How To Open A Digital Savings Account?

How would you feel if we told you that two of your favorite things have now come together to make things even more convenient for you? That’s right. Most of the leading banks have decided to go paperless and brought provisions for you to open a digital savings account in the process. The best part, you do not have to visit a branch for the same. This type of savings account is fast and easy to create and completely hassle-free. These accounts also assure you captivating interest rates and first-time offers. The financial institution will also provide you a virtual debit card after opening the digital account.

Before proceeding to know how to open a digital savings account, let us first understand a savings account.

What Is A Savings Account?

A savings account is the one that you can use to save your earnings and simultaneously earn interest from the amount you have deposited. This type of account is considered to be the most reliable and safest. It imbibes the habit of saving your earnings for specific goals. There are primarily three types of it:

  • Zero-balance savings account
  • Regular savings account
  • Salary account

Now that we have a fair idea about what a savings account is, let us look at how to open a digital savings account.

Opening A Digital Savings Account

Different banks might have various additional methods of opening a digital account, but the ones listed below are necessary.

  • Go to the online banking application of the financial institution you want to open a digital savings account with.
  • Now, you have to enter details such as your Aadhaar, PAN, email, and mobile number
  • You will receive a One Time Password (OTP) on the number you have provided in the details.
  • Using the OTP, you need to validate the other information you have produced. 
  • Now, you will be led to a page where you will have to verify your details. You also have to provide account details in the same section.
  • After you submit the details, you will instantly receive the account number and your customer ID.
  • A bank staff will contact you on how to verify original documents to validate your account.
  • Voila! Your account is now active, and you are ready to make your first transaction.

Conclusion

Opening a digital savings account is not that complicated, after all, given how tech-savvy we all have become. Digitalization has made life fast-paced and efficient. With humans in a race against time, everything has gone online. It has several benefits, though, starting from accessibility, ease of doing your everyday activities to going paperless. It has been quite some time now that banking institutions and facilities have gone digital but opening accounts over the internet is a recent development and a much needed one. We are hopeful that we have successfully painted a clear picture of what a digital savings account is. We also believe that it was something you have been long waiting for. So, choose the financial institution you want to bank with and open your digital account now.

Posted in: Personal Finance

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