Want to open a bank account without going to a branch? Today lockdown, Covid 19 crisis compelled us thinking an alternative option to open a savings bank account without visiting bank branches. An Insta Savings account gives us the opportunity to open a bank account from the comfort of the home. You can instantly open a fully KYC complied digital savings account that hardly requires 20 minutes of your time.
Technology in the banking system has been undergoing massive makeovers since the last decades. The concept and ways of banking have been rapidly evolving to suit the customer’s needs. Banking is no longer a paper-based archaic process and waiting in long queues to get your work done. From mobile banking to Neo banking, all works are digitalized now. Modern-day banking all is all about the quick process of customer requests with help of technology.
Today, here in this article, I will try to cover the best online Insta Savings Accounts offered by the Indian banks, I also cover the various features, KYC process, and Pros and Cons of different Insta Accounts which can suit your personal needs.
What is Insta Savings Account?
An Insta-Savings Account or Instant Bank Account or sometimes we may also call it an online bank account is a kind of digital bank account that can be opened from the comfort of your home, only you need a Valid Aadhaar Number, a PAN Card and mobile number linked to your Adhaar Number. Is not a semi eKYC digital account, where you have to go to a bank branch for biometric eKYC to make it fully KYC complied savings bank account. Because recently introduced Video KYC process, you can complete the RBI required KYC procedure just from your home.
Just a couple years ago, only a few banks like Kotak 811 or Axis ASAP were providing online digital bank account opening for Indian customers, now all most all banks are introducing this concept of Insta Savings Account, because of the recent pandemic and lockdown.
An Instant Savings Account can be a regular savings account or a zero balance digital savings account, which is fully KYC complied with all the banking facilities as like a normal savings account. Therefore, you should not have to worry about the facts like whether you will get a limited number of transactions, or a maximum deposit limit, etc. But, remember that you can not open a joint account in this type of online account opening process, although you can convert it to a joint account later from the branch.
To minimize the customer’s risk of going to bank branches, the concept of Insta-Savings Account arises. Most of the banks, from State Bank of India to HDFC Bank, now offering this facility, with the recently introduced Video KYC concept, makes the account opening process easier and less time-consuming.
There is some difference between a Digital Bank Account and Insta Savings Account. I have already written a detailed article on some best digital bank accounts in India, you can read the article here if you have not read the article yet
Difference between an online Insta-Savings Account and Digital Bank Account?
There is not so much difference between an Insta-Savings Account and a Digital Bank Account, the process of opening both accounts is the same, i.e. through online mode, both require a valid Aadhaar Card, from where the Bank fetches the customer’s basic information like gender, DOB, Address, etc. But the basic difference is in its appearance. The Digital Savings Account is completely virtual, you only get a Virtual Account Number and a Virtual Debit Card (though you might get a physical debit card after paying some charges). The account also should be zero balance.
An Insta-Savings account is a kind of regular savings account, where you might have to maintain minimum balance requirements as per the Bank’s norm. The opening procedure of the Insta-Savings Account is the same, as like Digital Bank Account, i.e. complete paperless digital account opening.
In both cases, the bank fetches the customer’s basic information by validating the OTP from the Adhar linked mobile number, as biometric eKYC is not possible for online contactless account opening.
Here are some basic differences between Digital Bank Account and Insta Savings Account
|Features||Digital Bank Account||Insta Savings Account|
|Types of Account||Only Virtual||Physical|
|Mode of Opening||Online (Smartphone/PC)||Online (Smartphone/PC)|
|Documents Required||Adhaar Card, PAN Card, Mobile Number linked with Adhaar||Adhaar Card, PAN Card, Mobile Number linked with Adhaar|
|Who can apply||18+ Resident Individuals||18+ Resident Individuals|
|KYC Status||Semi eKYC or Full eKYC||Full eKYC complied with Video eKYC|
|Minimum Balance Requirement||Zero Balance||Depends on individual Banks|
|Restriction on transaction||Yes, if not fully KYC complied||No|
|Type of Debit Card||Virtual or Physical||Physical|
Features of Online Insta Savings Account
The key features of an Insta Savings Account are
- A complete paperless online account opening process, you do not have to visit any branch for opening the account. You can open the account from the comfort of your home.
- Instant Account Number with activation (may take 24-48 hours depends on banks).
- You can open any type of savings account like Salary Account, Regular Savings Account, or any premium savings Account according to your requirements.
- Instant access to bank’s internet and mobile banking portal.
- Access to Bank’s rewards and discounts programs with different online merchants.
- Can not open a joint bank account.
- No restriction on maximum transaction limit, though cash transaction is chargeable after a certain number of transactions from the branch.
- You can avail Cheque Book or physical debit card just like any other normal bank account.
- You may have to maintain MAB (Monthly Average Balance), otherwise, banks may charge you for not maintaining the minimum balance requirement.
Requirements for opening an online Insta Savings Account
For the opening of an Insta Savings Bank account online, you should have the following
- You must be a resident individual and over 18 years of age.
- You must have a valid PAN and Aadhar Card, some banks may allow you to open the Account with only Aadhar Card.
- For completion of the Video KYC process, you need a Smartphone or PC with a webcam facility.
KYC Process of Insta Savings Account
As it is a complete online digital process of opening of bank account, you need a Valid Aadhar Card and a mobile number linked to this Aadhar Number. Bank will fetch your personal details like your address, DOB, Gender from the UIDAI database after validating the OTP sent to your Aadhar linked mobile number. You can add other documents like Voter Card, Passport numbers from the branch.
Please remember that your Aadhar address will be the primary address of your online digital bank account. If you want to change this address, then you first have to change the Aadhar Card address from the Aadhar enrollment centers, then again go through the biometric eKYC process from the branch for the new address.
You can also generate a temporary Aadhaar Number or Virtual Aadhaar ID (VID) if you do not want to reveal your actual Aadhaar Number to any financial agency. VID is a temporary randomly generated 16 digit number that can be used for the eKYC purpose and any Fintech agency can not store VID information in their database. You can generate VID from UIDAI official website.
How to do Video KYC for Digital Bank Account
Video KYC is a very simple, contactless process of online verification of personal documents or OVD to bank officials instead of physically verifying it by visiting branches. RBI recently introduced the Video KYC process, where the financial institutes can verify and validate the signature and the OVDs (Official Valid Documents) like Aadhar Card, PAN Card, Voter Card, or Passport of the clients. In-person verification of OVDs is mandatory to make any account fully KYC complied. All you need is a
- Smartphone with a location option ON.
- Original Aadhaar Card, PAN Card, or any other OVDs you want to submit to the bank.
- A white blank paper and a black Pen.
- Stable mobile internet connectivity.
Here are the steps, you need to follow to make your digital savings account fully KYC complied
- Just after completion of the online digital account opening process, you will get the Video KYC link on your smartphone.
- Follow the link and the bank will ask for the Camera, location access. Give them permission.
- The bank executive will take your photo through the mobile camera, physically verify the documents, take picture of your signature.
- Within few hours, your account will be activated and you will get access to the bank’s mobile and internet banking portal.
- Your savings account will be fully KYC complied.
Factors for selecting best online Insta Savings Account
The first and foremost criteria for selecting the best online digital Insta Savings Account is the selection of the best bank. I have written a detailed article on some best banks in India, you can the read the article here
Here are some key factors, you should keep in mind before selecting the best online Insta Savings Account
- Financial strength and other parameters. You may read this article, which might help you to select the best bank in India.
- Good branch network and ATM services.
- Intuitive and user-friendly mobile banking app. This article might help you.
- Excellent internet banking portal, so that you don’t have to visit branches for minor works.
- Good service quality.
- Offers, Discounts, and rewards programs with various online merchants in India.
- The high-interest rate on savings bank deposits.
- Low charges on different banking services.
Now, back to the main article, let’s see what are the best online Insta-Savings account available today in India.
Best online Insta Savings Accounts in India
Almost all Indian commercial banks offer the online Insta Savings Account by different names like Digital Savings Account, Selfie Account, or Smart Account, etc. Here are some best Insta Savings Accounts you can open now for your personal banking needs
HDFC bank is the best private sector bank in India and maybe the best bank in India in terms of overall asset quality. The bank offers various savings bank account products from where you can choose the right type of account which suits your needs.
If you are a salary holder, then you definitely consider the Insta Savings Account offered by the HDFC Bank. The bank has a good internet banking portal, where you can find all the available billers in India. The bank also has one of the largest credit card bases in India and offers various Cashback and discounts programs with online merchants like Amazon or Flipkart.
HDFC banks have an excellent range of debit card products that suit different groups of people.
- Financially strong and best private sector bank in terms of asset quality.
- Safest internet and mobile banking portal.
- Good ATM and branch networks. You will find branches in semi-urban areas also.
- Feature-rich debit cards with excellent cashback and rewards programs with different online merchants in India.
- Various retail loan products for the salary account holders like Home Loan, Car Loan, Personal Loan, etc.
- Excellent and feature-riched credit cards.
- Very good phone banking support.
- Charges of different banking services are on the higher side.
- You have to maintain a high minimum monthly balance except if you do not have a salary account.
- A low interest rate on savings bank deposits.
Open Fully digital Insta HDFC bank account from here
Kotak 811 digital savings account is my personal favorite and best digital savings account, you can open it instantly just from the comfort of your home. Kotak bank is one of the top financially strong banks in India with good asset quality.
Kotak 811 is a fully digital zero balance savings account, you open from your smartphone and make it full KYC complied with Video eKYC process. You should not have to go branch for biometric verification of Aadhar, which was previously required.
Another Kotak’s online Instant digital savings account, the 811 Edge Digital account, where you have to maintain the MAB of Rs. 10000.00. You can also open an 811 Edge account digitally through the video KYC process.
The bank has a very good mobile banking portal with a good number of branches, mostly in urban areas. Though you may not have to go to any branch for any minor work, you can do any type of banking transaction through their extremely user-friendly mobile banking app.
- Fully contactless Zero balance digital savings Account.
- A fully KYC complied account does not have any transaction limitation.
- Excellent mobile banking portal. You can add any type of biller from the mobile banking app.
- Instantly deposit money through IMPS, NEFT, UPI, or RTGS.
- Feature-rich debit card with various cashback and rewards programs with different online eComm stores like Amazon or Flipkart.
- Free Virtual Visa debit card with an option to convert into a feature-rich physical debit card.
- Cheque book and email account statements.
- Good phone banking support.
- High-interest rate of savings deposit.
- Lesser number of branches and ATM network.
- High charges on banking transactions.
If you are looking for an Instant Digital savings Account without the requirement of maintaining a minimum balance, then I must recommend you Indus Delite Savings Account from IndusInd Bank. It’s an excellent digital savings account, which you can open instantly from your home and get all the benefits that a regular savings account offers.
If you are looking for online discounts or cashback, then Indus Delite Savings will be an excellent choice for you. The bank also offers high interest rates on savings bank deposits.
You can get an instant account number just after completing the digital account opening process. Your mobile number will be your account number.
IndusInd Bank has also other premium savings bank programs like Indus Select Savings Account or Indus Maxima Account, where you have to maintain high MAB.
IndusInd Bank has also one of the best feature-riched Credit Card products in India, even offers better rewards and discount programs than HDFC or SBI Credit Cards.
You may also register your IndusInd Platinum Debit card to Samsung Pay and Google Pay for contactless payment.
Please remember that the waiver of minimum balance charges is subject to the issuance of a Platinum Debit Card (Fee Rs.599.00+Tax) or initial fundings of Rs.10000.00. For details visit here.
- Instant digital online account opening and instant account number generation.
- Feature-rich premium platinum Visa International Debit Card with a cash withdrawal limit of Rs.1.25 Lacs per day.
- Free eVoucher worth up to Rs.1000 from Amazon.
- Higher rewards points from your debit card spending.
- Excellent choice for the salary holders.
- Excellent offerings on credit cards.
- User-friendly mobile banking app with all online billers.
- Low branch and ATM networks.
- High charges different banking transactions.
4. Axis Bank Digital Savings Account
One of the largest private sector banks in India, Axis Bank also offers various types of Instant contactless Digital accounts for Indian customers. You can open different types of premium savings account like Burgandy Savings Account, Prestige savings account, Prime Savings instantly from home, using Adhaar and PAN number and completing the Video KYC process. Though, in these type of premium savings, you have to maintain high MAB and requires high initial funding.
Axis ASAP digital savings account is the most suitable option for those, who do not want to maintain high MAB but want to avail all the basic features of a regular savings account. You can get an instant International transaction enabled virtual debit card after opening the Insta Savings Account.
Axis Bank Insta savings accounts are fully KYC complied with no limitation on transactions. You can get a physical Debit Card and Cheque books if you open the premium types of savings accounts like Prime or Easy Access etc.
Axis Bank has also excellent ATM networks in India. Axis Bank Insta Savings Account is an excellent option for salary account holders.
- Fully KYC complied contactless digital savings account.
- Instant Virtual Debit Card with Internation transaction enabled.
- Cashback on Debit Card spendings.
- Free vouchers for online eComm websites.
- High withdrawal limits on ATMs.
- Good branch and ATM networks in India.
- Very good mobile banking app with almost all billers available.
- Option for Axis ASAP zero balance account.
- Very good Credit Card base.
- High transaction charges.
- Require high MAB for the regular and premium types of savings account.
5. SBI Insta Savings Account
SBI, India’s largest bank also has the facility to open an Insta Savings account for Indian customers. The process of opening the Insta savings account is the same as other online accounts as mentioned above. You can open basic savings account with a Rupay debit card and an Insta Plus Video KYC regular savings account with some added benefits. In both cases, you have to maintain the bank’s minimum monthly balance requirements.
You can easily open SBI Insta savings account from SBI Yono App or the SBI Yono website. You can only keep a maximum balance of Rs.1.00 lacs in a basic Insta account. You may not get a checkbook or withdraw cash through vouchers from the branches. The Insta Savings account is only meant for basic online transactions.
You can get a checkbook from the Insta Plus Video KYC account, once you update your signature from your home branch.
- Largest branch and ATM networks.
- Free UPI, IMPS transaction.
- Instant paperless digital account opening process.
- Good mobile and internet banking portal.
- Avail benefits from the Rupay Debit card.
- Can not get a checkbook or withdraw cash through vouchers.
- Limitation in maximum balance.
- Low interest on savings bank deposits.
- You have to visit the branch to update the signature to the benefits of a regular savings account.
6. ICICI Bank Insta Save Account
ICICI Bank is India’s second-largest private sector and is also known to introduce several new technological innovations in the banking sector. ICICI Bank was the first bank to introduce the mobile banking service in India. If you are a banking tech freak, then a savings account in ICICI Bank is an excellent choice for you.
ICICI Bank also offers the paperless, contactless digital savings account known as ICICI Bank Insta Save Account. It’s not a semi-KYC digital wallet type of account, ICICI Bank Insta Save Account is fully KYC complied regular savings account just as the other savings account offered by the bank.
There are two variants of this account, one is Insta Save Account and the other one is Insta Save FD Account, for the first one you have to maintain Rs.10000 as a MAB. For the second one, i.e. Insta Save FD account, you have to make an FD of Rs.10000.00 for 12 months. If you open an FD of Rs.10000.00, you do not require to maintain any minimum balance.
The process of opening the account is the same as the other Insta Saving account discussed above. Just complete the Video KYC process and make the account fully KYC complied without any limitation.
- Good branch and ATM networks across India.
- No minimum balance compulsion, but you have to open an FD of Rs.10000.00.
- Excellent and innovative mobile banking app. You can add any type of billers for recurring payments.
- Excellent internet banking portals.
- Feature-rich Visa Platinum debit cards with cashback and discounts programs with online stores.
- Insta Save Credit Cards for selected account holders.
- Earn 2 PAYBACK Points for every Rs 100 spent.
- Good phone banking support.
- Free email statements.
- High minimum balance requirement.
- Banking charges are very high.
- A low interest rate on savings bank deposits.
These are the best online Instant savings account, you might consider if you want to open a savings account from your home. But remember that you can create online digital savings account jointly, though you can add the name of others by visiting the branch.
An instant Savings account is an excellent option for you if you want to avoid the crowds of any Indian Bank branches.
If you want to add any other bank’s digital Insta account, you can inform me by making your suggestions in the comment section.
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Meanwhile, You may also like to read…
- Best banks in India to open your first bank account
- Best Regular & Premium Savings Bank Accounts in India
- Top 10 Best Debit Cards in India with features and comparison