In today’s technological world, going to a bank to open an account has become outdated. Filling out forms at the bank, submitting all documents, signing them—it’s not something most people enjoy. And in this fast-paced life, it’s not even practical to waste time on such tasks.
That’s why most banks in the country now offer the facility to open a digital bank account entirely through an online process. In fact, banks have now made the process of opening a digital bank account and using online banking so fast and simple that you can complete many banking-related tasks digitally from the comfort of your home. So in this article, we’ll understand the benefits of opening a digital account through online means.
Table of Contents
What Is a Digital Savings Account?
A digital savings account is one that does not require you to physically visit a bank branch to open it. Without submitting any physical documents, you can simply fill in your personal details online and verify your identity through video KYC to open the account safely and conveniently from home, the office, or while traveling—in just a few minutes.
Eligibility & Requirements to Open a Digital Savings Account
- You must be at least 18 years old and an Indian citizen.
- You should have a valid Aadhaar card and PAN card.
- Your mobile number must be linked to your Aadhaar card.
- A device with a camera and microphone—such as a mobile phone, laptop, or desktop—is needed for video KYC.
- Internet access is required.
- Some banks may require a fee or initial deposit to open the account; arrangements for that should be made.
How to Open a Digital Savings Account: Step-by-Step
- Visit the website or app of the bank where you wish to open the account.
- Select the option “Open Digital Saving Account.”
- Enter Aadhaar, PAN, and mobile number to fill in basic details and complete verification.
- Then proceed with KYC by entering personal information such as full name, age, address, nominee details, etc.
- Video KYC will be done either via a link or directly on-screen. Keep all documents handy and follow the instructions.
- Most banks offer the option to open a Zero Balance Account. However, if you choose a specific type of account, some charges may apply, which will need to be paid.
- Once the process is completed, you receive your digital account number within minutes, and the account is opened.
Top 10 Benefits of Opening a Digital Savings Account
- You can securely update your signature or account details from anywhere using the Axis Mobile App (or other bank app).
- Once the signature is updated, you can request a chequebook to be delivered to your home.
- Funds can be transferred securely using a Debit Card, UPI, NEFT, IMPS, and RTGS.
- Make productive investments and plan for financial goals.
- Enjoy various online rewards and special offers on e-debit cards (virtual) and physical cards.
- Cardless cash withdrawal facility – useful for urgent or emergency needs.
- Grab deals, exciting cashback offers, reward points, Buy One Get One offers on movie tickets, and discounts on dining at restaurants—many such benefits are available while spending.
- Facility to book flight tickets and hotels.
- Utility bill payments, such as electricity, water, and mobile, can be done.
- Get personal accident insurance and air travel insurance coverage.
Popular banks in India and their official websites as of May 2025.
| Bank Name | Website |
|---|---|
| HDFC Bank | https://www.hdfcbank.com/ |
| ICICI Bank | https://www.icicibank.com/ |
| State Bank of India (SBI) | https://www.sbi.co.in/ |
| Kotak Mahindra Bank | https://www.kotak.com/ |
| Axis Bank | https://www.axisbank.com/ |
| Punjab National Bank (PNB) | https://www.pnbindia.in/ |
| Bank of Baroda | https://www.bankofbaroda.in/ |
| Union Bank of India | https://www.unionbankofindia.co.in/ |
| Canara Bank | https://www.canarabank.com/ |
| IndusInd Bank | https://www.indusind.com/ |
Conclusion
Opening a digital savings account is very simple and fast. The biggest advantage is that you don’t need to physically visit a bank. Time-saving, ease of transactions, and financial planning—all of this becomes possible through a single app. So, if you are planning to open a new savings account, then definitely consider the digital savings account option. Say Goodbye to Branch Queues Forever.
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Frequently Asked Questions (FAQ)
Q: What is a digital savings account?
A: It is an online account that you can open from home. KYC is done via video, and you don’t need to visit any branch.
Q: What is needed to open a digital savings account?
A: Aadhaar, PAN, a camera and internet for video KYC. Some banks require an initial deposit of ₹100–₹500.
Q: How many savings accounts can a person have?
A: There is no limit. You can open savings accounts in multiple banks. But do so based on your need and proper usage.
Q: What interest rate is offered?
A: Digital accounts offer higher interest rates. For example, IDFC offers 7% and Ujjivan SFB offers 7.5% annually.
Q: Is this account secure?
A: Digital accounts use OTP, encryption, and banking security protocols. According to major banks’ structures, they are secure.
Disclaimer: The above information is provided for informational purposes only. For confirmation, refer to the official website of the concerned bank or contact their representative.
