Top Digital Savings Bank Accounts in India

 

Top Digital Savings Bank Accounts in India

SBI Digital Savings Account

Being India’s top public sector bank, SBI allows individuals to open digital savings accounts from their smartphones or devices. People who don’t want to visit branches and open a savings account from anywhere can opt for SBI Digital Savings Account. We are showing some of its features below. Please check.

To be eligible for an SBI Digital Savings Account, a person must be above 18 years of age, have an Aadhaar number and a valid Permanent Account Number (PAN), and have a valid mobile number and an active email address.

Customers cannot open a joint digital savings account. For this, individuals have to visit the home branch to convert it to a general savings account.

Nomination facility is mandatory while opening SBI Digital Savings Account through YONO app and can be done for one nominee only.

Customers also get check book facility and the charges for the same are same as regular savings account. However, SBI does not offer passbook facility to customers. Instead, it is sent via email in the form of an audio-visual statement.

A customer can have only one SBI Digital Savings Bank account at any one time.

SBI offers Classic Debit Card for free which helps customers to withdraw money from ATMs, pay bills, transfer money etc.

Kotak Mahindra 811 Digital Savings Account

Kotak Mahindra Bank is considered one of the pioneers of digitization when it comes to savings bank accounts. It is a Kotak 811 digital bank account that provides flexibility to spend and earn 4% interest per annum on savings account balance.

The reason behind the name of this digital savings account is that individuals do not need to go anywhere to open an account. Let’s take a look at some of the key features shown below.

To enjoy seamless digital banking provided by 811 Digital Bank Account, customers only need to use it through their smartphone or browser. Upload some basic documents and your account is ready.

If you’re worried about paying fees for low balances in your savings account, there’s no need to be. Kotak 811 Digital Account allows you to have an account with minimal minimum balance requirements.

Customers can opt for sweep-in and sweep-out facility, whereby excess balance in your account can be converted into fixed deposit. This helps the customer to earn higher interest rate.

No more keeping plastic cards in your pocket as in Kotak 811 digital account, customers get virtual debit cards that can be used for shopping, bill payments, mobile recharge etc.

You can choose 811 Digital Bank Account and 811 Edge as per your convenience. 811 Edge Account can be upgraded from Kotak 811 Digital Savings Account.

To be eligible for this account, a person must be a resident Indian aged 18 years and above.

Axis Bank Digital Savings Account

When we talk about the popular digital savings bank account, we can’t forget to mention Axis Bank because it provides a full power digital savings account with first-of-its-kind video KYC. Customers don’t need to go anywhere; Pick your smartphone and make a video call with Axis Bank Video KYC agents. Before this, customers have to complete some steps like PAN and Aadhaar verification, personal details and funding your account. Check out some highlights of Axis Bank Digital Savings Account.

Firstly, Axis Bank offers two types of digital bank account – Easy Access and Prime Savings Account. The initial fund requirement is different for both the accounts. For Easy Access Account, customers need INR 15,000 and for Prime Savings Account INR 25,000.

With both accounts, customers get a Visa e-debit card with which they can get 1% cashback on all online spends. So, if you are someone who likes to spend online, this might be perfect for you. Minimum transaction to get cashback is INR 500 and you can get maximum cashback of INR 200 in a month.

The best thing about Axis Digital Savings Account is that customers get complimentary Times Prime membership which includes free Plus subscriptions. Fits, 15% discount on Myntra, and many other exciting things.

This complimentary Times Prime membership can be unlocked by completing 3 transactions within 60 days of account opening.

With this digital savings bank account from Axis Bank, you can avail more than 250 services of the bank.

DBS Digital Savings Bank Account

The Digital Savings Account from DigiBank by DBS promises to open an unimagined avenue of smart banking. Interest rates up to 5% per annum on your balance, instant account activation, paperless processes add to the attractiveness of Digi Bank. The latest and popular thing done by DBS Bank is that customers are not required to enter OTPs. Instead, DBS Bank has built-in soft token security that authenticates all transactions. Check out all the other features below.

With DBS Bank Digital Savings Bank Account, customers enjoy DigiBank Delights. With this feature, you can get INR 150 cashback or fixed deposit as soon as you add INR 10,000 to your account. If you spend Rs 3,000 with your DigiBank Debit Card, customers will get Rs 150 as cashback. Both these offers are valid after 10 days.

Customers who load DigiBank Delights across multiple categories like wellness, dining, shopping, entertainment, travel, etc. get free debit cards.

The procedure for opening a Digibank savings account is very simple. Download the app from playstore. Fill in the required personal details, complete the KYC process and activate your DigiBank savings account within minutes.

With DBS Digital Savings Bank Account, customers get features like Tap to Pay and Scan to Pay that enable quick payments and transactions from anywhere at any time of the day.

YES Bank Digital Savings Account

If you value your time and don’t want to go to a branch to open a savings account, YES Bank Digital Savings Account may be the right choice for you. Reason: YES Bank allows customers to open savings accounts at their convenience. The overall process of opening a digital savings bank account is fast, easy and most importantly, paperless. Want to know more of its features? See below.

Customers are required to maintain an Average Monthly Balance (AMB) of Rs 10,000 in their YES Bank Digital Savings Bank account. Banks may charge INR 100 to INR 500 for non-maintenance of AMB.

To open an account, customers need to enter Aadhaar, PAN, Email ID and Mobile. After giving these details, validate with OTP. Then, check all personal and account related details. For account activation, you can show original documents on video call to YES Bank staff.

Customers can get free Platinum Visa virtual debit cards with a daily transaction limit of Rs 50,000. Apart from this, you get security through lost card liability, purchase protection and personal accident cover.

YES Bank offers attractive interest rates on your digital savings account balance and you can get interest payment every quarter.

HDFC Bank Digital Savings Account

HDFC Bank, India’s leading private sector bank, allows customers to open a digital savings bank account instantly through their smartphone. This type of account is called HDFC InstaAccount. Many people do not want to visit a branch to open a savings account. HDFC Bank Digital Savings Bank Account is suitable for such people. This account has many features. Check them out.

To open HDFC Bank Digital Savings Bank Account, you don’t need a long list of documents. So what do you want? A working mobile number, Aadhaar number, PAN number, and that’s it. Within 2 minutes, your account will be activated. For this, you need to download HDFC Bank Instant Account App from Playstore.

As soon as you open your digital savings account, you will immediately receive your account number and customer ID.

Within 48 hours of opening an Instant Account, customers can start sending and receiving money from their InstaAccounts. Apart from this, you can also make bill payments.

Your HDFC InstaAcount can also help customers open fixed deposits.

Coming to the eligibility part, customers who are 18 years and do not have an existing HDFC Bank account are eligible for HDFC InstaAccount. Remember, the account cannot be held jointly with any other person; Only one person can hold it.

Your HDFC Insta account must be converted to a regular savings bank account within 1 year of opening otherwise it will be blocked.

RBL Bank Digital Savings Account

In an effort to make banking easier for customers, RBL Bank offers a digital savings bank account. Reason: Everything is digital these days, so savings accounts should be digital too. Anytime banking from anywhere, paperless and quick approach and high interest rates are some of the key features of this digital savings bank account. Here are some features you should know about.

To open an RBL Bank digital account, you need to provide basic documents like PAN card and Aadhaar card to prove your identity, age and address.

Customers are required to deposit an AMB of Rs 5,000 in their digital savings account. However, if you want a waiver on this average balance requirement, you can start a SIP or Recurring Deposit worth INR 2,000 or more.

As soon as you open a digital account, you get an ATM card that works as a debit card without any additional charges. This Titanium First Debit Card also offers a wide range of discounts and cashback offers.

There are no restrictions on the number of withdrawals you can make through your debit card.

Several options like NEFT, RTGS, and IMPS enable customers to transfer funds without any hassle.

Customers also get attractive interest rates on RBL Bank Digital Savings Account which varies according to the overall balance.