All About Instant Bank Account Opening

All About Instant Bank Account Opening

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A Handy Guide on online instant bank account opening

Key Takeaways

  • Instant bank accounts are Savings Accounts you can open online.
  • You can open these accounts without visiting the bank branch and submitting documents.
  • Visit the bank's website and fill in the application form to complete the online instant bank account opening process.
  • You must also complete the mandatory KYC process online.
  • Once your instant account is activated, and you can start banking instantly.

With the internet becoming an undeniable, inherent part of our lives, we can avail of all kinds of services online. Like most service providers, banks, too, are directing their business modules online. Today, banks allow customers to open online bank accounts instantly from the comfort of their homes. Moreover, the online instant bank account opening process is simple and takes a couple of minutes. Here is a brief guide on online instant bank account opening.

What Is an Instant Bank Account?

An instant bank account is one that you can open online without visiting the bank. The only prerequisite is that your Aadhaar number should be linked with your mobile number. Linking Aadhaar to mobile is necessary for the mandatory Know Your Client (KYC) formalities and is the last step in completing the instant online account opening process.

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Features & Benefits

  • Remote Account Opening: You can finish online instant bank account opening formality remotely, from any place, any time.
  • On Par With Regular Savings Account: The Reserve Bank of India (RBI) has mandated all online KYCs to be on par with regular KYC. Thus, you enjoy all benefits associated with traditional banking services.
  • Payments & Transfers: You can pay utility bills and enable auto-payments for loan EMIs, insurance premiums, etc. You can add beneficiaries and transfer funds to domestic and international bank accounts with nominal charges.
  • Hassle-free Investments: You can kickstart your investment journey with investment provisions offered by Instant Bank Accounts.
  • Speedy Loans: You can avail of paperless and completely digital loans with the shortest processing time.
  • Competitive Interest Rates: Enjoy competitive interest rates on your savings, fixed and recurring deposits in the instant bank account.

Instant Online Account Opening Guide

  1. Install the preferred banking app or visit the bank website.
  2. Select the open an instant bank account option and the preferred account type.
  3. Fill in the online application form with your personal and contact information.
  4. Upload scanned copies of your ID and address proof along with the Savings Account application form for completion of KYC process.
  5. The bank activates your account instantly, and you can start using the mobile and internet banking facilities until your welcome kit arrives via postal mail.

Documents Required

Since the KYC process is online, you must scan your documents to upload them at the time of application. The list of documents required for instant online account opening includes:

  • Account Opening Form: Download the Instant Bank Account form and fill in the relevant details. Affix your passport size photographs.
  • ID Proof: PAN Card/Aadhaar/Passport/Driver's License/Voter ID/Employee ID with photo/Central or state government-issued ID cards.
  • Address Proof: Aadhaar/Passport/Driver's License/Voter ID/Rent Agreement/Latest Utility Bills

Final Note

There is no denying that instant bank accounts have made our lives a bit easier. Whether you are at home, in the office, or on vacation, you can complete the instant bank account opening formality from anywhere, any time.

With the digibank by DBS app, you can open a new savings account in a few minutes! Download the app to get started.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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