Banking was
never easier than it is today. In fact, the banking system is so sensitive
towards its customers that it is taking constant steps to improvise their
banking experience. Instant bank account is one such facility that banks have doled out for the convenience
of its existing customers and to pep-up its clientele list.
As the name
signifies, the account can be opened within minutes using the Aadhaar number
and Permanent Account Number (PAN) details on the Smartphone. You just have to
log on to the website of the preferred bank and provide all the basic details
mentioned in the KYC documents. Once the account opening procedure is complete,
you are provided with an account number and a Customer ID immediately.
Once the account is open, the netbanking
and mobile banking facility gets automatically enabled and you can enjoy seeing
your money multiply with the monthly interest payout in your
savings account.
Let us
check out some of the features that instant accounts provide before you opt for
one.
- Convenient: It is a fully digital
account that helps you open a savings account instantly from the comfort of your
home. It is a method of immediate exchange of money for services from the
payer’s account to the payee bank account without waiting for business days,
irrespective of time and geographical location. This means that the instant bank account transaction can be
made 24x7, on public or bank holidays and even while you are away on a vacation.
Apart from this, you can make several transaction in a day.
- Cashless transactions: Since the
transactions are digital, all transactions made from the account are cashless
and no cheque books or passbooks are issued to the account holder. This means
that if you wish to make a payment at a counter, you just have to use your
smartphone and log in to the account and make the desired payment. The amount
gets transferred directly from your account to the vendor’s account within
seconds.
- Eligibility: There is no particular
eligibility criterion to open the account. It can be opened by anyone who is above
18 years of age, is a citizen of India and holds valid identification documents
or proofs.
- KYC validity: Since the account is
opened instantly via digital mode with limited customer identification
documents, the account holder has 12 months to approach the bank and complete the
Know Your Customer (KYC) process. This converts the instant account into a
regular savings account.
- Free bill payment, money transfers: The instant bank account also allows you to make payments of your utility bills such as
electricity bills, booking LPG cylinders and no amount is charged by the banks
for initiating Immediate Payment Service (IMPS), National Electronic Funds
Transfer (NEFT) and Real-Time Gross Settlement (RTGS)
- No minimum balance required: With zero minimum balance facility, the account holder does not have to worry about paying a penalty in case of breach of minimum balance in the account.
