Top Digital Savings Accounts In India
Posted by Creditkaro
Technology has changed the daily lives of human beings as well as the banking system also. In its reflection nowadays people are witnessing even digital savings bank accounts that have taken place over time. Nowadays, several banks including public and private are proposing their customers go with digital savings bank accounts for which they do not require to choose an old and traditional method to go to branches. The customers willing to open digital savings bank accounts can make it just with the help of smartphones or laptops. The customers have to upload a few basic KYC documents and after opening accounts the customers can perform all banking tasks from their smartphones sitting at home.
Here are the top digital savings bank accounts:
1. SBI Digital Savings Accounts
Being one of the top public sector banks in India, the State Bank of India (SBI) provides digital savings bank accounts for its customers to open from their smartphones or other devices. Customers who do not want to visit branches and want to pen savings accounts from anywhere can prefer SBI digital savings bank accounts.
1. To earn eligibility to open SBI digital savings account the individuals must be above 18 years old, have Aadhar numbers and valid PAN along with an authentic mobile number as well as an active e-mail address.
2. Digital savings accounts cannot be opened jointly.
3. Nomination facility is mandatory while opening an SBI digital savings account through the YONO application and it can be done in favor of one nominee only.
4. The customers will get a checkbook facility and the charges for it are the same as a normal savings account. However, SBI does not offer a passbook facility to digital savings account holders. Instead, the passbook statement is being sent to the customers in the form of an audio-visual statement.
5. Customers can make only one SBI digital savings account at any given point in time.
6. SBI offers also a classic debit card for free of cost that can help the users withdraw money from ATMs, make bill payments, transfer money, etc.
2. Kotak Mahindra 811 Digital Savings Account
Kotak Mahindra bank is called one of the creators of digitalization when savings account matter is concerned. It has a unique Kotak 811 digital savings account that has created flexibility to spend and earn up to 4% annual interest on the savings account balance. Here are some prominent aspects of this digital savings account:
1. The customers, willing to make seamless digital banking provided by Kotak Mahindra 811 digital banking, need smartphones and through the browsers will have to upload a few basic documents to make their accounts ready.
2. Kotak Mahindra 811 digital savings account has another interesting feature that it allows customers to maintain their digital banking savings accounts with even zero balance requirements.
3. Customers can also choose a sweep-in and sweep-out facility with which the additional balance in their savings accounts can be converted into fixed deposits. This system can help customers to enjoy higher interest rates.
4. The customers do not need to keep plastic debit cards in their pockets with Kotak Mahindra 811 digital savings account. Customers are given virtual debit cards and these cards can be used for shopping, bill payments, mobile recharges, etc.
5. Customers can select from 811 digital bank accounts and 811 edge according to their convenience. 811 edge account can be upgraded from Kotak Mahindra 811 digital savings account by keeping a minimum balance of Rs 10,000.
6. To earn eligibility for this account the individual must be a resident of India and should be above 18 years old.
3. Axis Bank Digital Savings Account
Axis Bank's digital savings account is not highly powerful as the other digital savings account, but also offers a new dimension through first-of-kind video KYC. Customers do not need to go anywhere. They just should pick up their smartphones and get on a video call with Axis Bank video KYC agents and before this, customers need to complete some technical formalities such as PAN & Aadhar verification, personal details, and funding their accounts.
1. Axis Bank offers two types of digital savings accounts. One is easy access and the other is a prime savings account. The initial funding requirement for both accounts is different. Customers need to put Rs 15,000 for easy access to digital savings accounts while for prime digital savings accounts Rs 25,000 is initially needed.
2. With both the accounts customers get Visa e-debit cards with which they can get up to 1% cashback on all online spending. The minimum transaction value to enjoy the cashback value should be Rs 500 and customers can get a maximum cashback of Rs 200 in a month.
3. The most interesting part of Axis Bank's digital savings account is that customers, with these digital savings accounts, can get complimentary times prime membership that includes a free subscription of Gaana Plus, Zee5, Cure Fit, then a 15% discount on Myntra and many other exciting items.
4. This complimentary primes times membership can be unlocked and can be completed in three transactions within 60 days of opening the account.
5. Customers can
avail of more than 250 services in the bank with this Axis Bank digital savings
4. YES Bank Digital Savings Account
YES Bank digital savings account is ideally fast, easy, and more significantly paperless. YES Bank allows its customers to open digital savings account at their convenience.
1. Customers need to maintain an average monthly balance of Rs 10,000 to maintain their YES Bank digital savings accounts. On the customers' lack of annual maintenance, the balance bank may charge that might range from Rs 100 to Rs 500.
2. For the opening of accounts, customers need to enter Aadhar, PAN, authentic e-mail addresses, and valid mobile numbers. After feeding these details a verification of personal and account-related details will be made with OTPs and then for the activation of accounts, customers must show original documents in the video calls to the YES Bank staff.
3. Customers can also get platinum Visa virtual debit cards for free of cost and customers will have a daily transaction limit of Rs 50,000 with the cards. Other than this, customers will also obtain security through lost card liability, purchase protection, and personal accident cover.
4. YES Bank also offers
attractive interest rates on the balance in customers’ digital savings accounts
and customers can get the interest pay-outs every quarter.
5. HDFC Bank Digital Savings Account
HDFC Bank, India’s one of the premier public sector banks allows customers to open digital savings accounts instantly, just with the help of smartphones. These types of accounts are called HDFC-Insta accounts. Many people nowadays do not want to want to visit branches and want to stand in the long queues
1. HDFC has not made the digital savings account opening procedure complicated for the customers as they only need Aadhar, PAN, and working mobile numbers to open digital savings accounts. The customers willing to make the whole process fast must have to download the HDFC Bank instant account app.
2. The customers will get a customer ID and account number instantly after opening digital savings accounts.
3. Customers can make monitory transactions from their HDFC-Insta accounts within 48 hours of instant account opening. Customers can also make bill payments.
4. Customers can also open fixed deposits with the help of HDFC Insta accounts.
5. Customers who are more than 18 years old and do not have existing HDFC Bank accounts will be eligible for HDFC Insta-account and the account cannot be held jointly.
6. Customers will
need to convert their HDFC Insta-account to normal savings bank accounts within
one year of opening. Otherwise, it will be blocked.
6. RBL Digital Savings Account
Digital savings account from RBL are also seamless, fast, and easy like all other banks and customers also do not need to go to the branches like all other digital savings accounts and can open their accounts instantly sitting at home.
1. The customers need to produce basic and primary documents like PAN, Aadhar, age proof, and identity proof to open digital savings accounts at RBL.
2. Customers need to maintain their digital savings account balance annually with Rs 5000. However, customers, willing to become waiver in this average balance requirement, can start recurring deposits or SIP with Rs 2000 or more.
3. Immediately after opening digital savings accounts customers will get ATM cards without any charges and these cards will act also as debit cards. This Titanium debit card will help users to earn a wide range of discounts and cashback offers. There is no restriction on the number of withdrawals with this debit card.
4. Customers can use several options for transferring their money through NEFT, RTGS, and IMPS with RBL digital savings accounts.
5. Customers can get attractive rates of interest at RBL digital savings accounts. However, it can vary according to the overall balance.