The banking system has greatly advanced in India as you can now open a virtual bank account from a bank’s official website or from their mobile banking app. You can also carry out banking tasks completely online without having to visit a branch. You must be 18 years and above to open a digital bank account in India. You will also need your Aadhar Card and your Permanent Account Number (PAN) in the account opening process.
Features of Virtual Bank Accounts in India
Digital bank accounts in India have key features some of which include the following:
- The process is paperless. The process of opening a digital bank account is completely paperless since it is carried out online.
- There is no minimum monthly balance requirement for most virtual bank accounts
- Virtual bank accounts in India give access to the internet banking portal
- Instant account number generation. When you create a digital bank account, you get an instant account number
- Digital savings accounts in India cannot be joint accounts
- Depositing cash into a virtual bank account is chargeable
- When you create a virtual bank account in India, you have an option for the creation of Indian bank virtual debit card as well as physical debit cards, which you can use in India or international payments.
How to Open Virtual Bank Account in India
The process of opening an Indian virtual bank account involves the use of the bank’s website or app to open your account. Some banks will still require you to present some documents physically. The requirements for opening a virtual India account usually involves the following: Permanent Account Number (PAN), Aadhar Card, mobile number, email address and address.
Best Virtual Bank Accounts in India
Virtual bank accounts are easy to open and are more flexible. They have all the facilities of a normal savings bank account. The following are some of the virtual bank accounts you can open in India.
Kotak 811 Digital Savings Bank Account
Kotak 811 is one of the best virtual savings accounts in India. It is offered by Kotak Mahindra Bank. The account can be opened from their official website or through their mobile app. The Kotak 811 virtual account has four variants; 811 Limited KYC, 811 Full KYC, 811 Lite, and the 811 Edge Account. The Kotak 811 Digital Savings Account comes with a virtual debit card that you can use for shopping, mobile recharge, bill payments, etc.
Pockets Savings Digital Wallet
Pockets Digital Wallet is offered by ICICI Bank. You can create the mobile wallet by downloading the app from the Android or iOS App Store. The Pockets Digital Wallet can be converted to a zero-balance regular savings account by completing the full KYC. The Pockets Savings wallet can be funded via internet banking and debit cards. Additionally, the wallet is powered by Visa, meaning that you can use it to shop on any Indian website.
The YES Bank Digital Savings Account
It is easy and fast to open a YES digital bank account. To open this account, you will need to provide your Permanent Account Number (PAN), Aadhar, valid email address, and mobile number. You will also need to verify your personal and account-related details. This account comes with a free Platinum Visa virtual debit card with a daily limit of INR 50, 000. You will also get security via Lost Card Liability, Purchase Protection and Personal Accidental Cover.
Digisavings Virtual Account by DBS
Digisavings virtual account is offered by Foreign Bank in India. You can open this account through the Digibank mobile app. The Digisavings digital account has vast features including reward program named Digi Bucks, account opening is completely paperless, it earns interest as a regular savings account, instant money transfer through UPI, IMPS, or Bharat QR, etc.
Axis Bank Digital Savings Account
To open an Axis Digital Savings Bank Account, you will need to do a verification of your Permanent Account Number (PAN) and Aadhar card, provide personal details, and fund your account. Axis Bank offers two types of digital bank accounts; The Easy Access and the Prime Savings Digital Account. For the Easy Access Account, you will need to make an initial funding of INR 15, 000 and INR 25, 000 for the Prime Savings Account. You will get a Visa E-Debit card with either of the accounts. You can get up to 1% cashback on all online spending with the Visa E-Debit card.
The Insta Save FD Account by ICICI Bank
You can use the Permanent Account Number (PAN) and Aadhar Card to open the Insta Save FD Account from home. The Insta Save account is in two variants; the Insta Save Account and the Insta Save FD Account. The Insta Save FD Account has several features including access to internet banking and the mobile banking app, platinum Visa Debit card, the account has no minimum balance requirement. It also offers exclusive offers and discount programs with various online merchants in India.
SBI Digital Savings Account
The SBI Digital Savings account is an offering of the SBI bank in India. To be eligible for the SBI Digital Savings Account, you must be 18 years and above, have an Aadhar number, a valid mobile number, a valid Permanent Account Number (PAN), and an active email address. You can only open one SBI Digital Savings Account at any given time. When you open a SBI digital account, you get a free Classic Debit Card which you can use to withdraw money from ATMs, do money transfers, make bill payments, etc. Additionally, you will also get the Cheque Book Facility whose charges are the same as a normal savings account.
Final Thoughts on the Best Virtual Bank Accounts in India
With the high population in India, citizens have had to make long queues to receive services in banks. However, the reduction of smartphone prices and mobile internet costs now enable you to complete most banking tasks from your mobile phone without having to visit any bank branch.