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Opening a Bank Account Online Made Easy with Digital Banking

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April 20, 2023

Summary

What’s Inside

Everyone is familiar with the convenience of ordering food and groceries online. Then, why not start your savings journey online too? Opening a zero-balance digital bank account online doesn’t just save you from long queues. It brings you add-on perks like cashback rewards, personalised features, virtual debit cards and many more - features not available on traditional banking platforms. 

What Makes Digital Bank Accounts the Future?

With the evolution of the banking ecosystem, switching to a digital bank account seems natural. If you don’t believe us, read on:

  • Simple Process: Instead of spending time on repeated bank visits and stockpiles of paperwork, you can open a digital bank account in just a few clicks.
  • Convenience: With 24x7 mobile and online banking solutions, digital banking simplifies your life. So, you don’t have to wait for the next working day or track down working Saturdays in a month to transfer funds or start an FD. 
  • Personalised Experience: Digital bank accounts leverage technology to assess your spending and offer the best financial advice, saving tools, and customised prompts. From budgeting to investment, digital accounts are your one-stop gateway to the future of banking. 
  • Rewards and Payment Ease: Earning merchant-based cashback and redeemable reward points makes spending more lucrative. They offer virtual debit cards that make online payments possible, materialising the cashless economy dream. 
  • Easy Automated Payments: With automated payments and intuitive bill pay reminders, digital bank accounts don’t let you miss due dates. 
  • No Minimum Balance: Opening a digital banking account in India means freedom from minimum balance requirements. So, now you won’t have to manage expenses to maintain the minimum limit!
  • Safety: With a digital bank account, you can access your money online while it remains safely stashed away under the supervision of a physical bank branch. This makes digital accounts 100% secure. 

Open A Digital Banking Account Before Brewing Your Morning Coffee!

Digital bank account opening online takes less than 5 minutes. Here’s what you need to do:

Step 1: Choose a banking partner and visit their website. 

Step 2: Select the right digital banking account from the listed variants. 

Step 3: Enter your details like mobile number, email ID, Aadhaar and PAN Card numbers.

Step 4: Fill up the application form with relevant details and upload scanned copies of your KYC documents.

Step 5: Complete the video KYC verification process.

Step 6: Set up net and mobile banking accounts and start transacting.

Too Many Steps, Need More Perks? Choose Fi Money Instead

And enjoy unlimited ways of growing your savings with a digital bank account. From commission-free mutual fund investments, smart deposits, and goal-based savings to zero Forex VISA debit cards, opening a zero-balance digital account online with Fi brings you maximum perks. 

You can enjoy these perks today by downloading the Fi Money app and opening a digital bank account online with these steps: 

Step 1: Sign-up on the Fi Money app with your email ID and mobile number.

Step 2: Choose one of the listed ways to verify your employment status. 

Step 3: Verify your PAN and Aadhaar KYC details.

Step 4: Switch on your front camera and complete the short video KYC process.

Welcoming A Cashless Tomorrow 

From starting digital FDs to investing in stocks, digital bank accounts bring you more benefits against no/minimal costs. In a nutshell, they make banking simple, paperless, and lightning-fast! 

And, when it comes to maximising your benefits as a working professional, Fi Money is a great place to start your financial journey. Opening a paperless savings account today brings you savings plus investment benefits. With features like Connected Accounts, Analyser, SIPs, US stock investment, automated payments, pre-approved instant loans, and much more, Fi Money helps you manage your savings while growing them.

Frequently Asked Questions 

How can I open a bank account online with digital banking, and what are the steps? 

To open a digital banking account, follow these steps:

  • Visit the banking website.
  • Choose an account variant.
  • Enter your personal details and upload your KYC documents. 
  • Complete the video KYC process.
  • Log into the net banking or mobile banking platform.

Is it safe and secure to open a bank account online using digital banking? 

Yes. Since digital bank accounts come under the purview of regular banks, your funds remain safe. 

What security measures are in place?

While your account is protected via passwords and two-factor verification codes, banks also constantly scan systems for security threats. Here’s a list of security measures banks implement:

  • IPIN
  • Session timeout
  • Virtual keyboards
  • Digital certificates
  • Instant alerts and digital spending limits

Can I open a bank account online with any bank or financial institution using digital banking?

No. You can open a digital bank account only with banks or financial institutions that offer this service. Here’s a list of a few such entities:

  • Fi Money
  • Axis Bank
  • Yes Bank
  • HDFC Bank

What documents or information do I need to provide to open a bank account online through digital banking?

Since most digital banking accounts have minimal documentation requirements, you can open an account with only your Aadhaar and PAN Card. 

Disclaimer

Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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