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Thanks to leading banks’ digital and online account opening facilities, opening a savings bank account is now easier than ever. You can now open an account instantly without visiting a bank branch, and there are zero balance requirements.
Leading banks offer a completely digital and paperless account opening process that can be accomplished in minutes.
Read on to learn how to open a digital savings account with a bank that requires no minimum balance.
Benefits of a Digital Savings Account
Before we check how to open an online savings account, let us first understand why you should open one:
- Convenient and Instant Account Opening: No need to visit a bank branch. The account can be opened via website or mobile app through video KYC.
- Higher Interest Rates: Digital savings accounts offer higher interest rates of up to 7.25% p.a. compared to regular savings accounts, including special benefits like senior citizen savings account interest rates for enhanced returns.
- Zero Balance Facility: No minimum balance is required to open and operate these accounts.
- Anywhere Accessibility: Check account details and initiate transactions quickly through the bank’s website or mobile app.
- Advanced Features: Digital accounts offer facilities such as personalised debit cards, internet banking, UPI, mobile wallets, and more.
How to Open a Digital Savings Account
Now that we know the benefits, select a bank that fulfills the criteria and then examine the step-by-step process for opening a digital savings account.
1. Visit the Bank Website or Download the Mobile App
First, visit the Bank’s website or download their mobile banking application. Both platforms allow you to open a digital account instantly in minutes.
The ‘Open Account’ section on the homepage has the savings account opening form where you can fill in all the details.
2. Click on “Open Account Online”
On the homepage, find and click the tab or option saying “Open Account Online”. This will redirect you to the account opening form.
3. Fill in Personal Details
Start filling in the online form by providing your details accurately, such as your full name, contact number, email ID, address proof, etc. Also, set a login password that you will use later to access the account.
4. Select Account Type
Leading banks such as IDFC FIRST Bank offer specialised digital savings accounts catering to different customer segments. Depending on your eligibility, you can open a regular bank savings account or choose from senior citizens, women’s, minor’s, or salary accounts.
5. Initiate Video KYC Process
Banks are mandated to carry out video-based KYC verification for online account opening. When prompted, you need to click a live selfie and display your PAN card in front of the camera to capture the image.
6. Transfer Initial Funds
To complete the account opening process, you must transfer the initial funding amount to credit the new account. This can be done conveniently via netbanking by linking an existing bank account or via UPI, IMPS, or NEFT options.
7. Complete the Video KYC Process
As the final step, the bank initiates a video call to verify your credentials and details provided in the form. You need to answer this call and assist by providing any documents asked to complete the video KYC process.
After successful verification, your digital savings account will be opened, and you will receive the account details via SMS/email.
Conclusion
We hope this detailed guide clarifies how to digitally open a paperless digital savings account zero balance requirements using Video KYC. Banks like IDFC FIRST Bank offer a convenient digital account opening facility across websites, mobile apps and net banking platforms.
It also provides attractive interest rates up to 7.25% p.a., along with lots of features on the savings account at zero minimum balance. If you want to enjoy the benefits of next-gen digital banking, open an online savings account today!
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