6 MinsFeb 22, 2021
Today, technology is an enabler, particularly in banking and finance. To open a savings account – the very first step in your personal finance and wealth creation journey –– you do not need to visit a physical bank branch anymore.
It can be done online, i.e. digitally, using your smartphone powered by a secure and stable high-speed internet connection with ease and convenience from the comfort of your home, office, café, or wherever you are. A Digital Savings
Account can be opened in a single name seamlessly without physical documentation involved.
But when opening the Digital Savings Account ensure that you…
- Are over 18 years of age and a citizen of India
- Have documents such as Aadhaar and PAN handy for verification purposes
- Have linked your Aadhaar and mobile number
- Are using a device (a mobile phone/laptop/desktop) with a camera and microphone for video KYC authentication
- The location setting of the device is on
- Have a strong and secure internet connection
- Are ready with the means (Net Banking/Debit Card details) to fund the account
Note that the video KYC to open the Digital Savings Account is a secure and convenient option for you, the client/customer, to confirm your identity and personal details, viz. Aadhaar and PAN from anywhere on a real-time basis. It is an encrypted
communication between you, the valued customer/client, and the bank’s personnel. The details you provide during the video KYC are recorded and re-verified when you give your approval to open the account.
Axis Bank, for instance, has put in a simple 4-step process to open the Axis ASAP Digital Savings Account:
Step #1: Select the type of Axis ASAP Digital Savings Account you would like to open and verify yourself using your PAN, Aadhaar, and mobile number
Step #2: Key in your personal details
Step #3: Complete verification via Video KYC
Step #4: Fund your account and confirm the name you want to be printed on the debit card
On opening a Digital Savings Account, accrue a host of benefits such as…
- You can securely update your signature and banking details from anywhere via the Axis Mobile app
- Receive a cheque book on updating your signature
- Perform secure transactions via the Debit card, UPI, NEFT, IMPS, and RTGS (post account activation) facilitating fund transfer on-the-go
- Make productive investments and plan for financial goals
- An Online Rewards (physical) Debit Card as well as an E- Debit Card (virtual), each with its exclusive offers
- Cardless cash withdrawal facility, useful for your liquidity and contingency needs
- The opportunity to earn as you spend with Grab Deals on shopping, exciting cash-back offers, reward points, BOGO (Buy One Get One) offers on movie ticket bookings, discount on dining at restaurants in India
- Book flight tickets and hotels
- Make utility payments
- Get Personal Accident Insurance and Air Insurance cover
…and much more!
To put it simply, the Digital Savings Account helps you go cashless as well as manage your money efficiently and smartly without having to visit the bank or a utility service provider in person.
As regards the minimum balance requirement for a Digital Savings Account, it depends on the type of savings account you choose.
Also Read: [Features to look for when opening a digital savings account]
Currently, Axis Bank provides you with the choice of opening six variants of saving accounts, such as the Easy Access Savings Account,
Prime Savings Account, Liberty Savings account,
Prestige Savings Account,
Priority Savings Account, and Burgundy Savings Account, each with unique
features to open a Digital Savings Account.
Since there is no magic number for how many savings accounts you should have, you may consider opening more than one savings account. You need to make sure, however, it is a manageable number and the ones you hold are best suited for your needs
and to lead a healthy financial life.
You can make the most of your savings account by investing in productive investment avenues viz. fixed deposits, recurring deposits, PPF, mutual fund (lump sum and SIPs), from your Digital Savings Account/s whereby you can multiply wealth and achieve the envisioned financial goals.
Also, as a prudent practice for estate planning, make sure your Digital Savings Accounts have a nomination. In case of unforeseen circumstances, your account funds can be transferred to the nominee without any hassle.
Be smart, bank smart! Open your Digital Savings Accounts today!
Disclaimer: This article has been authored by PersonalFN, a Mumbai based Financial Planning and Mutual Fund research firm. Axis Bank doesn't influence any views of the author in any way. Axis Bank & PersonalFN shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision