Develop smart banking habits with selfie account

A selfie account is a mobile-based savings bank account that allows Indian customers to open accounts on their own using their Aadhaar Number and Permanent Account Number (PAN).

The customer must not have opened any other account using the eKYC process in any bank across the country.  As of now, the facility is limited only to smartphones and only residents of India can open an account. The account is not only a major hit in urban areas but also in rural India.

The selfie account is an initiative of the National Payments Corporation of India (NPCI) that uses the Immediate Payment Service (IMPS) to immediately clear the money transfers without waiting for a bank’s approval.

Steps to open the account

-         Download the app

-         Register/ provide the mobile number linked with Aadhaar card

-         Opt for ‘open a new account’

-         Choose the selfie account

-         Choose to proceed with e-KYC 

-         Select the branch

-         Verify the account by providing the One Time Password (OTP) sent to the registered mobile number

-         Take a selfie

-         Scan and upload Aadhaar card and scan the QR Code

-         Scan and upload the PAN card

-         Provide details such as city and state, bank branch and income range

-          Accept terms and conditions to proceed

Once the account is created, it instantly turns into a digital passbook. The account number will be generated in real time.  

The customer can operate the account up to 11 months without submitting the Know Your Customer (KYC) details at the branch in person and submit self-attested copies of Aadhaar and PAN card.  

Essential eKYC

-         The mobile number must be linked with Aadhaar

-         A self-attested Aadhar or PAN card

-         A selfie

Benefits

-         No average minimum balance required

-         Free ATM or debit cards

-         No internet banking charges

-         Free email account statements, email alerts

-         Saves customer’s time and energy by visiting the bank and go through the painful procedure of filling lengthy forms

-         Some banks provide a cheque book of 10 leaves per year, free of charge

-         Free internet banking facility

Features

-         The annual deposit limit is Rs 2,00,000

-         Maximum limit is of Rs 1,00,000

-         The rate of interest is equivalent to the regular savings account which is 4%

-         4 fund transfers below Rs 50,000 in value are allowed in a month

The Bottom Line

The banking sector is working tirelessly to enhance customer’s banking experience and the selfie account is a first-of-its-kind endeavour that facilitates the opening of a savings account via smartphones.  

To know more on it, log on to https://savingaccount.in/blog/fedbook-selfie-zero-balance-account