INSUBCONTINENT EXCLUSIVE:
If you want to open a new bank account within minutes, you may consider opening an instant digital account
Today, many banks and institutions offer the facility of instant digital accounts
Usually, these digital accounts do not have any minimum balance requirements
So, the customer is free to operate the account with zero balance
Some of these accounts also offer higher interest rates than regular savings accounts
SBI or State Bank of India offers two savings accounts that can be opened via its mobile app YONO: digital savings account and instant
Axis Bank offers the facility of opening an Axis ASAP zero balance savings account
of zero balance digital savings accounts offered by SBI, India Post Payments Bank and Axis Bank: SBI zero balance savings accountsSBI's
digital savings account and instant savings account both offer the facility of zero balance till March 31, 2019, according to the website of
the YONO app - sbiyono.sbi.SBI digital savings accountThis SBI account can be opened in a paperless manner
accountThis SBI account can not only be opened in a paperless manner but also does not require customers to visit the SBI branch
A KYC or know-your-customer compliance is undertaken via an OTP or one-time password
KYC helps banks verify their customers.This SBI account offers a free RuPay debit card, according to the YONO website.Interest rate on both
types of savings accounts is the same as that on the regular SBI savings account
On saving deposits balance up to Rs 1 crore, SBI pays interest at the rate of 3.5 per cent per annum
On saving deposits balance above Rs
1 crore, SBI pays interest rate of 4 per cent per annum.India Post Payments Bank (IPPB) digital savings accountIPPB's digital savings
account can be downloaded through the IPPB mobile app, according to the payments bank
Anyone above the age of 18 years having Aadhaar and PAN (permanent account number) card can open this account, according to IPPB's website
average balance is required to be maintained in India Post Payments Bank digital savings account
The account can be opened with zero balance.Customers get a free quarterly account statement, can do instant fund transfers through IMPS and
per cent per annum on a quarterly basis.Axis Bank Axis ASAP zero balance savings accountAxis Bank's Axis ASAP zero balance savings account
offers virtual or physical debit card, said the lender
You are not required to visit the branch
deposits in the Axis ASAP account, much higher than the interest rate provided by SBI and IPPB.
