The banking system in India has been modernized through technology to offer new and convenient services to customers. One of these helpful changes is the digital savings account. This type of account allows for easy transactions without paperwork and provides round-the-clock access to banking services from anywhere. Keep reading to learn more about the digital savings accounts of AU Small Finance Bank, including their main features and advantages, who can apply for them, and how to do so.
What is a Digital Savings Account?
A digital savings account is the online version of a traditional savings bank account. It allows account opening, transactions, and access to other services entirely online without the need to visit a bank branch. Everything is paperless, from applying to account management, and can be done digitally using a laptop, smartphone, or tablet.
The process is quick as it uses electronic Know Your Customer (eKYC) verification instead of physical documents and in-person verification. Once opened, AU Small Finance Bank customers can use the Internet or mobile banking to view balances, transfer funds, pay bills, and access other facilities.
Benefits of an AU Small Finance Bank Digital Savings Account
Convenience is the most significant benefit of this online account. Others include:
- Easy online account opening using Aadhaar and PAN cards
- Complete paperless transactions with green banking
- 24×7 access for deposits, payments, and transfers using net/mobile banking
- Higher interest rates up to 7.25% p.a. with no minimum balance
- Zero account management fees and unlimited free digital transactions
- Access to loans, insurance, and investments from a single account
- With digital banking, you can keep track of your account balance and quickly pay your bills from anywhere, making banking more convenient.
How does a Digital Savings Account work?
The working mechanism of digital savings accounts is relatively straightforward:
- Video KYC Submission: Prospects complete an online application form and video-based KYC by digitally providing identity and address proofs. This instant e-KYC verifies customers remotely.
- Account Approval: If found satisfactory, the bank scrutinizes KYC details and creates a digital savings account.
- Account Access: Customers can access newly created accounts instantly through the Internet or mobile banking by using login credentials.
- Paperless Transactions: Account holders can now undertake remote transactions like cash transfers, bill payments, recharges, investments, loan applications, and more without paperwork.
- Added Services: Digital account holders can even request additional services, such as cheque books, debit cards, account statements, etc., delivered home without branch visits.
Thus, e-KYC-powered digital onboarding and technology-enabled operations make these online accounts extremely convenient.
Features and Services of Digital Savings Accounts
Alongside the universal characteristics of standard savings accounts, digital savings accounts offer many exclusive features like:
- Higher interest rates up to 7.25% without a minimum balance.
- Personal accident insurance covers up to ₹10 lakh.
- Virtual debit card for instant digital payments.
- Contactless debit card with tap-and-pay feature.
- Unlimited free online banking and bill pay services.
- Emails and SMS alerts for seamless money management.
- Access to mutual funds, insurance, lockers, loans etc.
- Dedicated relationship manager for priority assistance.
Digital savings accounts make it easier to manage your money using your smartphone. They offer a complete banking experience, allowing you to save, invest, borrow, and use different banking services in one place.
Services offered under Digital Savings Account
These modern savings accounts offer more than the usual banking services, such as withdrawing cash, making deposits, and checking your account balance. They also provide a variety of convenient digital services.
- Instant money transfers using payment apps
- Utility bills auto-pay directly from accounts
- Online purchasing and payments using debit cards
- Opening fixed and recurring deposits digitally
- Remote cheque book request and tracking
- Demat account opening for investment purposes
- Insurance policy buying from online banking
- Quick access to personal, home, education or other loans
Hence, by combining banking with lifestyle facilities, AU Small Finance Bank’s digital savings accounts offer marked convenience to customers.
Eligibility criteria for opening an Account
Digital savings accounts have made banking inclusive for Indians by relaxing eligibility norms. Anyone above 18 years old fulfilling the below criteria can open this online account:
- Indian citizen residing in India
- Valid PAN and Aadhaar card
- Access to registered mobile number and email ID
NRIs, PIOs, and foreign nationals cannot open this account. Minors over 10 can open an account with their guardians as joint account holders.
How to apply for a Digital Savings Account in AU Small Finance Bank?
Opening a digital savings account is simple and quick:
- Visit the AU Small Finance Bank‘s website or net banking portal
- Click on the account opening form and fill in your details
- Upload scanned copies of KYC documents
- Complete video KYC verification done remotely
- Make an initial fund transfer to activate the account
- Set login credentials for net/mobile banking access
- Start using a digital savings account remotely
You can do everything online, from downloading forms to funding your new account. All you need is a smartphone, internet, and valid KYC documents.
Conclusion
Many banks now provide modern savings accounts for people who are comfortable using technology. With more and more people in India using smartphones and the Internet, banking is becoming more convenient and accessible through digital channels. The introduction of digital savings accounts marks the beginning of a shift towards digital banking in India.