Money is precious for everyone as it helps you fulfil your dreams and lead a comfortable life. You do not depend on others for money or repay debts. It is safer to plan your expenses to avoid losses and become financially independent. Emergencies arrive without warning. Hence, remain prepared to face them.

Nowadays, banks offer an online Savings Account for customers’ convenience. It saves your precious time and eases the formalities. You skip all the physical paperwork and upload the documents on the website for swift approval. Visit the Banking app from your smartphone anywhere and anytime.

Process

Digital Banking enables you to access all financial products on one platform. You need to download the app on your smartphone and register by providing your Aadhaar card, PAN card, and other details in the account opening form. It is mandatory to provide your Aadhaar details while initiating the process.

Eligibility

To open an online account, you need to be an Indian citizen above 18 years with a valid PAN card and Aadhaar number. Ensure to link the Aadhaar card to your registered mobile number.

Documents required

To access Digital Banking in India, you need to submit some documents as proof to the bank or upload them on the app. You need to complete the KYC (Know Your Customer) process and submit the form along with your driving license, Aaadhaar card, passport, Voter ID, and PAN card.

Acknowledgement

Upon online Saving Account opening, you receive a welcome email and SMS on your registered mobile. Some banks also offer virtual Debit Cards to their customers as complementary gifts. You receive the net banking and mobile banking login details with the passbook, ATM-cum-Debit Card, chequebook, and other bank documents in the kit.

Minimum account balance

You need to maintain a minimum balance in your account to avoid paying penalties to the bank. Every bank charges differently for non-maintenance of the minimum account balance with varying limitations. Do not forget to check the Savings Account interest rates during the assessment.

Saves time

You skip frequent bank trips and save lots of time. Instead of waiting in queues, you access the account and other banking products from your smartphone at home or office.

Flexibility

Nowadays, all banks are shifting from traditional to digital processes. From deposits and withdrawals to fund availability, digital accounts offer the same flexibility as regular Bank Accounts and consume less time. The hassle-free documentation process is another boon for Online Banking customers.

Convenience

A digital Saving Account offers convenience to customers. It helps you access funds immediately without wasting too much time. It enables you to transfer money to your loved ones during financial emergencies and pay bills on time. You skip the excessive paperwork and worry about reaching the bank branch on time since the app is available 24x7.