Savings bank account are a means to save your income. They enable you to earn interest on idle funds. They are an ideal choice to start your saving journey. There are options for everyone, from young adults to senior citizens. What if you could open them with your smartphone instantly?
This is what an Insta account enables you to do. You can open a savings account that comes in standard, premium and customisable options. The balance requirement varies depending on the variant you choose. Read on to know how it works:
Procedure: All you need for account opening is your Aadhar number, PAN card details, and mobile number. You enter these as your identity details, verify them and add your account-related information. After this, you get your account number and customer ID immediately.
Initial balance: The minimum balance differs in the category you choose. You could go for a premium, regular or personalised accounts for senior citizens, women, etc. You can either make the first deposit yourself or have your salary credited to it. It begins operation once you create the opening balance.
Cash withdrawal: You withdraw without a debit card through the cardless transactions option. It is only available in HDFC Automated teller machines. You select the options and follow simple steps to withdraw.
Net banking and mobile banking: Online banking services get instantly enabled through your Insta account. You can easily carry out all the functions after entering your password. It lets you link your account to complete bill payments, shopping, and check account balance online.
Fund transfers: Sending money gets unlocked after 48 hours of online account opening. You can even set up your fixed deposit through this account. The funding for your deposit accounts gets credited directly from it. The account balance, however, cannot exceed Rs. One lakh at any given point.
Online deposits: You can enter your account number and IFSC code to transfer money from another account. A mobile wallet is also a great option to deposit money into the account instantly. Login to your HDFC mobile banking app to view your IFSC code and account number. It is available under the show account details section. These details are sharable to request payment quickly.
Eligibility criteria: You should not have an existing account with the bank. Being an Indian resident and above 18 years of age is the criteria. It is highly convenient to start banking instantly. The minimal documentation and simple procedure make it an ideal choice to start an online banking journey.
This initiative focuses on providing necessary banking facilities quickly and without a specific procedure. It comes with pre-set services to operate immediately.