Know the features that instant bank account offers its customers

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.

1. 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.
2. 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. 
3. 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.
4. 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.
5. 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)
6. 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.