5 MinsAug 24, 2022
After slogging for countless hours, Panjim-based John Decosta has cleared the JEE Advanced examination and has been admitted to the prestigious Indian Institute of Technology, Mumbai.
As the date of his son’s departure to Mumbai got nearer, his father Francis spoke to his Axis Bank Relationship Manager (RM) about opening a savings account for John. That way, his parents could
transfer money into that account and John could manage his expenses.
[Also Read:Features to look for when opening a digital savings account]
Francis thought that a Basic Savings Account would be ideal for John. But his RM gave him a slightly different advice. She suggested that John should opt for a Digital
Easy Access Savings Account instead. She explained the difference between the two kinds of accounts.
Basic Savings Account
This form of savings account is one of the critical components of the Indian government's financial inclusive initiative called Jan Dhan Yojna (JDY). This is a no-frills account that comes with a RuPay
debit card and zero-balance facility.
Digital Easy Access Savings Account
Digital Savings Accounts are brand-new account products that one can open with a bank without visiting branches. You can complete the process in five minutes and avail all the facilities
you would get with a regular bank account. You don't have to stand in line or wait for a bank executive to help you out with this.
- Aadhar number
- PAN number
- An active mobile number, registered in your name and linked to your Aadhar account
- Valid and active email address
In addition to the documents, you also need an internet-enabled device like a laptop, smartphone or tablet with a camera. This is required for the video KYC process.
The Account Opening Process
- The first step is to visit the bank’s website and go to account opening and click on Axis Bank ASAP Instant Savings Account.
- On the application page, fill in the details required – name, address, age, gender and family details. You will then also have to enter your PAN and Aadhar number.
- The system generates an OTP that is sent to the mobile number linked to your Aadhar. This is to confirm your Aadhar number.
- The next step is Video KYC. A bank official will initiate a video call. During this call, you will be asked to hold your Aadhar and PAN cards, and the bank official will take a screenshot of this. The official will also ask you some basic
questions to confirm your KYC details.
- Once the Video KYC process is done. The final step is to fund the newly opened account. This can be done via net banking or UPI & your account is opened instantly. You will get an email with your customer ID, IFSC code and account number.
Physical collateral like a welcome letter, cheque books, debit card and other literature will be sent via post/courier.
Francis’ RM listed the benefits of this savings account.
Benefits of Axis Bank ASAP Digital Savings Account:
- Instant Account Opening:If your KYC (know your customer) documents are ready, your account can be opened in three minutes.
- Fund Transfers:You can transfer through IMPS, NEFT and RTGS.
- Free Virtual Debit Card Free Virtual Debit Card
- A physical Debit Cardthat is couriered to your address
- Choice of Home Branch:You can choose any of Axis Bank's 4,000 branches in the country as your home branch.
- Banking on the Go: You can make investments, pay bills and other utilities through Axis Bank’s mobile banking app.
- Host of benefits including discounts and cash backs while shopping and entertainment.
- Cashback Benefits:You can get 10-15% cashback on Flipkart for 6 months. Also, up to 35% cashback on 50+ elite brand via Grab Deals.
Click here to know more about Axis Bank Digital Easy Access Savings Account.
Disclaimer: The Source, a content creation and curation firm has authored this article. Axis Bank does not influence the views of the author in any way. Axis Bank and The Source 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.