A digital savings bank account is a basic account you can open. Its fundamental purpose is to assist you in saving money. You can withdraw or deposit funds anytime and earn interest on your account balance through a digital savings bank account. Also, you can use it as a contingency fund during personal or medical exigencies or cover your short-term requirements.
However, the best thing about a digital savings bank account is that it is free, and you can open it in just five minutes using your KYC details without needing to visit the bank branch physically. IDFC FIRST Bank and a few other institutions help you open an account easily using a net banking app. The steps to open an account using the bank app include:
1. Go online
Download the IDFC FIRST Bank digital mobile app or any other bank app through the Play Store or App Store, and go to the open a savings account option. You can initiate this procedure using your mobile number or details in your documents. This process can be conveniently done via the online portal.
2. Keep the required documents for opening a bank account handy
Irrespective of any method you select for opening a bank account, there are specific documents you must keep handy for a smooth savings account opening process. These documents include:
- Aadhaar card – You do not require any other address or identity proof if you have an Aadhaar card.
- PAN card
- Address proof like passport, driver’s license etc.
- Identity proof like passport, driver’s license etc.
- Form 16, a certificate issued by your employer asserting your salary and the TDS deducted. It may be required if you do not have a PAN card.
- Two passport-size photos
3. Video KYC
After you have provided your KYC documents and verified them online, the bank official will do a video KYC to cross-check your details. Here you must provide access to your camera, microphone, and location on your device. Once your video KYC is complete, your bank account will be opened instantly.
4. Account details are shared
You will receive your customer ID, account number and IFSC code via email. Also, you will receive a virtual debit card, which you can use to shop online and avail of different offers and deals. Your physical collaterals like your welcome letter, cheque book and debit card will be provided via post or courier in a week.
A digital savings bank account from IDFC FIRST Bank comes with additional benefits that help you save more. You can get exciting benefits, privileges and rewards along with earning a month-on-month interest to grow your wealth.
Also Read: Ways to Use a Small Business Loan to Improve Your Business
