promises to open an unimagined way of smart banking. Features like Interest Rates upto 5% per annum on your balance, Instant Account activation, Paperless procedure add to one’s attractions for Digi Bank. One of the latest and popular things that DBS Bank has done is customers do not anymore need to enter OTPs. Instead of this, DBS bank has in-built soft token security that authenticates all transactions. Check out all the other features below.
- With the DBS Bank Digital Savings Bank account, customers get to enjoy Digibank Delights. With this feature, you can get INR 150 cashback as soon as you add INR 10,000 in your account or Fixed Deposit. On spending INR 3,000 with your Digibank Debit Card, customers also get INR 150 as cashback. Both of these offers are valid within 10 days of opening.
- Customers get free of cost Debit Cards that come loaded with DigiBank Delights across several categories such as Wellness, Dining, Shopping, Entertainment, Travel, etc.
- The procedure to open a Digibank Savings Account is quite simple. Download the application from Playstore. Fill the required personal details, complete the KYC process and activate your Digibank Savings Account in a few minutes.
- With DBS Digital Savings Bank Account, customers also get features like Tap to Pay and Scan to Pay that enable instant payments and transactions any time of the day from anywhere.
YES BANK Digital Savings Account
If you value your time and don’t want to go to the branch to open a Savings Account, YES BANK Digital Savings Account could be the right choice for you. The reason: YES BANK allows customers to open a Savings Account at their convenience. The overall process to open a Digital Savings Bank account is fast, easy and most importantly, paperless. Want to know more features of it? Have a look below.
- Customers need to maintain an Average Monthly Balance (AMB) of INR 10,000 in their YES BANK Digital Savings Bank Account. On the non-maintenance of AMB, banks may charge that may range from INR 100 to INR 500.
- To open an account, customers need to enter Aadhar, PAN, Email id, and Mobile. After feeding these details, validate with OTP. Then, verify all the personal and account-related details. For the account activation, you can show original documents in a Video Call to the YES BANK Staff.
- Customers can also get Platinum VISA Virtual Debit cards free of cost that will have a daily transaction limit of INR 50,000. Other than this, you will get security via Lost Card Liability, Purchase Protection and Personal Accidental Cover.
- YES BANK also offers attractive interest rates on the balance in your Digital Savings Account and you can get the interest payout every quarter.
HDFC Bank Digital Savings Account
HDFC Bank, a leading private sector bank of India, allows customers to open a Digital Savings Bank Account instantly via their Smartphones. This type of account is known as HDFC InstaAccount. Several people don’t want to visit the branch to open a savings account. An HDFC Bank Digital Savings Bank account is perfectly fit for such people. There are many features that this account has. Check them out.
- To open an HDFC Bank Digital Savings Bank Account, you don’t need a long list of documents. So what do you need? A working Mobile Number, Aadhar Number, PAN Number, and that’s all. Within 2 minutes, your account will be activated. For this, you will need to download the HDFC Bank Instant Account App from Playstore.
- As soon as you open your Digital Savings Account, you will receive your account number and customer ID instantly.
- Within 48 hours of Instant Account Opening, customers can start sending and receiving money from their InstaAccounts. Other than this, you can also make Bill Payments.
- Your HDFC InstaAccount can also help customers open a Fixed Deposit.
- Coming to the eligibility part, customers who are 18 years and do not have an existing HDFC Bank Account are eligible for HDFC InstaAccount. Remember, the account cannot be held jointly with any other individual; it can be held by only one individual.
- You will need to convert your HDFC InstaAccount to a normal Savings Bank account within 1 year of opening, else it will be blocked.
RBL Bank Digital Savings Account
In its efforts to make banking easier for customers, RBL Bank offers a Digital Savings Bank account. The reason: everything is digital nowadays, so savings accounts should also be digital. With facilities like Anytime Banking from anywhere, Paperless & instant procedure and higher interest rates are some of the top features of this Digital Savings Bank Account from the RBL Bank. Here are some of the features that you should know about.
- To open the RBL Bank Digital Account, you will need to provide basic documents like PAN Card and Aadhar Card to prove your identity, age, and address.
- Customers will also need to keep an AMB of INR 5,000 in their Digital Savings account. However, if you want a waiver in this average balance requirement, you can start a SIP or Recurring Deposit worth INR 2,000 or more
- As soon as you open a digital account, you get an ATM card that also acts as a Debit Card without any extra charges. This Titanium First Debit Card will also bring a wide range of discounts and cashback offers.
- There are no restrictions on the number of withdrawals that you can make with your Debit Card.
- Several options like NEFT, RTGS, and IMPS allow customers to transfer funds without any hassle.
- Customers also get attractive interest rates on RBL Bank Digital Savings Account that vary according to the overall balance.