In today’s fast-paced environment where everything is available at your doorstep, technology has practically revamped the banking industry as well. Banking in India has become faster, better, easier, more secure, and now fully digital. If you are considering opening a digital savings account, it makes sense to do it now when the current technology has been upgraded to provide the best features to the end consumer. You do not have to be a technical wizard to open a digital bank account since the mobile apps are so user-friendly that you’ll want to know more every time you access your account from a digital platform.
All You Need to Know
As you would expect, there are certain formalities to opening a digital savings account, just like with any other process, but they aren’t complicated at all. The foremost criteria are that you will need to be at least 18 years of age and comply with the KYC requirements. For the uninitiated, KYC is all about uploading your identity documents such as your driving license, valid Aadhaar that is linked to your mobile number, or passport as address proof to complete the process. You will need these few documents to upload to open your digital bank account in India without physically visiting any bank branch.
One of the top Digital Banks in India is the IndusInd Bank which provides a range of features associated with the digital savings account. These are – zero maintenance balance, instant account activation, attractive offers on a debit card, and more. Not only these, but account holders also get complimentary insurance worth INR 1.5L with the platinum debit card. You can also get the following –
- Up to 15% discount on best restaurants in the account holder’s city.
- Complimentary insurance cover worth up to INR 1.5L with the Platinum Debit Card
- Up to 10% off on Swiggy orders and up to INR 1000 discount on orders from bigbasket.
With such enticing features, digital banking has become more popular than traditional banking, nowadays.
Once you open your account digitally, you must deposit an initial funding of INR 20,000 and the fee for the debit card is a nominal one which stands at INR 249 + taxes. The Indian consumer is already in the middle of a digital transformation in terms of cashless transactions, so it makes sense to embrace the features offered by a digital savings account.
After setting up your account, you can start transacting any time of the day and make changes at your convenience. And you can do it all using your smartphone or laptop which saves you multiple bank visits. What’s more? You can even apply for personal loans using your digital account.
Another nifty feature of a digital bank account is that you can choose your own account number – this facility is only provided by a handful of banks, such as the IndusInd Bank. Once you set it up, you can automate payments, and start transactions from anywhere in the world. Your mobile app is your personal, virtual banking assistant.Now you know all there is to know about opening a savings account and all the benefits associated with it, why don’t you open or help your older family members open one to provide ease of banking for them?