To be more precise, one of the major prerequisites for building the culture of money management is to open a savings bank account. Thanks to advances in technology and the increasing competition in the banking sector, banks are now offering instant digital zero balance savings account, which makes it very easy to open a saving account solely dedicated for saving money. Here is a step-by-step guide to open a digital savings account online:
The first step that you need to take is to search for banks that offer the option of opening zero balance accounts that can be done online. Currently, all leading banks – be it ICICI Bank, SBI, HDFC Bank, Axis Bank, etc., provide this service on their websites and mobile applications. What’s more, you can even open a complete savings account through them online without having to physically go to the branch of the bank and it will only take you less than 5 minutes to do it. Similarly, there are some such as FINO and India Post which also permitted without Video KYC, without video Know Your Client banks account opening where only self-attested documents are submitted online.
Documents needed for opening zero balance savings account online, must have soft copy of Aadhaar, PAN Card, photograph etc. Even, some bank’s don’t demand Video KYC, only scanned copies of document need to be uploaded. Read the account opening requirements that are mentioned on the bank’s official website appropriately before applying for the process online.
After making your decision to use a particular bank, go to the bank’s homepage and look for the “Open An Account” or “Savings Account” link. After that, you shall be transferred to the digital account opening form. Ensure that you enter all the relevant details such as name, date of birth, phone number and all other vital details as required. Review all the details filled in the form before proceeding to send or submit the form.
Application form shall be completed and on the process of uploading soft copies of the identity and address proof documents. Make sure the documents are well-illuminated and easily understandable. Some of the documents such as Aadhaar, PAN, Voter ID etc are required by the banks to open account with them, however, when applying for zero balance account opening online, even the scanned copies are often accepted.
Review the final application preview to ensure that all the details and information are correct before submitting the application. Ensure that personal details entered or documents uploaded are correct by running an identity check. By scrolling through all the presented terms & conditions concerning the digital savings account and checking the corresponding check marks, one accepts all the presented terms & conditions before pressing the submit button.
In the few minutes or hours after you’ve submitted your savings account application, you will receive a message from the bank confirming that they have received your request for the account. As much as possible, your account will be opened immediately after submission of all the necessary information. However, full account activation may require some time I and II days after which full KYC verification will be complete.
After the opening of the digital savings account it will communicate with the bank regarding setting up of login password and other security features. Establish these according to the following guides so that you can log in to your account. Go for completely digital banking to have full control of your or its/her savings account.
Congrats! The balance of your digital savings account is zero and therefore your account is now active. One can try to save money through net banking or through the mobile application on his/her phone. You are locked into using this account strictly for the saving of money since this account does not come with a debit card. Some of the prominent and reputed private and public sector banks such as the ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, the SBI have the best zero balance account opening offers that offer accounts that can be opened online within a few minutes and are ready for use digitally for saving money easily.
Some of the benefits of opening a dedicated digital savings bank account are:
– Zero balance account opening online facility.
– It is significant to understand that no debit card guarantees that one would only save money.
– Again, the interest rates are relatively higher than that of normal SB accounts.
– Recording of savings should also be undertaken via mobile or net banking.
– Just scanned documents needed to open it, which makes the process very simple.
Some of the banks such as ICICI Bank and SBI have created atm savings account plans including ICICI iWish and SBI eSavings Account offering up to 6% interest rate along with the opportunity to open the accounts without any balance and online. As for now, other NBFCs such as Fino Payment Bank, and Equitas Bank also provide 4%-7% returns on savings accounts with zero balance accounts through the paperless method.
The use of a digital savings bank account means one can save money easily without the stress of moving to a branch or the formalities that accompany the same. It is advised that individuals should select those banks that offer the facility of opening a zero balance account with the ease of having a completely paperless process so that the account can be readily accessed in the digital world. Therefore, if you are still among those who have not opened an exclusive savings account, do so now, and watch your savings gain the necessary momentum to start growing!
