September 30, 2022

Time is precious. Standing in long queues to transfer funds and apply for loans isn’t the best way to use your limited time. Digital savings account accessible with a mobile net banking app is better, as it allows you to conduct all banking activities with a few clicks.

A digital savings account can be opened instantly without the need to visit the bank branch for documentation. However, that doesn’t mean you do not need anything to open a digital savings account. Here are the documents and information required for opening an instant bank account:

  • PAN card
  • Aadhaar card
  • Active mobile number linked to your Aadhaar
  • Active email ID

Alongside these documents, you even require an internet-enabled electronic device like a smartphone, tablet, or laptop with a camera to complete the video KYC process. Let us now know the procedure and benefits of a digital savings account.

 

How can you open a digital savings bank account?

Download the new mobile banking app from the Play Store or App Store. After downloading, open the banking app and click on the instant savings account opening option.

  • Input the Aadhaar and PAN number to authenticate. Enter the OTP received on your mobile number.
  • Upon successful authentication, you must fill up the details – name, age, gender, address, and family info.
  • Once you enter the details, the bank official will contact you for a video KYC. During the process, you must keep your PAN card handy as the official will take a screenshot of it. Also, the officer will ask a few basic questions to validate your KYC info.
  • After completing your video KYC, your savings account will be opened instantly. Your account number, customer ID and IFSC code will be mailed to you. You will also receive an e-debit card instantly. With all these details, you can bank on mobile.
  • Note that all the physical collaterals such as welcome letters, debit cards and cheque books will be handed over to you via courier or post.

What are the benefits of opening a digital savings bank account?

Digital savings bank accounts are popular because they offer the following benefits:

  • Instant account opening:You can open a digital account in minutes by entering your KYC details.
  • Fund transfer:Digital accounts allow online fund transfers via NEFT, RTGS and IMPS.
  • Instant virtual debit card:Upon opening the digital account, you get access to an instant debit card, which you can use to avail of exciting offers and deals online.
  • Instant transactions:With the banking app, you can open a fixed or recurring deposit account and pay your credit card and electricity bills.

Leading banks, including IDFC FIRST Bank, offer digital savings bank accounts. IDFC FIRST Bank is especially popular as the approval process is quick and hassle-free. You can receive your account credentials within hours if all your details are correct.

Steve Campbell

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