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.
According to the SBI website, at any given point of time, an individual can have only one SBI Digital Savings Account in his/her name. To open the SBI digital account, one can simply login on to the official website of SBI or do the account opening through the SBI YONO App.
However, there are some eligibility criteria that one needs to fulfill while opening an SBI online digital account. He/she needs to be a resident of India, age over 18 years, should be without any tax liability outside the country, must have valid Aadhaar and PAN card, and the account applicant must have a valid, active email address and local mobile number registered in his/her name.
An account holder also has the option to convert the digital savings account to a joint account, but only after converting it to a normal savings account. Account-holders can convert their SBI Digital into SBI Savings Account and avail all benefits that SBI is giving to its savings account holders.
- Download the YONO app, and enter the PAN and Aadhaar details
- Next, submit OTP, and fill other relevant details, and submit.
- Customers can also choose a nominee for the SBI Insta Saving Bank Account
- The account holder will get his/her account activated instantly, once the process is complete
- One can also upgrade to full KYC by visiting their nearest SBI branch within a year of opening the account.
Kotak 811 is a zero balance digital bank account available to everyone (Resident Indian individuals only). Kotak 811 lets you choose between a zero balance account or an 811 Edge savings account based on your needs, which acts as a one stop solution for all your financial needs and day to-day transactions. The Kotak 811 account helps you save as well as grow your money with its varied investment offerings. The account also lets you transfer funds, pay bills and do more easily.
- Minimum Balance: No charges or fine on non-maintenance of minimum balance. Now, spend your balance to the last rupee without any worry.
- Virtual Debit Card: Get a Virtual Debit Card instantly for online shopping
- Transfer Money: Transfer money online for free and with easy
- New Age Banking: Find all your banking solutions in one single touch. Get 180 + features that let you carry out your banking transactions, pay bills, invest, shop and do much more with just a few taps.
The Axis Full Power Digital Savings Account is your avenue to open a Savings Account anytime anywhere! Offering features such as a Virtual Debit Card, cashback on online spends and customer verification via Video KYC, it proves a great option for those who like to bank digitally on the go.
- PAN and Aadhaar verification
- Fill personal details
- Fund your account
- KYC verification via video call
Ever find yourself wishing for a bank that thinks, behaves and acts exactly like you would want it to – a partner so seamless and intuitive that is unlike any other. Banking and technology rolled into one that it almost magically produces more time for you each day – to do more of things you love. The Unbank is here – digibank by DBS.
- Universal Banking Remote
- No more entering OTPs
- Track Your Spends Across Categories
- Instant Sharing of Account Details
- Goal-Based Savings
- Contactless Payments
- Smarter Bill Payments
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.