The Ultimate Guide To Digital Savings Account

In this era of online shopping and digital transactions, a trip to your favourite bank to open a savings account seems obsolete. Therefore, several banks have come up with the option of opening a savings account online from your home’s comfort. Another reason to opt for a digital savings account is that it is an entirely contactless process encouraged amid the changing times. Moreover, choosing an online savings account facilitates anytime, anywhere banking for working professionals and others.

Scroll down for a detailed guide about the benefits, eligibility, and process of opening a digital account online.

Benefits of an online savings account

• The online opening of a savings account saves time, energy, and money.
• It is an instant, paperless and contactless process.
• You get higher interest rates for your deposits** and any time banking option on the move through the mobile app.
• Many banks allow the account to be opened at zero or minimum balance.**
• You can transfer funds online through UPI, IMPS, RTGS, and NEFT without any additional cost.
• You will get a bill-pay facility for quicker and easier recharges and utility bill payments.
• The transactions are safe and secure with a two-step authentication process.
• Extra funds could be easily invested through fixed deposits and mutual funds for maximum returns.
• You get exciting complimentary rewards and discount vouchers along with the online savings account.

**Terms & conditions apply.

Eligibility to open savings account online

The eligibility criteria for opening a digital savings account include:

• The individual must be a permanent Indian resident.
• The individual must have a valid Aadhaar number and PAN number issued by the Government of India.
• A valid mobile number linked to the Aadhaar number.
• The applicant must be at least 18 years old.
• In the case of a minor individual, they could open the account jointly with a guardian.

Documents required for opening a savings account online

For a digital account opening, you will need to provide proof of identity, age, and address such as:

• PAN card
• Aadhaar card
• Valid mobile number
• Valid email ID

Steps to open an online account

To open a digital savings account, individuals can apply online through the bank’s official website or download the mobile app, if available. Here are the standard steps to open a savings account online:

1. Log on to the bank’s official website and navigate to the online savings account opening page.
2. Upon entering the mobile number and email ID, the system will ask you to enter the Aadhaar and PAN Number.
3. A one-time password (OTP) is sent to the mobile number linked with your Aadhaar number.
4. Choose an account variant applicable to them.
5. In the last step, fill in the personal details such as name, age, address, etc., to complete the process.
6. Your digital savings account is now open for use.
7. Receive the Account Customer ID on your registered email and mobile number instantly.
8. Subsequently, you can log in using internet banking or download a mobile banking app and use a host of services such as creating fixed deposits, recurring deposits, transfer funds, bill payments, etc., through your online savings account.

The digital savings account is the future of hassle-free and swift banking for the fast-paced environment. With an instant paperless application process and host of other benefits, banking on the move is here finally.