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Savings account is one of the introductory banking services. It provides you with access to other services too; therefore, it is important to have one.

RBL bank is one of the reputable institutions offering a savings account to meet the diverse needs of their customers and a higher interest rate comparatively. The bank allows you to open a savings account online following a digital process with video KYC (Know Your Customer).

About Savings Account 

A Savings Account is one of the basic and most popular facilities offered by banks. It helps the account holder to keep their money safe and earn a profit on it. It is an interest-bearing account. The bank provides the interest on the account balance. While the interest amount is credited to the account on a quarterly or half-yearly basis, it is calculated daily on closing balances.

RBL Bank Savings Account Opening Process with Video KYC

The RBL bank, leveraging advanced technologies, allows customers to open digital savings accounts online without stepping out of their homes. The steps involved in the digital savings account process with video KYC verification are as follows:

1. Input the Aadhaar number and PAN details: A digital savings account can be opened in 5-7 minutes online at the bank’s official website. Just keep the applicant’s PAN card and Aadhar Card handy.  

2. Provide personal details: The bank will need the customer’s full details, such as full name, date of birth, and city.

3. Submit the application: With these basic details, now apply.

4. Schedule the Video KYC: Video KYC account opening  process makes it easy to complete the application. Customers need not run to the bank branch to complete the KYC formalities. They can complete the KYC formalities from the comfort of their home with the Video KYC facility.

It is hassle-free to complete the video KYC for RBL Bank Savings Account. Just give a missed call on 8505919919, and the bank’s representative will contact the customer for an e-KYC appointment. WhenAt completing the video KYC account opening process, the applicant must keep their PAN Card, Aadhar Card, and a blank paper with a pen.

Soon after completing the bank account video KYC account opening process, the account will be activated, and the account holder can start transacting using their savings account.

Who can Open a Savings Account Online?

● Indian citizens who have completed 18 years can open a savings account individually.

● A minor less than 18 years can open a joint savings account with their parents or legal guardians.

● Banks allow Hindu Undivided Families (HUFs) to open bank savings accounts in India.

Non-resident Indians (NRIs) can also open savings accounts – Non-Resident External Accounts (NRE) and Non-resident Ordinary Accounts Account (NRO) – but the process may differ.

Benefits and Facilities Offered to Savings Account Holders

Basic facilities that banks offer with digital savings account include:

● Comparatively Higher Interest Rates: All banks set interest rates on their savings accounts that usually vary. With RBL bank, the savings account interest rate is as high as 6.50% per annum, depending on the account balance.

● Online Banking: Customers can access their accounts anytime, anywhere, using their internet/mobile login ID and password.

● Cheque Book: The customer receives a chequebook from making easy payments.

● Virtual Debit Card: The bank provides a virtual card to new savings account customers. Generally, an online new account opening is associated with attractive rewards, cashback, and other benefits. There may be a minimum spending limit to receive these benefits.

● 24×7 Fund Transfer Facility: Digital savings account holders can transfer funds via UPI, NEFT, IMPS and RTGS facilities.

● No Charges on Non-maintenance of Balances: The bank does not levy a fee for a non-maintenance of minimum balance to be maintained monthly or quarterly in a savings bank account. To avail of this facility, customers need to open a Recurring deposit (RD) account or a SIP (Systematic Investment Product) with a small amount of ₹.2,000. This is the facility for digital savings accounts (prime).

Thus, every individual who wants to start their financial journey needs to open a savings account. Customers can easily open a savings account in India with their basic KYC documents. Complete the entire account opening process online with video KYC, and get ready to start saving money in your account and earn interest on it.

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